Nissan and its former chairman Carlos Ghosn have come to an agreement to settle the Securities and Exchange Commission’s fraud charges.

Nissan and Ghosn will be paying a combined $16 million over US federal regulators’ civil fraud charges. The settlement comes following allegations that Ghosn and Nissan hid more than $140 million in compensation and retirement benefits for Ghosn from Nissan investors. The SEC announced the settlement on Monday.

On top of the $1 million fine that Ghosn will pay, the former executive also agreed to be barred from serving as an officer or director of a public company for 10 years. Ghosn led Nissan for two decades before being arrested by Japanese authorities in November. Since his first arrest, Ghosn has been released and jailed again an additional three times. Ghosn, for his part, maintains his innocence and is currently out on bail, but faces several restrictions including not being able to contact his wife, Carole Ghosn. Carole Ghosn has appeared before a Japanese judge to answer questions regarding the case against her husband. The first hearing for Carlos Ghosn’s trial is currently scheduled for April of 2020.

In a statement released by Carlos Ghosn’s legal team, it was revealed that he intends to contest and deny the allegations against him. “Mr. Ghosn and his defence team are now able to focus their efforts on continuing to vigorously fight the criminal case in Japan and pursue his claims against Nissan around the world,” the statement said.