Former Nissan exec Greg Kelly released from jail; Carlos Ghosn still held

Kelly was released on $634,000 bail.

Ousted Nisan executive Greg Kelly has reportedly been released from a Tokyo jail, while Carlos Ghosn remains held.

Both executives were arrested on November 19 after arriving in Japan on a private jet. The pair has been accused of working together to underreport Ghosn's compensation by approximately $45 million over the course of five years.

Kelly's wife recently posted a video pleading for his release, arguing that he has a spinal condition that requires surgery. The court has now sided with his lawyers and allowed the executive to be released on $634,000 bail, according to CNBC.

"I believe my innocence will be revealed in the trial," Kelly said in a statement. "I would like to have a judgment of non-guilty and restore my impaired reputation, and then return to my family as soon as possible."

Rumors circulating after the arrests suggest Ghosn was preparing to engage in merger talks between alliance partners Renault and Nissan. The Japanese automaker is said to be vehemently opposed to such a move, however. Some analysts have voiced skepticism over the alleged financial misdeeds, arguing that Nissan's whistleblower may have been part of a coup to oust the powerful executive.

Ghosn's next chance to get out of jail is said to be on January 1.