Monday, 27 May, 2019

Nissan's Ghosn to be arrested in Japan for alleged financial violations

Nissan Chairman Carlos Ghosn arrested over ‘significant’ financial misconduct Nissan Chairman Carlos Ghosn arrested over ‘significant’ financial misconduct
Ginger Lawrence | 19 November, 2018, 13:24

The Tokyo District Public Prosecutors Office declined to comment.

He had also in recent months made his mark on British politics, making outspoken comments on the effects of a hard Brexit on Nissan's famous Sunderland factory.

"As the misconduct uncovered through our internal investigation constitutes clear violations of the duty of care as directors, Nissan's chief executive officer Hiroto Saikawa will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as chairman and representative director".

As well as being chairman of Nissan - which owns Britain's biggest auto plant in Sunderland - Mr Ghosn is also chairman and chief executive of Renault and chairman of Mitsubishi Motors.

As per Bloomberg, Carlos Ghosn was paid $2 million by Mitsubishi, $8.5 million by Renault and $6.5 million by Nissan annually.

The alliance sold 5.54 million vehicles worldwide in the first six months, up 5 percent from the same period past year, according to data from the three companies.

A spokesman for Nissan said the company would hold a press conference later this evening Tokyo time.

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Nissan's German-listed securities plunged 12 per cent.

"Nissan deeply apologises for causing great concern to our shareholders and stakeholders", the company added.

Ghosn is credited with helping engineer a remarkable turnaround at Nissan over the past two decades, resuscitating the Japanese automaker from near bankruptcy after he was sent in by alliance partner Renault SA of France. "We will continue to do so".

He served as Nissan's chief executive from 2001 until April 2017, becoming chief executive of Renault in 2005, leading the two major automakers simultaneously.

"If he is arrested, it's going to rock the Renault-Nissan-Mitsubishi alliance as he is the keystone of the alliance", said Satoru Takada, an analyst at TIW, a Tokyo-based research and consulting firm.

In 2016, Ghosn also took charge at troubled Mitsubishi after Nissan threw it a lifeline, buying a one-third stake for about $2.2 billion as it wrestled with a mileage-cheating scandal that hammered sales.