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

19 November, 2018, 13:25 | Author: Regina Silva
  • Nissan Chairman Carlos Ghosn arrested over ‘significant’ financial misconduct

Nissan Motor Co. said Monday that it will dismiss its chairman, Brazilian-born Carlos Ghosn after finding that he under-reported his income "over many years", among other allegations of misconduct. The companies have worked as an alliance for nearly a two decades and Brazilian-born Mr Ghosn has led a dramatic turnaround at Nissan over the last two decades, rescuing it from near-bankruptcy. Ghosn was also personally involved in acquiring assurances from prime minister Theresa May that the auto manufacturing sector would not be harmed in the aftermath of the Brexit vote in 2016.

Nissan said it would brief reporters on Monday evening. Spokesmen for Renault and the Renault-Nissan-Mitsubishi Motors alliance did not immediately return calls and messages seeking comment on the arrest reports.

Mr Ghosn, a foreign top executive in Japan, has been credited in the past as having turned Nissan around from near bankruptcy.

Renault shares fell as much as 14.4 per cent in Paris on Monday, the lowest in nearly four years in the wake of the scandal, while Nissan shed 0.45 per cent to ¥1005.5 (Dh32.78) at market close in Japan. The country owns around 15 percent of Renault, Nissan's partner, and supported Ghosn's renewal at the helm of the French automaker.

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"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". But plans for an orderly succession - and potentially the entire future of the rather unwieldy Renault-Nissan-Mitsubishi structure - may well have been thrown wide open.

Nissan said it was cooperating with Japanese prosecutors.

At the time of arrest earlier today, 64 year old Carlos Ghosn was the Chairman and CEO of Renault, Chairman and CEO of Renault-Nissan-Mitsubishi Alliance, Chairman of Nissan, and Chairman of Mitsubishi.

In June, Renault shareholders approved Ghosn's €7.4 million (US$8.45 million) compensation for 2017.

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