Tuesday, 18 December, 2018

Carlos Ghosn Arrested Over Misconduct In Japan, Nissan Preparing To Fire Him

Renault shares PLUNGE as chief Carlos Ghosn 'faces arrest in Japan' Nissan ousts chairman and Renault CEO Ghosn on financial violations - Business Insider
Jodi Jackson | 20 November, 2018, 16:58

Besides being chairman of Nissan, the 64-year-old is also CEO of Renault and leads the Nissan-Renault-Mitsubishi alliance.

The chairman was arrested in Tokyo on Monday by Japanese prosecutors for violating Japan's Financial Instruments and Exchange Act by under-reporting his compensation.

Brazilian-born, of Lebanese descent and a French citizen, Mr Ghosn began his career at Michelin in France, moving on to Renault.

The revelation came after Nissan said Monday in a statement it has found "significant acts of misconduct" by Ghosn, such as "personal use of company assets".

As for Nissan, it's promising to continue to work with investigators as the full extent of Ghosn and Kelly's actions.

Saikawa apologized at a press conference, saying he felt great disappointment.

Nissan CEO Hiroto Saikawa reportedly will meet with the Nissan board Thursday to propose Ghosn and Kelly's ouster. "We celebrate today the start of a new chapter of our company's life", Ghosn said in 2010. "This is serious misconduct". They are accused of under-reporting the size of Ghosn's compensation package "over many years", and Ghosn is accused of using company money for personal expenses. The Tokyo Public Prosecutor's Office arrested Ghosn and Kelly on Monday for allegedly underreporting some ¥5 billion between 2011 and 2015. The properties had no business goal, NHK said.

Shares of Mitsubishi, which also said on Monday it would remove Ghosn as its chairman, ended down almost 7 percent. "Even in poor governance Japan, Nissan under Carlos Ghosn stood out for bad governance structure", he said.

The alliance also says the firms have reduced costs for research and development through unifying related functions, adding that similar logic applies to auto parts procurement and negotiations.

The development surprised many people and raised questions about the partnership of Nissan, Renault and Mitsubishi Motors. The news of Ghosn's troubles broke after Japanese markets had closed for the day. Reports indicate that 2017 was the first time in four years that the chairman's salary had been under $8.9 million (1 billion JPY).

Sent to Japan by Renault in 1999 following the formation of the Renault-Nissan-Mitsubishi Alliance, Mr Ghosn burnished his name as an industry maverick as the architect of Nissan's turnaround.

Ghosn is widely credited with saving both Renault and Nissan from bankruptcy.

For the past two decades, he has maintained an unusually high profile in a nation where foreign chief executives of major Japanese companies are still relatively rare. Management, including Saikawa, was strongly alarmed by moves for the two companies to completely integrate their management in keeping with the French government's intentions, and nervously watched every step Ghosn made. That prompted the ire of then-President Francois Hollande. Ghosn remained in that post until past year.

Mr Ghosn joined Nissan in 1999 after Renault bought a controlling stake and became its CEO in 2001, remaining in that post until a year ago.

Mitsubishi Motors, still in the early stages of its revival, is taking advantage of the alliance and "it must have been expecting Ghosn's leadership", Yoshida said.

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