Renault Nissan Chairman Carlos Ghosn arrested over acts of misconduct

Ivan Schwartz
Ноября 19, 2018

"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", Nissan said in the statement.

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 firm said it had been conducting an internal investigation for several months which showed Mr Ghosn had been under-reporting his compensation. A representative for the Tokyo prosecutors said they don't comment on individual cases.

The Japanese automaker said that based on a whistleblower report, it had been investigating possible improper practices by Ghosn and Representative Director Greg Kelly for several months, and that it was fully cooperating with investigators.

The news rattled the European equity market, with shares of Renault falling as much as 15 percent in Paris, while Nissan's global depository receipts sank more than 11 percent. Ghosn also championed the turn around story of Japanese automobile giant Nissan Motors.

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

Shortly after the release of the reports, Nissan announced it was seeking the removal of Mr Ghosn over claims of "serious misconduct".

The alliance sold 5.54 million vehicles worldwide in the first six months, up 5 percent from the same period a year ago, according to data from the three companies. "We will continue our work to identify our governance and compliance issues, and to take appropriate measures", it said. He has been chairman of Mitsubishi since 2016, when Nissan acquired a stake in that firm.

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. Before joining Renault, Ghosn worked for Michelin North America.

Ghosn has been contemplating his next career step as the companies look to change the pact's structure, possibly through a merger. They raided Nissan's headquarters in Yokohama, near Tokyo. Nissan found itself in the midst of a controversy past year, when Japan's regulators discovered uncertified inspectors were approving vehicles, leading to a recall of more than 1.2 million cars.

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