Renault board says Ghosn Renault pay 'in compliance'

Ivan Schwartz
December 15, 2018

The board of the French automaker Renault said Thursday, December 13, that it was keeping Carlos Ghosn as its chief executive, after an internal review of his pay package found that it had conformed with French law.

The decision runs contrary to Nissan and Mitsubishi, which both ousted Ghosn from his leadership roles.

Ghosn and Nissan have battled and appealed several times over the beachfront apartment, which he used while working for the carmaker, since he was accused of financial wrongdoing last month.

Ghosn and an alleged accomplice, Nissan director Greg Kelly, remain in custody and have had limited opportunity to respond to the allegations or defend themselves, particularly in public.

A Tokyo court rejected a complaint filed by the former Nissan chairman, meaning he is likely to be held in Japan until the end of the year.

Nissan fired Ghosn as chairman three days after his detention, but Renault has resisted pressure to dismiss him, as the scandal strains their carmaking alliance.

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Furthermore, the Board of Directors noted that, at this stage, it does not have information concerning Carlos Ghosn's defence. If found guilty, each could face up to 10 years in prison.

The investigation in question revolved around the compensation of Ghosn between 2015 and 2018. "At some point you need to move forward and move on".

Tokyo prosecutors on Monday indicted Ghosn, 64, on accusations he under-reported his income in Nissan corporate filings by about 5 billion yen ($44 million) between 2010 and 2015.

Meanwhile, Nissan's external board members met Thursday but failed to reach an agreement on who will replace Ghosn as chairman at the Japanese company, a person familiar with the matter said. "I have no comment on speculation, and I am 100 percent concentrated on my job at Toyota", Leroy told Reuters.

Renault owns 43.4 per cent of Nissan, whose reciprocal 15 per cent stake in its French parent carries no voting rights. "This whole situation may give Nissan the opportunity to reset, and to put all the blame on Renault and Ghosn", said Egor Matveyev, an assistant professor of finance at the MIT Sloan School of Management. Ghosn remains locked in a Tokyo jail.

Other reports by GizPress

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