The verdict is in. The board of directors of the giant of the automotive Nissan, which met on Thursday to decide on the future of its iconic president, Carlos Ghosn, has unanimously decided to revoke it. The meeting began in the middle of the afternoon (japan time) at the group’s headquarters in Yokohama, suburb of the japanese capital. Six men and a woman have decided the fate of the boss of the number one global automotive Renault-Nissan-Mitsubishi Motors. Nissan says to consider the establishment of a special committee on governance, as well as a committee to suggest names for directors for the position of president. According to Reuters, this committee would Keiko Ihara and Jean-Baptiste Duzan. In addition, the board of directors “confirmed that the partnership is of long standing alliance sealed with Renault remained intact,” said Nissan in a press release.
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This is Hiroto Saikawa, boss executive of the manufacturer, since April of 2017, who led the discussions. The decision was then taken by show of hands, four votes enough to oust Carlos Ghosn. His replacement by interim should be named soon – probably Hiroto Saikawa, who is a former dolphin and has led Monday night with a load very violent, against his former mentor. The fate of the iconic boss French was sealed from the outset. “The proposal would not have been voted if there had been any doubt,” explained a source close to the directorate, as cited by AFP. However, during the vote, the board of Renault would have asked to exercise its right to appoint directors of Nissan, in the framework of their alliance agreement, according to sources cited by Reuters. On the side of the other members of this powerful set of 450.000 men, Mitsubishi Motors also plans to “remove quickly” its president. A council must be held next week, according to a spokesperson of the company.
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Arrested Monday for the alleged violations, Carlos Ghosn is held in Tokyo and his custody has been extended by 10 days on Wednesday by the Tokyo district court in order to pursue investigations. Shin Kukimoto, deputy prosecutor at the prosecutor of the Tokyo district, said Thursday that he could not tell if Carlos Ghosn had recognized him or not the facts of financial fraud alleged against him.
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The revelations come in the japanese press
on The same day was held a press conference of the prosecutor, so that come the revelations in the japanese media about the evils which would render guilty of the Franco-Lebanese-Brazilian 64-year-old. Officially, he is accused of – with accomplices -, “minimized his reward on five occasions between June 2011 and June 2015”, declaring a total sum of 4.9 billion yen (around € 37 million) instead of approximately 10 billion yen. But it is also suspected of abuse of social goods, based on the results of the internal investigation conducted by Nissan over the last few months.
The newspaper Asahi Shimbun reports on Thursday that Carlos Ghosn was asked by e-mail to Greg Kelly, a director of Nissan on the fifth wheel, to falsify his income tax returns. The public prosecutor of Tokyo has probably entered his email and may use it as evidence, adds the newspaper, which cited anonymous sources. According to the Yomiuri, the biggest draw of the japanese press, which also cites anonymous sources, the internal investigation conducted by Nissan revealed that ceo Carlos Ghosn had asked since 2002 that a sum of approximately $ 100,000 per year to be paid to her older sister to pay for an “activity advisory” sham.
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In addition, according to the japanese daily Nikkei, Carlos Ghosn would have also benefited from several residences paid by a Dutch subsidiary of Nissan. The total amount of transactions would reach $ 17.8 million. It would have been luxury housing in France and the netherlands, but also in Rio de Janeiro in Brazil, a country where he was born, and in Beirut, Lebanon, where he completed his studies. Nikkei points out, in passing, that the houses were used by Ghosn for his personal use and that Nissan would have also funded the renovation of the houses of Beirut and Rio.
What is the future of the Renault-Nissan alliance?
While Nissan has reaffirmed on Thursday its commitment to the alliance that unites it with the French group, the caution remains, for the moment put at Renault. The board of directors had asked Nissan “to transmit to him all information in his possession in the course of internal investigations, of which Mr. Ghosn has been the subject”. Considering that it did not be able to rule on the merits of the case, the French manufacturer had taken steps to ensure the interim ceo confident on Tuesday night over the reins of the group to a duo formed by the lead independent director Philippe Lagayette, who will assume the presidency of the board of directors, and the deputy director general Thierry Bolloré, promoted to general manager delegate.
At the political level, the French ministers, and of the japanese Economy have reiterated Thursday in a joint press release with the support of their governments to the alliance between Renault and Nissan. Bruno The Mayor and his japanese counterpart Hiroshige Seko had “reaffirmed (…) the important support of the French and japanese governments to the alliance formed between Renault and Nissan, and their desire that is shared to maintain this cooperation winning”, in an interview Thursday in the late afternoon at Bercy. “They have agreed to stay in close contact”, in particular, on this subject, it is noted.
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If, in Japan, the words are on the surface reassuring, and the local press noise of the statements of anonymous officials of Nissan, stating that the group wants a review of the structure of the alliance, “a necessary condition for it to continue,” according to one of them. The objective would be to review the cross shareholdings-Renault owns 43% of Nissan, but the japanese, who dominates his ally in terms of turnover, does that 15%, a situation that causes long time of the bitterness in the archipelago. According to the daily economic newspaper Nikkei, which cited a senior officer of Nissan, Carlos Ghosn sought to integrate the two groups, and “it was possible that a concrete plan will be ready next spring”, but this fusion is openertement rejected by Hiroto Saikawa.
A Renault shareholder has filed a complaint
A Renault shareholder filed a complaint Wednesday in Paris for “abuse of social good” and “dissemination of false information to the market”, two days after the arrest in Japan of the boss of the group, Carlos Ghosn, who is suspected of financial malfeasance, his lawyer said to AFP.
The individual shareholder wants to obtain reparations for the fall of the title of the manufacturer caused by the announcement Monday of the arrest of the CEO of the alliance Renault-Nissan-Mitsubishi, has explained to Me Frederik-Kanel Canoy, who is said to represent a “dozen” other shareholders wishing to lodge a complaint in their turn.
