Renault retains Ghosn as chairman despite his arrest

Daniel Fowler
December 15, 2018

Ghosn has been held under arrest in Japan since November 19 on charges of financial misconduct and under-reporting his pay as head of Renault's partner Nissan, which has since sacked him as chairman.

Ghosn is nominally still chairman of the Renault Nissan Mitsubishi Alliance, which is represented by the Renault-Nissan BV entity based in Amsterdam.

The Renault directors' preliminary conclusion is that the vehicle boss's compensation was in "compliance with applicable law" as well as with the recommendations of the French corporate governance code.

In addition, Renault's lawyers provided the Board of Directors of Renault with a report on the presentation made to them by Nissan's lawyers concerning the investigation they carried out at Nissan. But the French carmaker has asked its lawyers to update the board again "promptly" after further assessing the information provided by Nissan.

The apartment was bought on expectations that Ghosn's trips to Brazil, where he was born and maintains citizenship, would "become more constant" after the factory opened, Nissan said in the filings.

PARIS, Dec 14 ― The French government is seeking candidates to replace Renault's embattled boss Carlos Ghosn, sources told Reuters, as board members began to voice doubts about keeping him in office following his indictment in Japan for suspected misconduct.

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Ghosn was charged on Monday in Japan for failing to declare deferred income he had agreed to receive from Nissan, for the five years ending March 2015.

Renault kept Ghosn on as CEO after his arrest in Tokyo, but launched an enquiry into his pay package and named a deputy CEO, Thierry Bollore, to ensure day-to-day management.

The pair's detention period for the initial allegations against them was due to expire on Monday. He and former Nissan representative director Greg Kelly are accused of understating Ghosn's income by tens of millions of pounds.

The investigation in question revolved around the compensation of Ghosn between 2015 and 2018.

Renault owns 43.4 per cent of Nissan, whose reciprocal 15 per cent stake in its French parent carries no voting rights.

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