Ghosn 'disappointed' at ban from Nissan meeting, wants to fulfill duties

Mae Love
March 15, 2019

Nissan has tasked an external committee with helping to improve corporate governance after the arrest and ouster of Ghosn, who faces charges of financial misconduct including understating his compensation by about ¥9 billion over almost a decade.

Since a French Citizen Ghosn's whacking battle with Japanese Nissan across the world had already jeopardized future of the alliance, analysts were quoted saying that an entire merger would likely to be a distant dream despite French government' effort.

Nissan, along with partners Renault and Mitsubishi Motors, this week announced a major retooling of their alliance through the creation of a three-way board meeting to put themselves on a more equal footing.

Renault chairman Jean-Dominique Senard will lead the new committee, while the chief executives of all three firms will also sit on the board.

Qoros also hired former Nissan managers to take up other management roles including operations and development.

The notice will be sent out Thursday, Nissan Motor Co. said Wednesday.

Ghosn has accused Nissan executives of having plotted against him for his plan to strengthen relations with Renault, the Japanese automaker. He had made use of his position as head of the company to transfer losses arising from his personal investment upon carmaker Nissan, though he has denied all such charges.

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The notice did not give specifics, but sources familiar with the investigation have pointed to fancy homes in Lebanon and Brazil, as well as expensive furnishings such as a chandelier.

"We are fostering a new start of the alliance", Senard said at a news conference. Nissan said Ghosn wielded too much power, creating a lack of oversight and corporate governance.

Ghosn was released on $9m (£6.8m) bail last week after spending more than 100 days in a Tokyo detention centre.

Conditions for his bail restrict his activities to prevent him from any tampering with evidence.

The 65-year-old tycoon wanted to attend Tuesday's board meeting in Tokyo but was barred by the court. The court apparently saw his coming in contact with other Nissan officials as a risk.

After his arrest, Ghosn was dismissed as chairman of Nissan and Mitsubishi Motors Corp.

In a complicated management structure, Renault - itself 15 per cent held by the French state - owns a 43 per cent stake in Nissan. It is unclear who will take that job, which has been vacant since November, when Ghosn was first arrested.

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