Nissan’s Chairman Faces Arrest In Japan For Corruption

Nissan’s Chairman Faces Arrest In Japan For Corruption

By Wires | The Trent on November 20, 2018
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Carlos Ghosn, the chairman of Nissan Motor Co Ltd
Carlos Ghosn, chairman of the alliance between Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp. | Marlene Awaad/Bloomberg News

Carlos Ghosn, the chairman of Nissan Motor Co Ltd, is to be arrested by Tokyo prosecutors for alleged financial violations in Japan, the Media reported on Monday, November 19, 2018.

According to the media, Ghosn, also chairman and chief executive of France’s Renault, was suspected of having understated his own income on financial statements and had agreed to voluntarily speak to prosecutors.

A Nissan spokesman said the company was making checks on the report.

Spokesmen for Renault and the Renault-Nissan-Mitsubishi alliance did not immediately return calls and messages seeking comment.

Public broadcaster NHK reported that Ghosn was being questioned for suspected financial violations.

The Tokyo District Public Prosecutors Office declined to comment.

Renault shares fell sharply in Paris, and were down 5.5 per cent in early session trading, among the worst performing stocks in Europe.

Ghosn, a rare foreign top executive in Japan, is well regarded for having turned Nissan around from near bankruptcy.

Brazilian-born, of Lebanese descent and a French citizen, he began his career at Michelin in France, moving on to Renault.

He joined Nissan in 1999 after Renault bought a controlling stake and became its CEO in 2001.

Read more at Aljazeera

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