Dropped From Mitsubishi and Nissan, Ghosn Faces New Allegations

Steph Willems
by Steph Willems

Mitsubishi Motors, which joined the Renault-Nissan Alliance in 2016, voted unanimously to drop Carlos Ghosn as its chairman Monday, just a week after the executive’s arrest on suspicion of financial misdealings.

According to CEO Osamu Masuko, who now dons the title of interim chairman, it was an “agonizing decision.” For Ghosn, the agony has just begun. Currently housed in a Tokyo jail awaiting formal charges, the industry titan ended last week by seeing the company he ran for 15 years, Nissan, oust him as chairman. Renault hasn’t made a decision as to the fate of its CEO.

While Ghosn is accused of underreporting his income in the early part of the decade, a Japanese newspaper has shed light on another alleged misdeed.

From Reuters, citing Asahi Shimbun:

Citing multiple unnamed sources, the paper said that when Ghosn’s bank had called for more collateral from the executive, he instead handed the rights over the derivatives trade to Nissan, which effectively shouldered 1.7 billion yen ($15 million) in losses.

Japan’s Securities and Exchange Surveillance Commission (SESC) discovered this incident during that year’s routine inspection, the Asahi said.

Neither Nissan nor the SESC was willing to comment on the newspaper’s report. Ghosn is accused of conspiring with Nissan board member Greg Kelly to underreport the then-CEO’s income by up to $44 million in filings to the Tokyo Stock Exchange. The filings took place between 2010 and 2014. Kelley is also being held. Under Japanese law, authorities have until December 12th to file charges against the two men.

As for Mitsubishi, the automaker didn’t wait to see the legal process through before making its decision — a course of action some Renault members are angling for. As reported by CNN, CEO Masuko said following the vote, “The priority was what to do to protect the company, what to do to protect our employees and their families. It was an unavoidable decision.”

[Image: Nissan]

Steph Willems
Steph Willems

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  • Ol Shel Ol Shel on Nov 27, 2018

    The deep-state conspiracy theories are fading, I see. That's good.

  • JoDa JoDa on Nov 28, 2018

    This seams like a political hit of Ghosn by Macron. France government feeds off of Nissan profits.

  • Probert A few mega packs would probably have served as decent backup.
  • Lou_BC Lead sleds. Now-a-days GM would just use Bondo.
  • Jrhurren This is a great series. Thanks Corey
  • Tane94 Not as stylish as the Soul which it is replacing but a practical shape and bonus points for EV only.
  • Ronin What is the magical white swan event in the foreseeable future that will suddenly reverse the trend?Success tends to follow success, and likewise failure. The perception, other than among true believers, is that e-cars are a lost cause. Neither government fiat, nor government bribery, nor even the promise of superior virtue among one's peers have been enough to push past the early adapter curve. Either the bust-out is right now for e-cars, or it doesn't happen. Marketing 101.Even subtle language-manipulation, such as deeming those possessing common sense as suffering from some sort of vague anxiety (eg, "range anxiety") has not been enough to induce people to care.Twenty years from now funny AI-generated comedians will make fun of the '20s, and their obsession with theose silly half-forgotten EVs. They will point out that, yes, EVs actually ran on electricity generated by such organic fuels as coal and natural gas after all, and then they will perform synthesized laughter at us.
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