By on February 8, 2019

While former Renault CEO (and ex-Nissan chairman) Carlos Ghosn is no longer living the high life, this wasn’t always the case. After performing an audit in the wake of Ghosn’s Nov. 19 arrest, Renault stumbled upon an improper use of a very exclusive venue, paid for with company sponsorship funds.

The event was Ghosn’s 2016 wedding, and the venue was France’s Chateau de Versailles — an opulent 2,300-room palace once home to kings and Napoleon.

While most Americans know Versailles as a lacklustre midsize Lincoln sedan, the car’s namesake is actually a building that doesn’t come cheap. Through a sponsorship agreement, Renault was allowed to host events at the palace. However, Renault claims a Marie Antoinette-themed wedding does not fall under the category of “corporate event.”

According to Bloomberg, Ghosn has agreed to pay back the cost of renting Versailles for his lavish wedding, which reportedly featured an impressive spread of ornate cakes. You’ll recall that Ghosn currently receives three bowls of rice each day in his sparse Tokyo jail cell.

Ghosn’s offer to repay the expenses, totalling around $57,000, comes a day after Renault said it planned to tip off French authorities that the former CEO received a “personal benefit” worth that amount. French newspaper Les Echos reports that Ghosn hosted another glitzy party at Versailles two years earlier, this one for his 60th birthday.

Observers were quick to note how swiftly the French national moved to make nice with his home country, versus his reaction to financial misconduct accusations by Nissan and Japanese authorities. Faced with breach of trust charges and indictments for allegedly underreporting personal income to the Japanese finance ministry, Ghosn steadfastly maintains his innocence.

The former exec recently resigned as Renault CEO and chairman after failing to secure bail, despite a myriad of promises on Ghosn’s part. Nissan and Mitsubishi ousted Ghosn as chairman shortly after his arrest.

[Image: Nissan]

Get the latest TTAC e-Newsletter!

Recommended

18 Comments on “Ghosn to Pay Back Costs From Ritzy Versailles Wedding...”


  • avatar
    EGSE

    To plebes like us a $57k wedding is an over-the-top uber expensive affair.

    And to plebes like us it can look like a bargain when you’re “buying” your way **out** of one.

    If you catch my drift…

  • avatar
    chuckrs

    Eh, in the US, an average plebian wedding is now about half that amount. However, the Bloomers story states the $57K is only venue rental cost. Probably tip of the iceberg. But any private wretched excess for rest of the festivities is Ghosn’ private business.
    I recently listened to a Jordan Peterson rant at a law school. Asked about gender inequality in upper management reaches, Peterson replied (more or less) – Its the wrong question. You have to be insane to want to be a CEO. The correct question is why are there men who are that insane, who accept little or no private life and constant intense business demands?

    • 0 avatar
      pbx

      The average US CEO makes 271 times the $58,000 annual average pay of a typical American worker. Back in the ’70’s it was 30 times. One year as an average CEO and your good to go for the next 2 centuries, allowing for some inflation.

      Why would anyone turn it down? Most people who work full time are already working 8 hours a day. At those CEO rates most of us could tack on another four.

      • 0 avatar
        FreedMike

        Funny story: my previous employer’s CEO spent years running the company right into the ground. After I left, they merged. Guess who they chose to run the merged company? Yep, the guy who ran my old company into the ground.

        The combined company’s stock has fallen about 62% from where it was a year ago. And meanwhile, God only knows how many people have been whacked.

        Sometimes it seems like these guys are just playing a long con. They make their millions, and everyone else – INCLUDING the stockholders – get boned.

        • 0 avatar
          Lorenzo

          That’s unusual – the dropping stock price, I mean.

          Most CEOs who run their companies into the ground hollow out their companies by goosing profits with deferred maintenance and delayed investment in plant and equipment, and selling off profitable divisions – all to keep the stock price flying.

          Usually when there are no tricks left to pull, they retire to accolades from the stock holders, and leave the crash to the next guy. For a CEO to let the stock drop, he must have been shoveling cash into dividends – the return on equity looks better and better as the stock price drops.

      • 0 avatar

        That’s a somewhat misleading statement. Those figures are for the 350 *largest* corporations in the U.S. The “average US CEO” doesn’t make anywhere near $15 million a year. The average US CEO runs a small to medium sized business.

  • avatar
    V16

    Unlike Marie Antoinette, Ghosn still has his head..

  • avatar
    WildcatMatt

    I think this is the first misdeed I’ve seen reported on Ghosn that is specific, substantial, and doesn’t require interpretation by a specialist in international tax accounting to understand as wholly inappropriate.

    It will be interesting to see if more items like this come to light in the next few weeks.

    • 0 avatar
      SCE to AUX

      Same here.

      This one looks like he essentially faked an expense report. I wanted to believe he was above such shenanigans.

      • 0 avatar
        Noble713

        Eh, I think I read somewhere else that Ghosn’s wedding cost somewhere in the $1-2 million USD range, so $57k getting billed to your expense account when your company has special dispensation to rent the one-of-a-kind historical facility that you desire seems really minor, all things considered. If the whole wedding was paid for by the company as a “company event” I’d say his goose would be cooked.

  • avatar
    DriverDan7

    You know, Ghosn really seems like an ideal fit for the Trump administration.


Back to TopLeave a Reply

You must be logged in to post a comment.

Recent Comments

  • redapple: Hatch struts still work? W T Fudge? My sawed off broomstick handle was always in the back.
  • kosmo: “How’s that Ranger Raptor coming, Ford? Oh, it isn’t? I see. Thanks for the mobility scooter,...
  • dividebytube: When I’m down south I’m taken aback by the number of decent looking old trucks and even G...
  • redapple: RED…. Great catch. Love it.
  • teddyc73: What an ugly rear end.

New Car Research

Get a Free Dealer Quote

Staff

  • Contributors

  • Timothy Cain, Canada
  • Matthew Guy, Canada
  • Ronnie Schreiber, United States
  • Bozi Tatarevic, United States
  • Chris Tonn, United States
  • Corey Lewis, United States
  • Mark Baruth, United States
  • Moderators

  • Adam Tonge, United States
  • Corey Lewis, United States