Dropped From Mitsubishi and Nissan, Ghosn Faces New Allegations

by Steph Willems

Published: November 27th, 2018

dropped from mitsubishi and nissan ghosn faces new allegations

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]

#CarlosGhosn #Ghosn #LawAndOrder #Mitsubishi #Nissan

Steph Willems

More by Steph Willems

Comments

Join the conversation

2 of 6 comments

Ol Shel on Nov 27, 2018

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

Like Reply
JoDa on Nov 28, 2018

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

Like Reply

Recent Comments

Theflyersfan I know given the body style they'll sell dozens, but for those of us who grew up wanting a nice Prelude Si with 4WS but our student budgets said no way, it'd be interesting to see if Honda can persuade GenX-ers to open their wallets for one. Civic Type-R powertrain in a coupe body style? Mild hybrid if they have to? The holy grail will still be if Honda gives the ultimate middle finger towards all things EV and hybrid, hides a few engineers in the basement away from spy cameras and leaks, comes up with a limited run of 9,000 rpm engines and gives us the last gasp of the S2000 once again. A send off to remind us of when once they screamed before everything sounds like a whirring appliance.
Jeff Nice concept car. One can only dream.
Funky D The problem is not exclusively the cost of the vehicle. The problem is that there are too few use cases for BEVs that couldn't be done by a plug-in hybrid, with the latter having the ability to do long-range trips without requiring lengthy recharging and being better able to function in really cold climates.In our particular case, a plug-in hybrid would run in all electric mode for the vast majority of the miles we would drive on a regular basis. It would also charge faster and the battery replacement should be less expensive than its BEV counterpart.So the answer for me is a polite, but firm NO.
3SpeedAutomatic 2012 Ford Escape V6 FWD at 147k miles:Just went thru a heavy maintenance cycle: full brake job with rotors and drums, replace top & bottom radiator hoses, radiator flush, transmission flush, replace valve cover gaskets (still leaks oil, but not as bad as before), & fan belt. Also, #4 fuel injector locked up. About $4.5k spread over 19 months. Sole means of transportation, so don't mind spending the money for reliability. Was going to replace prior to the above maintenance cycle, but COVID screwed up the market ( $4k markup over sticker including $400 for nitrogen in the tires), so bit the bullet. Now serious about replacing, but waiting for used and/or new car prices to fall a bit more. Have my eye on a particular SUV. Last I checked, had a $2.5k discount with great interest rate (better than my CU) for financing. Will keep on driving Escape as long as A/C works. 🚗🚗🚗
Rna65689660 For such a flat surface, why not get smoke tint, Rtint or Rvynil. Starts at $8. I used to use a company called Lamin-x, but I think they are gone. Has held up great.