Carlos Ghosn Arrested Over Misconduct In Japan, Nissan Preparing To Fire Him

Renault CEO Carlos Ghosn waits for French President Emmanuel Macron for a visit of the Renault factory in Maubeuge

Nissan's Carlos Ghosn, one of the auto industry's star executives, now faces dismissal by the Japanese vehicle maker, and has been arrested.

He's been arrested in Tokyo "for financial misconduct", AFP reported citing Japanese media. The alleged violations relate to. He said in September that he will continue to pare back his roles at the three individual companies, while continuing to head their alliance. The value of Nissan securities listed in Germany fell by 12%.

The Asahi newspaper reported on its website that prosecutors had begun searching the offices of Nissan's headquarters and other locations on Monday evening.

"Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed". Ghosn is also chairman and chief executive of France's Renault.

Shares in European carmaker Renault are diving after alliance partner Nissan announced that Chairman Carlos Ghosn had been under-reporting his income and will be dismissed.

Theresa May names Steve Barclay as new Brexit Secretary
During the transition period, Britain and the European Union will continue talks on their future trade relationship. It is a question of sovereignty. "He knows about Gibraltar and our issues in Brexit from his time at HM Treasury".

It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly. But plans for an orderly succession - and potentially the entire future of the rather unwieldy Renault-Nissan-Mitsubishi structure - may well have been thrown wide open.

Brazilian-born, of Lebanese descent and a French citizen, Ghosn began his career at tyre manufacturer Michelin in France, before moving on to Renault. He has been credited with turning around both Renault and Nissan, before going on to become the linchpin of the Renault-Nissan Alliance.

Investigators with the Tokyo District Public Prosecutors Office were looking at possible violations of the Financial Instruments and Exchange Law that relate to false entries on corporate financial statements.

In June, Renault shareholders approved Ghosn's €7.4 million (US$8.45 million) compensation for 2017. But he was expected to remain chief executive of Renault and to continue in overall charge of the Alliance for the next few years.

Ghosn has been a huge figure in the global auto industry for years. He has not yet commented on the allegations.

Related News:



Most liked

UK Conservative lawmaker says PM May faces day of reckoning on Monday
Meanwhile, Taoiseach Leo Varadkar has said no to any renegotiation with the United Kingdom over the withdrawal agreement . Theresa May faces an embarrassing Brexit defeat in the Commons on Monday at the hands of Remain-supporting Conservatives.

South Africa too good for wayward Australia in T20 clash
The Proteas thus completed a highly successful tour that saw them achieve success in both white ball formats. South Africa go into the T20 after a 2-1 ODI series win over Australia .

Denny Hamlin Takes Pole For Sunday's Ford EcoBoost 400 Championship Race
Brett Moffitt capped his remarkable underdog season with a NASCAR Truck Series championship for his underfunded race team. That's just one race down and two to go on NASCAR Championship Weekend. "Y'all saw that - just slow".

Brexit deal: NIO Minister of State Shailesh Vara resigns
He added that no worldwide negotiation "gives one side everything it wants" but praised the Prime Minister for remaining "true to her word".

Predictions for Deontay Wilder vs Tyson Fury - Experts Edition
I can beat your ass and be smiling at you at the same time". "I don't care about weight or dwell onit". His only name has been [Vladimir] Klitschko, but Peter was the one that was with him for that.

Women's boxing worlds: Debutant Manisha stuns title contender
The 36-year-old Cruz from NY was the last edition's bronze medallist besides winning the same colour of medal in 2012 also. She got a standing count in the second round and in the third round I was trying to attack".

Ice age crater discovered beneath Greenland glacier
Lying beneath a circular ice margin of the Hiawatha Glacier , the crater was likely blasted out by a half-mile-wide meteor. In 2015, researchers created a new map of the continent's bedrock, which is normally obscured by thousands of feet of ice.

Cambodia's last Khmer Rouge leaders found guilty of genocide
Khieu Samphan had at one point been the smiling, polite figurehead who nominally was the head of state in the Khmer Rouge regime. The Khmer Rouge seized power in 1975 after a bloody five-year civil war.

North Korea Just Released Another American Citizen
Kim Jong Un oversaw the testing of a "newly developed ultramodern tactical weapon", according to the North Korea's state media. The latest detained American is likely a man that South Korea deported past year , according to South Korean police.

BlackBerry Jumps Into Security With $1.4B Cylance Acquisition
The company has raised almost $300 million and was said to be a close to an initial public offering when BlackBerry swooped in. Exclusive Cylance utilizes machine figuring out how to acquire security breaks before they happen.

Powell sees potential headwinds to US growth as Fed weighs rate policy
The Fed has the tools and the protections it needs to serve the public in a "non-partisan, professional way", Powell said. It also began publishing individual policymakers' anonymous forecasts for future rate hikes and key economic metrics.

Nittany Lions Jump 6 Spots in New College Football Playoff Rankings
It's not as if Alabama would have a loaded resume, with victories against LSU, Mississippi State and Auburn at the top. With a spot in the College Football Playoffs in reach, the Fighting Irish can't afford to slip up down the stretch.

Proof Duke's Zion Williamson Can Hit Head on Rim
In the meantime, Williamson should use this time to mature as a teammate, learn how to handle fame, and deal with the media. But Mateos says he never heard back from the superstar hooper who is now putting up huge numbers at Duke.

Ranveer-Deepika new wedding pictures emerge online
Post the wedding, many pictures of the couple posing with their respective teams have been making their way to the social media. It is being reported that the reception which will be held on December 1 will see nearly entire B-town in attendance.

China hotels red-faced after dirty cleaning practices revealed
Since the video was posted to Twitter-like Weibo on Wednesday, it has racked up more than 30 million views. Hilton and Marriott group properties were among the 14 luxury hotels included in the video.