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.

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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.

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