Renault refrains from ousting Ghosn; names Bollore interim leader

Adjust Comment Print

Nissan, by contrast, said after Ghosn was detained on Monday that it intends to dismiss Ghosn, 64, as chairman - acting with a haste that's fueled open speculation that he was the victim of a coup by Nissan CEO Hiroto Saikawa, and others at Nissan opposed to deeper integration between the two companies. He started his career at tiremaker Michelin, working there for a number of years at the same time as Ghosn, who has called Bollore a "good candidate" to become Renault CEO.

Nissan Motor Co. sank deeper into crisis Wednesday as it emerged the vehicle giant could itself face charges over alleged financial misconduct that has already led to the stunning arrest of its chairman, Carlos Ghosn.

In a statement released after the meeting, the Renault board said it had made a decision to ask its partner Nissan to "provide all information in their possession arising from the internal investigations related to Mr Ghosn".

Renault's board indicated that it was in the dark about the nature of the allegations against Ghosn.

Securing a unanimous decision to oust Carlos Ghosn as chair will likely be hard because Nissan directors that used to work at Renault may not back the dismissal until the allegations against Ghosn are made clear.

Prosecutors in Japan said they were holding Ghosn for allegedly collaborating to falsify securities statements and under-report $44.6 million in income from 2011 to 2015.

Three people sent to hospital after fight in Toronto concert hall
Security then escorted the rapper off the stage and many people in the audience left to find the street blocked off by police. Pusha departed the stage and eventually returned to perform " Infrared "-a track that features subliminal shots at Drake ".

But Mr Saikawa publicly played down that prospect earlier this year, prompting a private rebuke from Mr Ghosn, his one-time mentor, who warned his Japanese colleague that his comments risked undermining Nissan's credibility, according to a person with knowledge of the exchange.

Ghosn was the chairman of both companies, as well as Mitsubishi, and was also the CEO of Renault-the French carmaker on Tuesday replaced him on an interim basis with chief operating officer Thierry Bolloré. However, the full scope of potential allegations is unclear.

Ghosn's stated remuneration in the reports over five years until fiscal 2014 was around ¥1 billion annually, ranging from ¥982 million to ¥1.035 billion. In a letter to Renault employees, he pledged "full support" for Mr Ghosn and to protect the Nissan partnership.

Renault owns 43% of Nissan while in turn the Japanese firm has a 15% stake in Renault.

So far the French government, which is Renault's largest shareholder, is reserving judgment on Mr Ghosn. Le Maire said authorities have examined Ghosn's tax situation in France but have found no wrongdoing.

During this period, the Board will "meet regularly" under Lafayette's presidency to "ensure" the continuity of the alliance with Nissan and Mitsubishi, something that had been called into questioned by the outbreak of the scandal.