Saturday , July 2 2022

Nissan dismissed President Carlos Ghosn after his arrest


TOKYO (AP) – On Thursday, Nissan dismissed President Carlos Ghosn after nearly twenty years in office of the Japanese company for embezzlement allegations, including false income reports and misuse of corporate assets.

For many hours, the board voted unanimously and the managing director of Ghosn was Nissan Motor Co. found a statement.

Days earlier, his ally Renault decided to keep him as the managing director, but appointed Thierry Bollore, chief operating officer, as his new supervisor.

Nissan reported that Greg Kelly, a detainee arrested for suspected co-operation, would also be dismissed as a deputy director. The changes will be decided later, he added.

According to Tokyo prosecutors, it is suspected that Ghosn has not reported revenue of $ 44.6 million from 2011 until 2015.

The board of directors consists of nine members, Ghosn and Kelly. In the other seven meetings, two members, Nissan and Renault, both voted.

For the time being, Ghosn and Kelly will remain on the board of directors as this decision belongs to the shareholders. No date has been given for this meeting.

Ghosn, 64, is the president of Mitsubishi Motors Corp., a smaller Japanese automaker who will partner with the Renault-Nissan alliance. The company said it would schedule a council meeting next week.

Ghosn and Kelly are in a detention center in Tokyo for being arrested on Monday.

Under Japanese law, suspects may be detained for a period of 20 days without charge for a formal charge. Additional charges may be incurred, resulting in longer arrests. So far, none has been charged.

When convicted, the maximum penalty for breach of financial fraud and trade laws is 10 years in prison, 10 million yen ($ 89,000) or both.

Ghosn, a French citizen born in Brazil, became a kind of corporate superstar in Japan with the resurrection of Nissan following the bankruptcy that Renault sent to help in 1999.

Kelly, 62, joined Nissan in 1988 in the United States. In 2012, he became a member of the board of directors. View human resources and alliance management.


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