Friday , March 5 2021

Mitsubishi official: Alliance with Nissan and Renault can overcome the crisis

OAKAZAKI, Japan (Reuters) – The alliance with Nissan Motor and Renault can be based on management changes; a senior Mitsubishi Motors official made a statement Tuesday, a day after Carlos Ghosn was dismissed as chairman of the board, with alleged financial irregularities.

Mitsubishi Motors logo in Tokyo on November 26, 2018. Photo of Toro Hanai – Reuters

The future of the 19-year-old alliance, one of the world's largest automobile manufacturers, became suspicious on November 19 after the arrest and expulsion of Ghosn from its board of directors.

Ghosn, 64, is the architect and president of the alliance, and continues to serve as the CEO and CEO of Renault.

The top coalition officials will meet for a regular meeting this week in Amsterdam, which will start this week on Wednesday.

In April, a source told Reuters that, because the agenda of the meeting was not public, executives were expected to discuss Ghosn's presidency of the alliance.

Mitsubishi's Mitsuiko Yamashita, a research and development center in Okazaki, Central Asia, Japan, said that three companies will continue to offer more components, regardless of the form of the alliance, and to develop new technologies. said they would continue to benefit.

"I can't tell how the triple partnership will develop, but when the standing automobile industry needs more new technologies, it won't be possible for a single automobile company to take everything on its own." Said.

He added that the coalition should determine the decision-maker and how to take without Ghosn, but he was confident that the partnership was strong enough to meet this challenge.

New media reports said the Japanese media reported that Ghosn carried personal losses in Nissan in 2008 to prevent the same millions of dollars of damage that occurred during the financial crisis.

Asahi Shimbun said that when Ghosn asked for more collateral from the chief executive, the related derivative transactions transferred the rights of Nissan to 1.7 billion yen ($ 15 million) as he mentioned in anonymous sources.

Asahi said he had discovered this during the regular inspection of the Securities and Exchange Commission.

Nissan said he could not comment on the report. A spokesperson for the Securities Commission said the commission did not comment on individual cases.

Prepared by Abdel Moneim Darrar for Arabic publication edited by Ahmed Elhamy

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