Once a revered titan of the auto industry, <a href="http://www.wionews.com/world/wrongly-accused-and-unfairly-detained-ex-nissan-chief-carlos-ghosn-tells-court-188904">Carlos Ghosn </a>appeared in a Tokyo courtroom on Tuesday in handcuffs to offer his first public statement since his arrest.

Here are some of the allegations against Ghosn and the public rebuttals he offered in court:

Under-reporting compensation

Prosecutors allege that Ghosn, with the help of his right-hand man at Nissan Greg Kelly -- also under arrest but freed on bail -- under-reported his compensation in financial documents for at least eight fiscal years.

Ghosn has already been charged with under-reporting his compensation from 2010-2015, and prosecutors are investigating the following three years.

They allege the scheme involved deferring some of Ghosn's compensation until his retirement -- possibly to avoid criticism over his hefty pay -- and that failure to declare that constitutes financial misconduct.

In total, prosecutors say, he under-reported his pay by nine billion yen, or around $83 million.

In court Tuesday, Ghosn strongly denied the allegations, saying he kept an internal benchmark for compensation that came from job offers he received from other firms while at Nissan.

"It had no legal effect; it was never shared with the directors, and it never represented any kind of binding commitment," he told the court.

He said he "understood" that draft proposals for post-retirement compensation were "reviewed by internal and external lawyers, showing I had no intent to violate the law".

Ghosn added that if he died today -- what he described as the "Death Test" -- Nissan would not be required to pay his heirs anything but his retirement allowance, which he said showed there was no binding committment for additional pay.

Shifting losses to Nissan

Prosecutors allege that Ghosn tried to shift losses on two foreign exchange contracts to Nissan's books when the value of the yen soared and the Japanese automaker's shares plunged during the 2008 financial crisis.

They allege that when Ghosn failed to get Nissan to shoulder the losses, he then had a Saudi business acquaintance put up the additional collateral demanded by the bank holding the contracts.

He is then accused of having transferred $14.7 million in Nissan money to the associate to compensate him for the collateral.

In court Tuesday, Ghosn acknowledged that he had taken out foreign exchange contracts from 2002, after Nissan refused to pay him in dollars, as a hedge against yen fluctuations.

He said the bank demanded increased collateral on the contracts after the financial crisis, which he was unable to secure unless he resigned from Nissan and received his retirement allowance.

Instead, he decided to "ask Nissan to temporarily take on the collateral, so long as it came to no cost to the company... the FX contracts were then transferred back to me without Nissan incurring any loss".

Ghosn said the money transferred to the Saudi associate, whom he named as Khaled Juffali, was for work he had done for Nissan, describing him as a "long-time supporter and partner" of the firm.

He said Juffali's company "was appropriately compensated -- an amount disclosed to and approved by the appropriate officers at Nissan" in return for "critical services" he provided the firm.

A statement issued on behalf of Juffali's company by a PR firm also defended the money as payments for "legitimate business purposes".

The statement said Juffali's company provided services including resolving a dispute with a local Saudi car firm and lobbying to secure approval for a plant in the kingdom.

Homes, and a job for his sister

There are several additional allegations against Ghosn made by sources with knowledge of the Nissan investigation into its former chairman.

Prosecutors have yet to publicly accuse Ghosn of these claims, however.

Among them are accusations that Ghosn used a subsidiary purportedly set up to help fund Nissan's tech investments to pay for personal residences in Rio de Janeiro, Beirut and Paris. 
Nissan also believes Ghosn was paying his sister up to $110,000 a year between 2003-2016 for a fictitious role as an advisor.

In mid-December, the firm filed an injunction in Brazil intended to protect its right to pursue a case against Ghosn's sister.

He did not address either of these allegations in court, but insisted he had been "wrongly accused and unfairly detained based on meritless and unsubstantiated accusations".

"Your Honour, I am innocent of the accusations made against me," he said.

Once a revered titan of the auto industry, Carlos Ghosn appeared in a Tokyo courtroom on Tuesday in handcuffs to offer his first public statement since his arrest.

Once a revered titan of the auto industry, Carlos Ghosn appeared in a Tokyo courtroom on Tuesday in handcuffs to offer his first public statement since his arrest. Here are some of the allegations against Ghosn and the public rebuttals he offered in court: Under-reporting compensation Prosecutors allege that Ghosn, with the help of his right-hand man at Nissan Greg Kelly -- also under arrest but freed on bail -- under-reported his compensation in financial documents for at least eight fiscal years. Ghosn has already been charged with under-reporting his compensation from 2010-2015, and prosecutors are investigating the following three years. They allege the scheme involved deferring some of Ghosn's compensation until his retirement -- possibly to avoid criticism over his hefty pay -- and that failure to declare that constitutes financial misconduct. In total, prosecutors say, he under-reported his pay by nine billion yen, or around $83 million. In court Tuesday, Ghosn strongly denied the allegations, saying he kept an internal benchmark for compensation that came from job offers he received from other firms while at Nissan. "It had no legal effect; it was never shared with the directors, and it never represented any kind of binding commitment," he told the court. He said he "understood" that draft proposals for post-retirement compensation were "reviewed by internal and external lawyers, showing I had no intent to violate the law". Ghosn added that if he died today -- what he described as the "Death Test" -- Nissan would not be required to pay his heirs anything but his retirement allowance, which he said showed there was no binding committment for additional pay. Shifting losses to Nissan Prosecutors allege that Ghosn tried to shift losses on two foreign exchange contracts to Nissan's books when the value of the yen soared and the Japanese automaker's shares plunged during the 2008 financial crisis. They allege that when Ghosn failed to get Nissan to shoulder the losses, he then had a Saudi business acquaintance put up the additional collateral demanded by the bank holding the contracts. He is then accused of having transferred $14.7 million in Nissan money to the associate to compensate him for the collateral. In court Tuesday, Ghosn acknowledged that he had taken out foreign exchange contracts from 2002, after Nissan refused to pay him in dollars, as a hedge against yen fluctuations. He said the bank demanded increased collateral on the contracts after the financial crisis, which he was unable to secure unless he resigned from Nissan and received his retirement allowance. Instead, he decided to "ask Nissan to temporarily take on the collateral, so long as it came to no cost to the company... the FX contracts were then transferred back to me without Nissan incurring any loss". Ghosn said the money transferred to the Saudi associate, whom he named as Khaled Juffali, was for work he had done for Nissan, describing him as a "long-time supporter and partner" of the firm. He said Juffali's company "was appropriately compensated -- an amount disclosed to and approved by the appropriate officers at Nissan" in return for "critical services" he provided the firm. A statement issued on behalf of Juffali's company by a PR firm also defended the money as payments for "legitimate business purposes". The statement said Juffali's company provided services including resolving a dispute with a local Saudi car firm and lobbying to secure approval for a plant in the kingdom. Homes, and a job for his sister There are several additional allegations against Ghosn made by sources with knowledge of the Nissan investigation into its former chairman. Prosecutors have yet to publicly accuse Ghosn of these claims, however. Among them are accusations that Ghosn used a subsidiary purportedly set up to help fund Nissan's tech investments to pay for personal residences in Rio de Janeiro, Beirut and Paris. Nissan also believes Ghosn was paying his sister up to $110,000 a year between 2003-2016 for a fictitious role as an advisor. In mid-December, the firm filed an injunction in Brazil intended to protect its right to pursue a case against Ghosn's sister. He did not address either of these allegations in court, but insisted he had been "wrongly accused and unfairly detained based on meritless and unsubstantiated accusations". "Your Honour, I am innocent of the accusations made against me," he said.

Carlos Ghosn: The allegations and the rebuttals

Former Nissan boss Carlos Ghosn will be spending the beginning of 2019 behind bars after a Tokyo court on Monday extended his detention through to January 11, local media reported.

The decision, reported by public broadcaster NHK and local news agency Jiji Press, comes after Japanese prosecutors re-arrested Ghosn for fresh allegations on December 21, dashing his hopes of being home for Christmas.

There was no immediate confirmation from the court. The move comes as Ghosn, who was arrested on November 19, faces three separate sets of allegations involving financial wrongdoing during his tenure as Nissan chief.

The growing case against the auto tycoon represents a stunning reversal of fortune for a man once revered in Japan and beyond for his ability to turn around automakers, including Nissan.

The twists and turns of the case have gripped Japan and the business world and shone a light on the Japanese legal system, which has come in for some criticism internationally.

Authorities are pursuing three separate lines of enquiry against the 64-year-old Franco-Lebanese-Brazilian executive.

They suspect he conspired with his right-hand man, US executive Greg Kelly, to hide away around half of his income (some five billion yen or $44 million) over five fiscal years from 2010.

They also allege he under-reported his salary to the tune of four billion yen over the next three fiscal years -- apparently to avoid criticism that his pay was too high.

The extension that prosecutors won Monday allows them to continue investigating a complex third claim that alleges Ghosn sought to shift a personal investment loss onto Nissan's books.

As part of that scheme, he is also accused of having used Nissan funds to repay a Saudi acquaintance who put up collateral money.

Prosecutors have pressed formal charges over the first allegation but not yet over the other accusations.

'Dark side'

The extension deals a new blow to Ghosn's hopes of being released from the Tokyo detention centre where he has been held since his shock arrest.

Earlier this month, he appeared on the verge of winning bail after a court rejected a request from prosecutors to extend his detention on the second allegation against him.

But by filing the new claims, prosecutors were able to restart the clock on his detention.

The once jet-setting executive, who denies any wrongdoing, was initially held in a tiny single but has now reportedly been moved to a more comfortable room.

He has complained about the cold and the rice-based menu, sources say, though he has told embassy visitors he is being well-treated.

While he has failed to win bail, his alleged accomplice Kelly won a court-ordered release on Christmas Day.

Kelly's bail conditions prevent him from leaving Japan, and he is reportedly now seeking treatment for a spinal condition at a Japanese hospital.

Ghosn's lengthy detention has sparked criticism, especially from abroad, but Japanese prosecutors have defended the legal system, which allows suspects to be "re-arrested" several times over different allegations.

And his arrest has laid bare tensions in the alliance he helped forge between Nissan, Mitsubishi Motors and France's Renault.

While Nissan and Mitsubishi swiftly ousted Ghosn from his leadership posts after his arrest, Renault has responded more cautiously to the allegations.

The French firm has also repeatedly called on Nissan to hold a shareholders meeting, and is reportedly seeking increased representation on the board of the Japanese automaker.

Nissan has rejected the calls for a shareholder meeting at this stage, and says it is waiting until a commission looking into governance at the firm releases its findings.

The Japanese automaker has also so far failed to agree on who should succeed Ghosn as chairman.

While the tycoon was once so beloved for his role in turning around Nissan that he was immortalised in manga comic form, his former colleagues have since harshly criticised him.

Nissan's CEO Hiroto Saikawa, a one-time Ghosn protege, has accused his former boss of accruing too much power and referred to his tenure's "dark side."

Former Nissan boss Carlos Ghosn will be spending the beginning of 2019 behind bars after a Tokyo court on Monday extended his detention through to January 11, local media reported.

Former Nissan boss Carlos Ghosn will be spending the beginning of 2019 behind bars after a Tokyo court on Monday extended his detention through to January 11, local media reported. The decision, reported by public broadcaster NHK and local news agency Jiji Press, comes after Japanese prosecutors re-arrested Ghosn for fresh allegations on December 21, dashing his hopes of being home for Christmas. There was no immediate confirmation from the court. The move comes as Ghosn, who was arrested on November 19, faces three separate sets of allegations involving financial wrongdoing during his tenure as Nissan chief. The growing case against the auto tycoon represents a stunning reversal of fortune for a man once revered in Japan and beyond for his ability to turn around automakers, including Nissan. The twists and turns of the case have gripped Japan and the business world and shone a light on the Japanese legal system, which has come in for some criticism internationally. Authorities are pursuing three separate lines of enquiry against the 64-year-old Franco-Lebanese-Brazilian executive. They suspect he conspired with his right-hand man, US executive Greg Kelly, to hide away around half of his income (some five billion yen or $44 million) over five fiscal years from 2010. They also allege he under-reported his salary to the tune of four billion yen over the next three fiscal years -- apparently to avoid criticism that his pay was too high. The extension that prosecutors won Monday allows them to continue investigating a complex third claim that alleges Ghosn sought to shift a personal investment loss onto Nissan's books. As part of that scheme, he is also accused of having used Nissan funds to repay a Saudi acquaintance who put up collateral money. Prosecutors have pressed formal charges over the first allegation but not yet over the other accusations. 'Dark side' The extension deals a new blow to Ghosn's hopes of being released from the Tokyo detention centre where he has been held since his shock arrest. Earlier this month, he appeared on the verge of winning bail after a court rejected a request from prosecutors to extend his detention on the second allegation against him. But by filing the new claims, prosecutors were able to restart the clock on his detention. The once jet-setting executive, who denies any wrongdoing, was initially held in a tiny single but has now reportedly been moved to a more comfortable room. He has complained about the cold and the rice-based menu, sources say, though he has told embassy visitors he is being well-treated. While he has failed to win bail, his alleged accomplice Kelly won a court-ordered release on Christmas Day. Kelly's bail conditions prevent him from leaving Japan, and he is reportedly now seeking treatment for a spinal condition at a Japanese hospital. Ghosn's lengthy detention has sparked criticism, especially from abroad, but Japanese prosecutors have defended the legal system, which allows suspects to be "re-arrested" several times over different allegations. And his arrest has laid bare tensions in the alliance he helped forge between Nissan, Mitsubishi Motors and France's Renault. While Nissan and Mitsubishi swiftly ousted Ghosn from his leadership posts after his arrest, Renault has responded more cautiously to the allegations. The French firm has also repeatedly called on Nissan to hold a shareholders meeting, and is reportedly seeking increased representation on the board of the Japanese automaker. Nissan has rejected the calls for a shareholder meeting at this stage, and says it is waiting until a commission looking into governance at the firm releases its findings. The Japanese automaker has also so far failed to agree on who should succeed Ghosn as chairman. While the tycoon was once so beloved for his role in turning around Nissan that he was immortalised in manga comic form, his former colleagues have since harshly criticised him. Nissan's CEO Hiroto Saikawa, a one-time Ghosn protege, has accused his former boss of accruing too much power and referred to his tenure's "dark side."

Ghosn's detention extended to January 11: Japanese media

Fresh misconduct allegations brought by Tokyo prosecutors against ousted Nissan Chairman Carlos Ghosn centre on the use of company funds to pay a Saudi businessman who is believed to have helped him out of financial difficulties, two company sources with knowledge of the matter said.

Prosecutors arrested Ghosn for a third time on Friday, accusing him of aggravated breach of trust in transferring personal investment losses to the automaker.

The prosecutors' statement said they believe that around October 2008, Ghosn was trying to deal with losses on paper of 1.85 billion yen ($16.6 million) incurred on a swap contract he had with a bank which it did not name.

A person helped arrange a letter of credit for Ghosn and a company run by the person later received $14.7 million in Nissan funds in four installments between 2009 and 2012, the statement said, adding that the payments were made in Ghosn's and the person's interests.

"By doing so, (Ghosn) behaved in a way that breached trust, and inflicted damage on the property of Nissan," the statement said. The statement also said Ghosn had earlier sought to have Nissan shoulder the appraisal losses directly.

According to the Nissan sources who have knowledge of the company's probe into its former chief, the person who helped Ghosn is Khaled Al-Juffali, vice chairman of one of Saudi Arabia's largest conglomerates, E. A. Juffali and Brothers, and a member of the board at the Saudi Arabian Monetary Authority.

He is also majority owner of a company called Al-Dahana which owns half of a regional joint venture called Nissan Gulf with the other half held by a wholly owned unit of Nissan Motor.

Sheikh Khaled Juffali has no comment on this subject, according to an emailed statement from E. A. Juffali and Brothers.

Ghosn's Tokyo-based lawyer, Motonari Otsuru, was unavailable for comment on this article, according to a person who answered the phone at his law office. A representative for the Ghosn family declined to comment.

Other media have said Ghosn has through a lawyer denied that he shifted losses to Nissan and has told investigators that the four payments were for legitimate business purposes, including a reward for handling problems at Nissan dealers in Saudi Arabia.

Tokyo prosecutors declined to comment. Asked about Ghosn's reported comments, a Nissan spokesman said: "We cannot comment on matters related to Ghosn's arrest for breach of trust. Nissan's own investigation is ongoing, and its scope continues to broaden."

'Prosecutors know more'

Ghosn's re-arrest – the latest twist in a saga that has jolted Nissan' alliance with France's Renault SA – came a day after a Tokyo court unexpectedly rejected a request from prosecutors to extend Ghosn's detention.

Unlike his previous arrests on allegations of under-reporting his compensation which he faced together with former representative director Greg Kelly, prosecutors have levelled these latest accusations against Ghosn only.

The Nissan sources with knowledge of the matter said the automaker's investigators concluded that Ghosn was unsuccessful in his attempt to have Nissan shoulder the losses directly.

Japan's Securities and Exchange Surveillance Commission had at some stage flagged Ghosn's attempt to have Nissan directly shoulder the losses as illegal, one of the sources said. It was not immediately clear what the SESC deemed illegal. A SESC spokesman said he could not comment on specific cases.

The sources declined to be identified as the results of Nissan's internal investigation have not been made public yet.

Ghosn then gained help from Al-Juffali who used his personal assets to provide collateral for a bank to issue a letter of credit that Tokyo-based Shinsei Bank had required of Ghosn, the sources said.

A spokesman for Shinsei said he could not comment on specific cases. Reuters was not able to determine the identity of the bank which issued the letter of credit.

The four payments arranged by Ghosn were made through a Nissan internal discretionary fund, known within the company as the 'CEO Reserve', to a Nissan unit which then paid a company owned by Al-Juffali, one of the sources said, without specifying the names of the companies.

The first payment of $3 million was made in fiscal 2009, followed by payments of $3.6 million, $3.9 million and $4.2 million in the three subsequent years, the sources added.

The sources said the Nissan investigators initially had not been looking at the transactions with the urgency prosecutors displayed last week.

"Prosecutors know more about this than we do," one of the sources said.

E. A. Juffali and Brothers was founded in 1946. The company set up electric power supply and telecommunications to some of Saudi Arabia's major cities and expanded into construction, insurance, vehicle manufacturing and distribution.

Established in October 2008, the Nissan Gulf joint venture was originally responsible for Nissan's marketing and sales strategy and dealer development in Saudi Arabia, Abu Dhabi, Kuwait, and Bahrain but the scope of the business has since been reduced to Kuwait and Bahrain for reasons that weren't immediately clear, one of the sources said.

Kelly was released on bail late on Christmas day but Ghosn remains in detention. After the latest allegations, prosecutors were granted permission to hold him for 10 days on Dec. 23 and will typically ask for another 10 days, which is usually approved.

Japanese prosecutors often arrest individuals repeatedly on different allegations linked to the same case. The practice allows them to hold suspects while they pursue their investigation and also means they can continue interrogations without the presence of a lawyer.

Fresh misconduct allegations brought by Tokyo prosecutors against ousted Nissan Chairman Carlos Ghosn centre on the use of company funds to pay a Saudi businessman who is believed to have helped him out of financial difficulties, two company sources with knowledge of the matter said.

Fresh misconduct allegations brought by Tokyo prosecutors against ousted Nissan Chairman Carlos Ghosn centre on the use of company funds to pay a Saudi businessman who is believed to have helped him out of financial difficulties, two company sources with knowledge of the matter said. Prosecutors arrested Ghosn for a third time on Friday, accusing him of aggravated breach of trust in transferring personal investment losses to the automaker. The prosecutors' statement said they believe that around October 2008, Ghosn was trying to deal with losses on paper of 1.85 billion yen ($16.6 million) incurred on a swap contract he had with a bank which it did not name. A person helped arrange a letter of credit for Ghosn and a company run by the person later received $14.7 million in Nissan funds in four installments between 2009 and 2012, the statement said, adding that the payments were made in Ghosn's and the person's interests. "By doing so, (Ghosn) behaved in a way that breached trust, and inflicted damage on the property of Nissan," the statement said. The statement also said Ghosn had earlier sought to have Nissan shoulder the appraisal losses directly. According to the Nissan sources who have knowledge of the company's probe into its former chief, the person who helped Ghosn is Khaled Al-Juffali, vice chairman of one of Saudi Arabia's largest conglomerates, E. A. Juffali and Brothers, and a member of the board at the Saudi Arabian Monetary Authority. He is also majority owner of a company called Al-Dahana which owns half of a regional joint venture called Nissan Gulf with the other half held by a wholly owned unit of Nissan Motor. Sheikh Khaled Juffali has no comment on this subject, according to an emailed statement from E. A. Juffali and Brothers. Ghosn's Tokyo-based lawyer, Motonari Otsuru, was unavailable for comment on this article, according to a person who answered the phone at his law office. A representative for the Ghosn family declined to comment. Other media have said Ghosn has through a lawyer denied that he shifted losses to Nissan and has told investigators that the four payments were for legitimate business purposes, including a reward for handling problems at Nissan dealers in Saudi Arabia. Tokyo prosecutors declined to comment. Asked about Ghosn's reported comments, a Nissan spokesman said: "We cannot comment on matters related to Ghosn's arrest for breach of trust. Nissan's own investigation is ongoing, and its scope continues to broaden." 'Prosecutors know more' Ghosn's re-arrest – the latest twist in a saga that has jolted Nissan' alliance with France's Renault SA – came a day after a Tokyo court unexpectedly rejected a request from prosecutors to extend Ghosn's detention. Unlike his previous arrests on allegations of under-reporting his compensation which he faced together with former representative director Greg Kelly, prosecutors have levelled these latest accusations against Ghosn only. The Nissan sources with knowledge of the matter said the automaker's investigators concluded that Ghosn was unsuccessful in his attempt to have Nissan shoulder the losses directly. Japan's Securities and Exchange Surveillance Commission had at some stage flagged Ghosn's attempt to have Nissan directly shoulder the losses as illegal, one of the sources said. It was not immediately clear what the SESC deemed illegal. A SESC spokesman said he could not comment on specific cases. The sources declined to be identified as the results of Nissan's internal investigation have not been made public yet. Ghosn then gained help from Al-Juffali who used his personal assets to provide collateral for a bank to issue a letter of credit that Tokyo-based Shinsei Bank had required of Ghosn, the sources said. A spokesman for Shinsei said he could not comment on specific cases. Reuters was not able to determine the identity of the bank which issued the letter of credit. The four payments arranged by Ghosn were made through a Nissan internal discretionary fund, known within the company as the 'CEO Reserve', to a Nissan unit which then paid a company owned by Al-Juffali, one of the sources said, without specifying the names of the companies. The first payment of $3 million was made in fiscal 2009, followed by payments of $3.6 million, $3.9 million and $4.2 million in the three subsequent years, the sources added. The sources said the Nissan investigators initially had not been looking at the transactions with the urgency prosecutors displayed last week. "Prosecutors know more about this than we do," one of the sources said. E. A. Juffali and Brothers was founded in 1946. The company set up electric power supply and telecommunications to some of Saudi Arabia's major cities and expanded into construction, insurance, vehicle manufacturing and distribution. Established in October 2008, the Nissan Gulf joint venture was originally responsible for Nissan's marketing and sales strategy and dealer development in Saudi Arabia, Abu Dhabi, Kuwait, and Bahrain but the scope of the business has since been reduced to Kuwait and Bahrain for reasons that weren't immediately clear, one of the sources said. Kelly was released on bail late on Christmas day but Ghosn remains in detention. After the latest allegations, prosecutors were granted permission to hold him for 10 days on Dec. 23 and will typically ask for another 10 days, which is usually approved. Japanese prosecutors often arrest individuals repeatedly on different allegations linked to the same case. The practice allows them to hold suspects while they pursue their investigation and also means they can continue interrogations without the presence of a lawyer.

New allegations against Ghosn concern payments to Saudi businessman

Prosecutors re-arrested former <a href="http://www.wionews.com/world/renault-board-maintains-ghosn-as-ceo-says-pay-was-legal-184013">Nissan boss Carlos Ghosn </a>over fresh allegations on Friday, apparently dashing his hopes of early release in the latest twist to a rollercoaster saga.

The case of the once-revered 64-year-<a href="http://www.wionews.com/world/nissan-chairman-ghosn-faces-new-under-reporting-charge-worth-35-million-181672">old tycoon has gripped Japan</a> since he was arrested completely out of the blue as he stepped off his private jet at Tokyo's Haneda Airport on November 19.

And in another unexpected development, Ghosn was arrested Friday on suspicion of transferring losses from personal financial investments to Nissan, causing damage to the company's assets, according to a statement from prosecutors.

He has already been formally charged with under-reporting his income by tens of millions of dollars over several years and faces a second batch of allegations that this continued for three further years.

However, the auto baron had had his hopes raised of being freed on bail after a court rejected a bid by prosecutors to extend his detention over the second set of allegations.

But this fresh arrest gives prosecutors 48 hours to question him on the new matter - possibly extended beyond that.

Since his stunning arrest last month, the once jet-setting executive has languished in a tiny cell in a detention centre in northern Tokyo, where he has complained about the cold and the rice-based menu.

His lengthy detention - in Japan, suspects can be "re-arrested" several times over different allegations - has sparked criticism, especially from abroad.

Ghosn has an unusually high profile for a foreign executive in Japan and was credited with turning around the struggling car giant Nissan and forging a three-way alliance with French manufacturer Renault and fellow Japanese firm Mitsubishi Motors.

He was seen as the glue holding together the fractious alliance and his arrest has exposed major rifts between Nissan -- which makes the most money -- and Renault, the dominant shareholder.

According to local media, Ghosn has admitted signing documents to defer part of his salary until after retirement but said this amount did not need to be declared as it had not yet been definitively fixed.

The suspicion is that he sought to defer part of his pay to avoid criticism from staff and shareholders that his salary was too generous.

Both Nissan and Mitsubishi Motors promptly sacked Ghosn as chairman following his arrest, on the basis of a months-long internal Nissan investigation.

Renault has been much more cautious, keeping him on as chairman and CEO and appointing Thierry Bollore as interim boss.

In addition to charges against Ghosn and Kelly, prosecutors have also indicted Nissan, as the company submitted the official documents that allegedly under-reported his income.

On Thursday, the company pointedly declined to comment, saying it was "exclusively between the court and the prosecutors".

It said the decision to fire Ghosn was "based on the substantial and convincing evidence" from an internal investigation.&nbsp;

"Both Ghosn and Kelly have violated their director duty of care," the firm added in a statement.

Nissan has also accused its former boss of other financial impropriety, including using Nissan funds to purchase luxury homes around the world.

One of these -- a luxurious, 8,600-square-foot spread with ocean views over Rio de Janeiro's famous Copacabana Beach -- has become the subject of a legal battle.

Last week, Ghosn family members entered the flat, removed "personal effects" and opened the safes, according to Nissan. This followed a court order giving Ghosn's representatives access despite objections from the Japanese firm.

Prosecutors re-arrested former Nissan boss Carlos Ghosn over fresh allegations on Friday, apparently dashing his hopes of early release in the latest twist to a rollercoaster saga.

Prosecutors re-arrested former Nissan boss Carlos Ghosn over fresh allegations on Friday, apparently dashing his hopes of early release in the latest twist to a rollercoaster saga. The case of the once-revered 64-year-old tycoon has gripped Japan since he was arrested completely out of the blue as he stepped off his private jet at Tokyo's Haneda Airport on November 19. And in another unexpected development, Ghosn was arrested Friday on suspicion of transferring losses from personal financial investments to Nissan, causing damage to the company's assets, according to a statement from prosecutors. He has already been formally charged with under-reporting his income by tens of millions of dollars over several years and faces a second batch of allegations that this continued for three further years. However, the auto baron had had his hopes raised of being freed on bail after a court rejected a bid by prosecutors to extend his detention over the second set of allegations. But this fresh arrest gives prosecutors 48 hours to question him on the new matter - possibly extended beyond that. Since his stunning arrest last month, the once jet-setting executive has languished in a tiny cell in a detention centre in northern Tokyo, where he has complained about the cold and the rice-based menu. His lengthy detention - in Japan, suspects can be "re-arrested" several times over different allegations - has sparked criticism, especially from abroad. Ghosn has an unusually high profile for a foreign executive in Japan and was credited with turning around the struggling car giant Nissan and forging a three-way alliance with French manufacturer Renault and fellow Japanese firm Mitsubishi Motors. He was seen as the glue holding together the fractious alliance and his arrest has exposed major rifts between Nissan -- which makes the most money -- and Renault, the dominant shareholder. According to local media, Ghosn has admitted signing documents to defer part of his salary until after retirement but said this amount did not need to be declared as it had not yet been definitively fixed. The suspicion is that he sought to defer part of his pay to avoid criticism from staff and shareholders that his salary was too generous. Both Nissan and Mitsubishi Motors promptly sacked Ghosn as chairman following his arrest, on the basis of a months-long internal Nissan investigation. Renault has been much more cautious, keeping him on as chairman and CEO and appointing Thierry Bollore as interim boss. In addition to charges against Ghosn and Kelly, prosecutors have also indicted Nissan, as the company submitted the official documents that allegedly under-reported his income. On Thursday, the company pointedly declined to comment, saying it was "exclusively between the court and the prosecutors". It said the decision to fire Ghosn was "based on the substantial and convincing evidence" from an internal investigation. "Both Ghosn and Kelly have violated their director duty of care," the firm added in a statement. Nissan has also accused its former boss of other financial impropriety, including using Nissan funds to purchase luxury homes around the world. One of these -- a luxurious, 8,600-square-foot spread with ocean views over Rio de Janeiro's famous Copacabana Beach -- has become the subject of a legal battle. Last week, Ghosn family members entered the flat, removed "personal effects" and opened the safes, according to Nissan. This followed a court order giving Ghosn's representatives access despite objections from the Japanese firm.

Carlos Ghosn re-arrested in Japan over fresh allegations

A Tokyo court on Thursday unexpectedly decided not to extend the<a href="http://www.wionews.com/world/former-nissan-chairman-carlos-ghosn-denies-allegations-against-him-nhk-179283"> detention of Nissan Motor Co's ousted </a>chairman, Carlos Ghosn, meaning he may soon be released from jail where he has been confined since his arrest for alleged financial misconduct.

The Tokyo District Court said it <a href="http://www.wionews.com/business-economy/nissan-board-sacks-carlos-ghosn-as-chairman-media-178798">also decided against extending</a> detention for Greg Kelly, a former Nissan executive who was first arrested along with Ghosn on November&nbsp;19th. Lawyers for both men were not immediately available for comment.

It was unclear whether prosecutors will appeal the decision. Shin Kukimoto, deputy prosecutor at the Tokyo District Public Prosecutors Office, said only that his office will respond "appropriately".

Ghosn has been indicted for allegedly understating his income over a five-year period from 2010. He was re-arrested on Dec. 10 for the same alleged crime covering the past three years. The 10-day detention period in the second instance ran out on Thursday.

The court had widely been expected to extend the detention, as granting bail to suspects who insist on their innocence is highly unusual in Japan.

Masashi Akita, a defence lawyer in Osaka, said the court's decision could reflect a change in its attitude towards detention.

"They are very nervous about criticism of their lenient approach toward detention. This is a typical case of such changing, I suppose," he said. "I think this case has a big impact and effect on the Japanese justice practice, and such a move is favourable for the defence side."

Public broadcaster NHK said Ghosn could be released on Thursday or Friday if any appeal by prosecutors is rejected by the court and bail is granted.

Ghosn's arrest marked a dramatic fall for a leader once hailed for rescuing Nissan from the brink of bankruptcy.

He has been treated like others in detention, held in a small room. Authorities have limited his opportunities to shower and shave, a person familiar with the matter previously told Reuters.

It was not immediately clear how much bail would be, meaning it was still uncertain whether Ghosn's release was possible.

Activist fund manager Yoshiaki Murakami, arrested in 2006 for insider trading, paid an initial $4.47 million&nbsp;in bail.

Ghosn's Nissan income is at the centre of allegations by Tokyo prosecutors, who have charged the executive for failing to disclose compensation that he had arranged to receive later.

Nissan has said its whistleblower investigation also uncovered personal use of company funds and other misconduct.

The scandal has shaken the Renault-Nissan-Mitsubishi alliance, with Nissan Chief Executive Hiroto Saikawa calling for changes to weaken Renault SA's control.

Renault has so far not replaced Ghosn as head of the French carmaker, saying Ghosn's compensation had been in compliance with law and governance guidelines.

Documents seen by Reuters showed that executives at both Nissan and Renault were involved in discussions about compensating Ghosn out of the public eye.

A Nissan spokesman declined to comment on the court's decision, saying he could only speak about the company's investigations or executive misconduct.

A Tokyo court on Thursday unexpectedly decided not to extend the detention of Nissan Motor Co's ousted chairman, Carlos Ghosn, meaning he may soon be released from jail where he has been confined since his arrest for alleged financial misconduct.

A Tokyo court on Thursday unexpectedly decided not to extend the detention of Nissan Motor Co's ousted chairman, Carlos Ghosn, meaning he may soon be released from jail where he has been confined since his arrest for alleged financial misconduct. The Tokyo District Court said it also decided against extending detention for Greg Kelly, a former Nissan executive who was first arrested along with Ghosn on November 19th. Lawyers for both men were not immediately available for comment. It was unclear whether prosecutors will appeal the decision. Shin Kukimoto, deputy prosecutor at the Tokyo District Public Prosecutors Office, said only that his office will respond "appropriately". Ghosn has been indicted for allegedly understating his income over a five-year period from 2010. He was re-arrested on Dec. 10 for the same alleged crime covering the past three years. The 10-day detention period in the second instance ran out on Thursday. The court had widely been expected to extend the detention, as granting bail to suspects who insist on their innocence is highly unusual in Japan. Masashi Akita, a defence lawyer in Osaka, said the court's decision could reflect a change in its attitude towards detention. "They are very nervous about criticism of their lenient approach toward detention. This is a typical case of such changing, I suppose," he said. "I think this case has a big impact and effect on the Japanese justice practice, and such a move is favourable for the defence side." Public broadcaster NHK said Ghosn could be released on Thursday or Friday if any appeal by prosecutors is rejected by the court and bail is granted. Ghosn's arrest marked a dramatic fall for a leader once hailed for rescuing Nissan from the brink of bankruptcy. He has been treated like others in detention, held in a small room. Authorities have limited his opportunities to shower and shave, a person familiar with the matter previously told Reuters. It was not immediately clear how much bail would be, meaning it was still uncertain whether Ghosn's release was possible. Activist fund manager Yoshiaki Murakami, arrested in 2006 for insider trading, paid an initial $4.47 million in bail. Ghosn's Nissan income is at the centre of allegations by Tokyo prosecutors, who have charged the executive for failing to disclose compensation that he had arranged to receive later. Nissan has said its whistleblower investigation also uncovered personal use of company funds and other misconduct. The scandal has shaken the Renault-Nissan-Mitsubishi alliance, with Nissan Chief Executive Hiroto Saikawa calling for changes to weaken Renault SA's control. Renault has so far not replaced Ghosn as head of the French carmaker, saying Ghosn's compensation had been in compliance with law and governance guidelines. Documents seen by Reuters showed that executives at both Nissan and Renault were involved in discussions about compensating Ghosn out of the public eye. A Nissan spokesman declined to comment on the court's decision, saying he could only speak about the company's investigations or executive misconduct.

Japan court decides to not extend Ghosn's detention

With Carlos Ghosn's arrest, frustrations over the tycoon's management style have burst into the open within Nissan, with some staff also wary of playing second fiddle to Renault and its French-state backers.

Rumblings within Nissan have grown in intensity since the beginning of the year, analysts say, as the 64-year-old Brazil-born Frenchman appeared to be moving towards a complete merger with Renault that would be unpopular in the Japanese firm.

Renault is the dominant player in the alliance, owning 43 per cent of Nissan stock, but the Japanese firm now brings more turnover to the table -- only intensifying a power-struggle between the firms.

One former staff member who worked for Nissan for 10 years told AFP on condition of anonymity: "Internally, we felt the tensions, even if they didn't appear on the outside."

Some Nissan staff increasingly had the impression their hard-won profits were being used to prop up their French big brother.

For example, there was some resentment when the Nissan Micra was ordered to be built in a Renault factory just outside Paris or when the Nissan Rogue crossover destined for the US market was constructed by a South-Korean Renault subsidiary.&nbsp;

"Bringing services together is wonderful but in practice, it is not that easy. Renault and Nissan's people started saying that the integration Ghosn was leading us towards will not work," said the former employee.

Another staff member, speaking to public broadcaster NHK, was even blunter.&nbsp;

"I don't feel any merit to working with Renault. In my opinion, many Nissan employees feel they don't want to work with Renault," he said.

'Massive tellings-off'

Ghosn also drew fire with some in Japan for what was perceived as a lavish lifestyle and brash management style -- both of which run counter to Japanese corporate culture.

The staff member cited by NHK complained that Ghosn prohibited employees from receiving gifts or being wined and dined and that the former chairman had ordered them to submit a written pledge to this effect.

Another former employee told AFP that Ghosn put "incredible" pressure on his staff.

"He humiliated people in public all the time with massive tellings-off in front of everyone. No one could say anything but resentment grew."

Ghosn is under arrest on suspicion of understating his income by around $44 million over five years. He denies the allegations and has not been able to make any public defence as he languishes in a Tokyo detention centre.

Nissan CEO Hiroto Saikawa denounced his former mentor in an emotional press conference, saying that too much power had been concentrated in the hands of one person.

According to a Nissan insider, Saikawa has also raised concerns of governance within the three-way alliance, which was the top-selling auto group last year.

"No matter what subject we wanted to discuss with Renault, we always had to go through Ghosn," Saikawa told staff Monday, according to someone present.

This is an "uneven" situation that must be addressed, added Saikawa.

In many ways, Saikawa's shift in attitude towards Ghosn reflects the wider growing dissatisfaction within Nissan.

Known as one of "Ghosn's children" -- who owed his career to the tycoon -- Saikawa began to distance himself from his mentor in 2017, feeling that Ghosn had left him alone to deal with a vehicle inspection scandal that broke that year.

'Anger' at Renault

Adding to the tension is the involvement of the French government, which holds a 15-per cent stake in Renault.

"France wants Nissan," screamed a headline in the Nikkei business daily in July.

The Japanese firm was badly shaken in 2015 when Emmanuel Macron, then economy minister, raised Paris's stake in Renault to increase voting power.

Current French Economy Minister Bruno Le Maire has stressed that there should be no changes in the make-up of the alliance, which states that Renault appoints the boss.

Koji Endo, an auto sector analyst at SBI Securities, told AFP: "Emotionally, people at Nissan seem to be angry against Renault and Ghosn and they will probably claim there has to be some change in equity relationships."

However, moving towards a more equal relationship will be "very difficult... because of the influence of the French government," added the expert.

Nissan would have to convince Renault and Paris to boost the Japanese firm's stake in the alliance, he noted.

"I understand that Nissan wants to do that, but in reality, I don't think it can be done in a short period of time," he told AFP.

The official line is that the Ghosn arrest should not have an impact on the day-to-day operations either at Nissan or within the Alliance.

But another auto sector expert, Takaki Nakanishi, said the situation within the alliance was "serious."

"The confidence to work together has completely disappeared," said Nakanishi.

With Carlos Ghosn's arrest, frustrations over the tycoon's management style have burst into the open within Nissan, with some staff also wary of playing second fiddle to Renault and its French-state backers.

With Carlos Ghosn's arrest, frustrations over the tycoon's management style have burst into the open within Nissan, with some staff also wary of playing second fiddle to Renault and its French-state backers. Rumblings within Nissan have grown in intensity since the beginning of the year, analysts say, as the 64-year-old Brazil-born Frenchman appeared to be moving towards a complete merger with Renault that would be unpopular in the Japanese firm. Renault is the dominant player in the alliance, owning 43 per cent of Nissan stock, but the Japanese firm now brings more turnover to the table -- only intensifying a power-struggle between the firms. One former staff member who worked for Nissan for 10 years told AFP on condition of anonymity: "Internally, we felt the tensions, even if they didn't appear on the outside." Some Nissan staff increasingly had the impression their hard-won profits were being used to prop up their French big brother. For example, there was some resentment when the Nissan Micra was ordered to be built in a Renault factory just outside Paris or when the Nissan Rogue crossover destined for the US market was constructed by a South-Korean Renault subsidiary. "Bringing services together is wonderful but in practice, it is not that easy. Renault and Nissan's people started saying that the integration Ghosn was leading us towards will not work," said the former employee. Another staff member, speaking to public broadcaster NHK, was even blunter. "I don't feel any merit to working with Renault. In my opinion, many Nissan employees feel they don't want to work with Renault," he said. 'Massive tellings-off' Ghosn also drew fire with some in Japan for what was perceived as a lavish lifestyle and brash management style -- both of which run counter to Japanese corporate culture. The staff member cited by NHK complained that Ghosn prohibited employees from receiving gifts or being wined and dined and that the former chairman had ordered them to submit a written pledge to this effect. Another former employee told AFP that Ghosn put "incredible" pressure on his staff. "He humiliated people in public all the time with massive tellings-off in front of everyone. No one could say anything but resentment grew." Ghosn is under arrest on suspicion of understating his income by around $44 million over five years. He denies the allegations and has not been able to make any public defence as he languishes in a Tokyo detention centre. Nissan CEO Hiroto Saikawa denounced his former mentor in an emotional press conference, saying that too much power had been concentrated in the hands of one person. According to a Nissan insider, Saikawa has also raised concerns of governance within the three-way alliance, which was the top-selling auto group last year. "No matter what subject we wanted to discuss with Renault, we always had to go through Ghosn," Saikawa told staff Monday, according to someone present. This is an "uneven" situation that must be addressed, added Saikawa. In many ways, Saikawa's shift in attitude towards Ghosn reflects the wider growing dissatisfaction within Nissan. Known as one of "Ghosn's children" -- who owed his career to the tycoon -- Saikawa began to distance himself from his mentor in 2017, feeling that Ghosn had left him alone to deal with a vehicle inspection scandal that broke that year. 'Anger' at Renault Adding to the tension is the involvement of the French government, which holds a 15-per cent stake in Renault. "France wants Nissan," screamed a headline in the Nikkei business daily in July. The Japanese firm was badly shaken in 2015 when Emmanuel Macron, then economy minister, raised Paris's stake in Renault to increase voting power. Current French Economy Minister Bruno Le Maire has stressed that there should be no changes in the make-up of the alliance, which states that Renault appoints the boss. Koji Endo, an auto sector analyst at SBI Securities, told AFP: "Emotionally, people at Nissan seem to be angry against Renault and Ghosn and they will probably claim there has to be some change in equity relationships." However, moving towards a more equal relationship will be "very difficult... because of the influence of the French government," added the expert. Nissan would have to convince Renault and Paris to boost the Japanese firm's stake in the alliance, he noted. "I understand that Nissan wants to do that, but in reality, I don't think it can be done in a short period of time," he told AFP. The official line is that the Ghosn arrest should not have an impact on the day-to-day operations either at Nissan or within the Alliance. But another auto sector expert, Takaki Nakanishi, said the situation within the alliance was "serious." "The confidence to work together has completely disappeared," said Nakanishi.

Ghosn arrest lays bare frustration at Nissan

Nissan chief Hiroto Saikawa spoke of his "resentment and dismay" at revelations of misconduct by former company chief Carlos Ghosn in a letter to company employees.

Saikawa said he could not reveal all details of what had happened because the case was still under investigation.

But the company accused Ghosn of having under-reported compensation amounts, misrepresented the company's investments and used company assets for personal use.

It also accused representative director Greg Kelly of having masterminded the fraud with Ghosn. The company dismissed Ghosn and Kelly on Thursday.

As someone who had devoted himself to the Nissan revival plan, "I am left with great resentment and dismay that is difficult to articulate", wrote Saikawa.

"I truly regret, and would like to apologize for, us betraying and completely letting down our customers, business partners and other stakeholders who supported us after our revival," he wrote.

The internal memo invited all staff to a "town hall" meeting Monday with Saikawa to discuss the future of the company.

Nissan's former chairman Ghosn has since Monday been held in custody in Japan accused of having understated his income by some five billion yen ($44 million) between June 2011 and June 2015.

Japanese prosecutors have also accused Kelly of having a role in the offences.

Deputy chief prosecutor Shin Kukimoto said the Ghosn case was "one of the most serious types of crime" under Japan's Financial Instruments Act, and that Ghosn could face up to 10 years in jail.

Although the Nissan board sacked Ghosn and Kelly, they have made it clear they want to their alliance with Renault and Mitsubishi survive.

The board of Mitsubishi Motors was reportedly set to meet on Monday to discuss Ghosn's future.

Renault's board has so far stood by Ghosn -- naming his deputy Thierry Bollore to handle day-to-day business.

Nissan chief Hiroto Saikawa spoke of his "resentment and dismay" at revelations of misconduct by former company chief Carlos Ghosn in a letter to company employees.

Nissan chief Hiroto Saikawa spoke of his "resentment and dismay" at revelations of misconduct by former company chief Carlos Ghosn in a letter to company employees. Saikawa said he could not reveal all details of what had happened because the case was still under investigation. But the company accused Ghosn of having under-reported compensation amounts, misrepresented the company's investments and used company assets for personal use. It also accused representative director Greg Kelly of having masterminded the fraud with Ghosn. The company dismissed Ghosn and Kelly on Thursday. As someone who had devoted himself to the Nissan revival plan, "I am left with great resentment and dismay that is difficult to articulate", wrote Saikawa. "I truly regret, and would like to apologize for, us betraying and completely letting down our customers, business partners and other stakeholders who supported us after our revival," he wrote. The internal memo invited all staff to a "town hall" meeting Monday with Saikawa to discuss the future of the company. Nissan's former chairman Ghosn has since Monday been held in custody in Japan accused of having understated his income by some five billion yen ($44 million) between June 2011 and June 2015. Japanese prosecutors have also accused Kelly of having a role in the offences. Deputy chief prosecutor Shin Kukimoto said the Ghosn case was "one of the most serious types of crime" under Japan's Financial Instruments Act, and that Ghosn could face up to 10 years in jail. Although the Nissan board sacked Ghosn and Kelly, they have made it clear they want to their alliance with Renault and Mitsubishi survive. The board of Mitsubishi Motors was reportedly set to meet on Monday to discuss Ghosn's future. Renault's board has so far stood by Ghosn -- naming his deputy Thierry Bollore to handle day-to-day business.

Nissan CEO tells staff feels 'dismay' at Ghosn scandal

Nissan board members have sacked disgraced <a href="http://www.wionews.com/world/nissan-crisis-japan-court-extends-carlos-ghosns-arrest-by-10-days-178536">Carlos Ghosn as chairman</a>, local media reported Thursday, which would be a spectacular fall from grace for the once-revered boss whose arrest for financial misconduct stunned the car industry and the business world.

Public broadcaster NHK and business daily Nikkei both said the seven-member board had decided to remove the 64-year-old from the top of the firm he has led for almost two decades.

<a href="http://www.wionews.com/business-economy/nissan-chairman-carlos-ghosn-arrested-in-tokyo-for-financial-misconduct-178200">Ghosn</a> stands accused of under-reporting his income by millions of dollars and a host of other financial irregularities, alleged after a months-long internal Nissan probe following a whistleblower report.

His ouster as chairman represents an astonishing turnaround for the titan of the auto sector who revived the Japanese brand and forged an alliance with Renault and Mitsubishi Motors, which sold a combined 10.6 million cars last year -- more than any other firm.

It also throws the future of the alliance into doubt, as Ghosn was the architect of the fractious tie-up -- which employs 450,000 people globally -- and the glue holding it together.

Prosecutors intercepted the Brazil-born tycoon Monday as he landed in Tokyo on a private jet, accusing him and another executive Greg Kelly of understating the chairman's income by around $44 million between June 2011 and June 2015.

His fate as Nissan chairman appeared sealed just hours later as his hand-picked successor as CEO, Hiroto Saikawa launched an impassioned broadside at his former mentor, muttering about a "dark side" to the Ghosn era and urging his sacking.

Even after being jettisoned as chairman, Ghosn remains technically a member of the board as a full shareholders' meeting is required to remove him.

'In good health'

Ghosn is being held custody in a Tokyo detention centre and has not been seen in public nor made any comments since his arrest.

He received a visit from Brazilian consul Joao de Mendonca on Thursday who told AFP that Ghosn "sounded very well, in good health".

However, his conditions are likely to be a far cry from what the millionaire businessman is used to. Inmates at the centre are typically allowed 30 minutes exercise per day and only two baths a week.

Ties and strings are removed to prevent suicide attempts and former guards and lawyers said Ghosn was almost certain to be held in a cramped cell on his own.&nbsp;

On Wednesday, prosecutors successfully applied to extend his custody for an additional 10 days as they step up their questioning.

Deputy chief prosecutor Shin Kukimoto said that the type of crime Ghosn is accused of is "one of the most serious types of crime" under Japan's Financial Instruments Act and Ghosn could face a 10-million-yen fine and/or a 10-year prison sentence.

Under the law, companies themselves can also be held accountable for the falsified documents, Kukimoto said, following reports that prosecutors believe Nissan also has a case to answer.

Public broadcaster NHK said Nissan had paid "huge sums" to provide Ghosn with luxury homes in Rio de Janeiro, Beirut, Paris and Amsterdam "without any legitimate business reason".

Ghosn had a reputation as a hard-nosed workaholic with had no qualms about closing factories and slashing jobs -- earning the nickname "Le Cost Killer" in France, where 47,000 employees work for Renault.

But his exorbitant salary and flashy lifestyle -- at odds with Japanese corporate culture -- drew fire and his current accommodation will be a far cry from his usual expensive surroundings.

'Couple divorcing'

According to the Financial Times, Ghosn's fall from grace came as he was working on a full-blown merger of Nissan and Renault.

This was opposed by executives in the Japanese firm that has ended up being the most profitable player in the partnership and the FT said Ghosn's departure could be used as a pretext to rebalance the alliance in Nissan's favour.

Renault has held off jettisoning Ghosn, pointedly saying Nissan had failed to share the evidence it had gathered with its sister company.

Governments in Paris and Tokyo have been scrambling to contain the fallout from the arrest, with President Emmanuel Macron saying France would be "extremely vigilant" about the stability of Renault and the alliance.

Analysts said that despite clear tensions between the two firms headquartered 10,000 kilometres apart, neither company has the financial might alone to make the heavy investments in electric vehicles considered to be the industry's future.

"It would be like a couple divorcing after 20 years -- it would be complicated, very expensive and not easy to do," said Gaetan Toulemonde, an analyst at Deutsche Bank.

"Honestly, I don't know if it's even possible."

Nissan board members have sacked disgraced Carlos Ghosn as chairman, local media reported Thursday, which would be a spectacular fall from grace for the once-revered boss whose arrest for financial misconduct stunned the car industry and the business world.

Nissan board members have sacked disgraced Carlos Ghosn as chairman, local media reported Thursday, which would be a spectacular fall from grace for the once-revered boss whose arrest for financial misconduct stunned the car industry and the business world. Public broadcaster NHK and business daily Nikkei both said the seven-member board had decided to remove the 64-year-old from the top of the firm he has led for almost two decades. Ghosn stands accused of under-reporting his income by millions of dollars and a host of other financial irregularities, alleged after a months-long internal Nissan probe following a whistleblower report. His ouster as chairman represents an astonishing turnaround for the titan of the auto sector who revived the Japanese brand and forged an alliance with Renault and Mitsubishi Motors, which sold a combined 10.6 million cars last year -- more than any other firm. It also throws the future of the alliance into doubt, as Ghosn was the architect of the fractious tie-up -- which employs 450,000 people globally -- and the glue holding it together. Prosecutors intercepted the Brazil-born tycoon Monday as he landed in Tokyo on a private jet, accusing him and another executive Greg Kelly of understating the chairman's income by around $44 million between June 2011 and June 2015. His fate as Nissan chairman appeared sealed just hours later as his hand-picked successor as CEO, Hiroto Saikawa launched an impassioned broadside at his former mentor, muttering about a "dark side" to the Ghosn era and urging his sacking. Even after being jettisoned as chairman, Ghosn remains technically a member of the board as a full shareholders' meeting is required to remove him. 'In good health' Ghosn is being held custody in a Tokyo detention centre and has not been seen in public nor made any comments since his arrest. He received a visit from Brazilian consul Joao de Mendonca on Thursday who told AFP that Ghosn "sounded very well, in good health". However, his conditions are likely to be a far cry from what the millionaire businessman is used to. Inmates at the centre are typically allowed 30 minutes exercise per day and only two baths a week. Ties and strings are removed to prevent suicide attempts and former guards and lawyers said Ghosn was almost certain to be held in a cramped cell on his own. On Wednesday, prosecutors successfully applied to extend his custody for an additional 10 days as they step up their questioning. Deputy chief prosecutor Shin Kukimoto said that the type of crime Ghosn is accused of is "one of the most serious types of crime" under Japan's Financial Instruments Act and Ghosn could face a 10-million-yen fine and/or a 10-year prison sentence. Under the law, companies themselves can also be held accountable for the falsified documents, Kukimoto said, following reports that prosecutors believe Nissan also has a case to answer. Public broadcaster NHK said Nissan had paid "huge sums" to provide Ghosn with luxury homes in Rio de Janeiro, Beirut, Paris and Amsterdam "without any legitimate business reason". Ghosn had a reputation as a hard-nosed workaholic with had no qualms about closing factories and slashing jobs -- earning the nickname "Le Cost Killer" in France, where 47,000 employees work for Renault. But his exorbitant salary and flashy lifestyle -- at odds with Japanese corporate culture -- drew fire and his current accommodation will be a far cry from his usual expensive surroundings. 'Couple divorcing' According to the Financial Times, Ghosn's fall from grace came as he was working on a full-blown merger of Nissan and Renault. This was opposed by executives in the Japanese firm that has ended up being the most profitable player in the partnership and the FT said Ghosn's departure could be used as a pretext to rebalance the alliance in Nissan's favour. Renault has held off jettisoning Ghosn, pointedly saying Nissan had failed to share the evidence it had gathered with its sister company. Governments in Paris and Tokyo have been scrambling to contain the fallout from the arrest, with President Emmanuel Macron saying France would be "extremely vigilant" about the stability of Renault and the alliance. Analysts said that despite clear tensions between the two firms headquartered 10,000 kilometres apart, neither company has the financial might alone to make the heavy investments in electric vehicles considered to be the industry's future. "It would be like a couple divorcing after 20 years -- it would be complicated, very expensive and not easy to do," said Gaetan Toulemonde, an analyst at Deutsche Bank. "Honestly, I don't know if it's even possible."

Nissan board sacks Carlos Ghosn as chairman

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