Fiat Chrysler and Renault are in talks on a comprehensive global tie-up that could address some of the main weaknesses of both carmakers, two sources with knowledge of the discussions told Reuters on Saturday.

The talks are at an advanced stage, the sources said. The Financial Times earlier reported that FCA and Renault were discussing a deal to forge "extensive ties" to tackle structural challenges facing the global auto industry.

A spokesman for FCA declined to comment on the report. Renault spokesman Frederic Texier said the French carmaker had no comment. 
Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and investment-thirsty technologies for connected and autonomous vehicles.

FCA and Renault have a combined market capitalization approaching 33 billion euros ($37 billion) and total global sales of 8.7 million vehicles. Besides bringing greater scale, a tie-up could help patch flaws on both sides.

FCA has a highly profitable North American RAM trucks business and Jeep brand but has been losing money in Europe, where it may also struggle to keep pace with looming carbon dioxide emissions curbs.

Renault, by contrast, is an electric-car pioneer with relatively fuel-efficient engine technologies and a strong presence in emerging markets, but no U.S. business.

Any tie-up would likely face political and workforce hurdles, particularly in Italy. Most of FCA's European plants are running below 50 percent capacity.

It was unclear whether the FCA-Renault deal talks would conclude successfully, the sources said.

The plan under consideration could involve some transfer of equity, one source said. "This isn't just another partnership - it's more than that."

Both carmakers have also been exploring tie-ups with other partners.

While FCA has recently revived discussions with PSA Group - which have been recurrent over the years - Renault is seeking a merger with Nissan, its partner in a troubled 20-year-old alliance.

A tie-up between FCA and Renault would not preclude a consolidation of the alliance with Nissan, one of the sources said.

The Renault-Nissan partnership, underpinned by crossed shareholdings, has been strained by the scandal surrounding former chairman Carlos Ghosn, who was ousted in the wake of a Nissan internal investigation.

A tie-up that included Nissan would vault the ensemble to the rank of global No.1 carmaker with 13.8 million annual sales. It would also maintain a foothold in China, where both FCA and Renault are marginal players.

The discussions follow weakening U.S. auto demand that has prompted cutbacks at several carmakers. FCA reported a 29 percent decline in first-quarter operating profit as sales and margins weakened in its North American profit centre. Sales dropped 5 percent to 24.48 billion euros.

Fiat Chrysler and Renault are in talks on a comprehensive global tie-up that could address some of the main weaknesses of both carmakers, two sources with knowledge of the discussions told Reuters on Saturday.

Fiat Chrysler and Renault are in talks on a comprehensive global tie-up that could address some of the main weaknesses of both carmakers, two sources with knowledge of the discussions told Reuters on Saturday. The talks are at an advanced stage, the sources said. The Financial Times earlier reported that FCA and Renault were discussing a deal to forge "extensive ties" to tackle structural challenges facing the global auto industry. A spokesman for FCA declined to comment on the report. Renault spokesman Frederic Texier said the French carmaker had no comment. Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and investment-thirsty technologies for connected and autonomous vehicles. FCA and Renault have a combined market capitalization approaching 33 billion euros ($37 billion) and total global sales of 8.7 million vehicles. Besides bringing greater scale, a tie-up could help patch flaws on both sides. FCA has a highly profitable North American RAM trucks business and Jeep brand but has been losing money in Europe, where it may also struggle to keep pace with looming carbon dioxide emissions curbs. Renault, by contrast, is an electric-car pioneer with relatively fuel-efficient engine technologies and a strong presence in emerging markets, but no U.S. business. Any tie-up would likely face political and workforce hurdles, particularly in Italy. Most of FCA's European plants are running below 50 percent capacity. It was unclear whether the FCA-Renault deal talks would conclude successfully, the sources said. The plan under consideration could involve some transfer of equity, one source said. "This isn't just another partnership - it's more than that." Both carmakers have also been exploring tie-ups with other partners. While FCA has recently revived discussions with PSA Group - which have been recurrent over the years - Renault is seeking a merger with Nissan, its partner in a troubled 20-year-old alliance. A tie-up between FCA and Renault would not preclude a consolidation of the alliance with Nissan, one of the sources said. The Renault-Nissan partnership, underpinned by crossed shareholdings, has been strained by the scandal surrounding former chairman Carlos Ghosn, who was ousted in the wake of a Nissan internal investigation. A tie-up that included Nissan would vault the ensemble to the rank of global No.1 carmaker with 13.8 million annual sales. It would also maintain a foothold in China, where both FCA and Renault are marginal players. The discussions follow weakening U.S. auto demand that has prompted cutbacks at several carmakers. FCA reported a 29 percent decline in first-quarter operating profit as sales and margins weakened in its North American profit centre. Sales dropped 5 percent to 24.48 billion euros.

Fiat Chrysler in talks to forge extensive ties with Renault, report says

Tokyo prosecutors will indict former Nissan chief <a href="https://www.google.com/url?q=https://www.wionews.com/world/conspiracy-and-backstabbing-against-me-carlos-ghosn-208976&amp;sa=U&amp;ved=0ahUKEwjs2rCh-dvhAhVa63MBHSoqAtUQFggOMAM&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw14HVx_mX4e7-sFMYiD8iSL">Carlos Ghosn</a> on a new charge on Monday when his detention period over suspected financial misconduct expires, local media reported Friday.

The 65-year-old is being questioned in a Tokyo detention centre over allegations he syphoned off millions of dollars from his former company <a href="https://www.google.com/url?q=https://www.wionews.com/world/nissan-shareholders-meet-to-sack-ghosn-from-its-board-208663&amp;sa=U&amp;ved=0ahUKEwjs2rCh-dvhAhVa63MBHSoqAtUQFggRMAQ&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0dbngQ8raCwJtW3qlYYYaD">Nissan </a>to a dealership in the Middle East for his own ends.

Ghosn strenuously denies the allegations and insists they have been cooked up in a "plot" by Nissan executives wary of plans to bring the Japanese car giant closer to its French partner Renault.

On Friday, public broadcaster NHK cited unnamed sources as saying that Tokyo prosecutors will indict the former auto tycoon as early as Monday on suspicion that he had used the money from Nissan for his personal investments into 30 companies.

Kyodo News said the prosecutors decided to indict Ghosn on April 22.

NHK reported that about $26.8 million&nbsp;transferred to an American firm named Shogun Investments, run by Ghosn's son, had been spent on investments in at least 30 companies.

Tokyo prosecutors are also considering questioning Ghosn's son, according to NHK.

Ghosn had already spent 108 days in custody over three other charges of alleged financial malpractice -- accused of two counts of deferring part of his salary and concealing this from shareholders and another charge of seeking to shift personal losses to the company.&nbsp;

He has already won bail once over the first three charges.

Tokyo prosecutors will indict former Nissan chief Carlos Ghosn on a new charge on Monday when his detention period over suspected financial misconduct expires, local media reported Friday.

Tokyo prosecutors will indict former Nissan chief Carlos Ghosn on a new charge on Monday when his detention period over suspected financial misconduct expires, local media reported Friday. The 65-year-old is being questioned in a Tokyo detention centre over allegations he syphoned off millions of dollars from his former company Nissan to a dealership in the Middle East for his own ends. Ghosn strenuously denies the allegations and insists they have been cooked up in a "plot" by Nissan executives wary of plans to bring the Japanese car giant closer to its French partner Renault. On Friday, public broadcaster NHK cited unnamed sources as saying that Tokyo prosecutors will indict the former auto tycoon as early as Monday on suspicion that he had used the money from Nissan for his personal investments into 30 companies. Kyodo News said the prosecutors decided to indict Ghosn on April 22. NHK reported that about $26.8 million transferred to an American firm named Shogun Investments, run by Ghosn's son, had been spent on investments in at least 30 companies. Tokyo prosecutors are also considering questioning Ghosn's son, according to NHK. Ghosn had already spent 108 days in custody over three other charges of alleged financial malpractice -- accused of two counts of deferring part of his salary and concealing this from shareholders and another charge of seeking to shift personal losses to the company. He has already won bail once over the first three charges.

Carlos Ghosn to be indicted on fresh charge: Report

Nissan shareholders are expected to eject <a href="https://www.wionews.com/world/ghosn-to-name-names-as-wife-flees-tokyo-208592">Carlos Ghosn</a> from its board on Monday, as the detained former chairman fights multiple charges of financial misconduct that have landed him in custody.

The extraordinary shareholders' meeting at a Tokyo hotel is the first such gathering since the stunning arrest of the 65-year-old auto sector titan on November 19.

Shareholders will vote on the removal of Ghosn, once hailed as the Japanese car giant's saviour and his replacement by Renault chairman Jean-Dominique Senard.

They will also likely jettison as a board member Greg Kelly, a US executive who served as Ghosn's right-hand man and who also faces charges in Japan.

Nissan sacked Ghosn as chairman almost immediately after his initial arrest but an extraordinary meeting of shareholders is required to remove him from the board.

Ghosn faces three separate charges. The first two relate to the alleged deferring of around $80 million in income and concealing this in official documents to shareholders.

The third, more complex, charge is that he attempted to transfer personal losses to Nissan and paid a Saudi contact who provided collateral from company funds.

Last week saw prosecutors rearrest Ghosn over an additional allegation that he had transferred Nissan money to a dealership in Oman but siphoned off millions for his own personal expenses -- including the purchase of a luxury yacht.

Prosecutors believe Ghosn moved Nissan funds totalling $15 million between late 2015 and the middle of 2018 and used $5 million of that for his own ends.

On Friday, the Tokyo District Court ruled that prosecutors could have until at least April 14 to interrogate Ghosn, who denies any wrongdoing.

This period can be extended for a further 10 days if the court allows, meaning Ghosn is unlikely to be released any time soon.

'It's a plot'

His rearrest on Thursday, the latest twist in a case that has captivated Japan and the business world, came less than a month after he had dramatically won bail, paying around $9 million to secure his release.

He had kept tight-lipped during his bail period and was subject to restrictions on his contacts with others connected with the case, and his online communications. He was also banned from leaving the country.

Just before his rearrest, Ghosn had appeared on Twitter to announce a news conference for April 11 -- which will now not happen barring a further surprise.

However, he gave a combative interview to France's TF1 television channel where he again denounced his downfall as a Nissan "plot" and voiced fears he might not receive a fair trial.

"It's obvious it's a plot," said Ghosn, adding: "Everything needs to be put on the table. Of course, I have names."

"Some of them you have seen in the press, but there are others that haven't been in the press," he said.

He said his downfall was orchestrated by people scared of closer integration between Nissan and its French partner Renault.

The other reason for the "plot" was the "deterioration in Nissan's performance for two years," he charged.

"I am very worried about the performance and future of Nissan," said Ghosn, widely credited with saving the Japanese firm from the brink of bankruptcy.

Nissan shareholders are expected to eject Carlos Ghosn from its board on Monday, as the detained former chairman fights multiple charges of financial misconduct that have landed him in custody.

Nissan shareholders are expected to eject Carlos Ghosn from its board on Monday, as the detained former chairman fights multiple charges of financial misconduct that have landed him in custody. The extraordinary shareholders' meeting at a Tokyo hotel is the first such gathering since the stunning arrest of the 65-year-old auto sector titan on November 19. Shareholders will vote on the removal of Ghosn, once hailed as the Japanese car giant's saviour and his replacement by Renault chairman Jean-Dominique Senard. They will also likely jettison as a board member Greg Kelly, a US executive who served as Ghosn's right-hand man and who also faces charges in Japan. Nissan sacked Ghosn as chairman almost immediately after his initial arrest but an extraordinary meeting of shareholders is required to remove him from the board. Ghosn faces three separate charges. The first two relate to the alleged deferring of around $80 million in income and concealing this in official documents to shareholders. The third, more complex, charge is that he attempted to transfer personal losses to Nissan and paid a Saudi contact who provided collateral from company funds. Last week saw prosecutors rearrest Ghosn over an additional allegation that he had transferred Nissan money to a dealership in Oman but siphoned off millions for his own personal expenses -- including the purchase of a luxury yacht. Prosecutors believe Ghosn moved Nissan funds totalling $15 million between late 2015 and the middle of 2018 and used $5 million of that for his own ends. On Friday, the Tokyo District Court ruled that prosecutors could have until at least April 14 to interrogate Ghosn, who denies any wrongdoing. This period can be extended for a further 10 days if the court allows, meaning Ghosn is unlikely to be released any time soon. 'It's a plot' His rearrest on Thursday, the latest twist in a case that has captivated Japan and the business world, came less than a month after he had dramatically won bail, paying around $9 million to secure his release. He had kept tight-lipped during his bail period and was subject to restrictions on his contacts with others connected with the case, and his online communications. He was also banned from leaving the country. Just before his rearrest, Ghosn had appeared on Twitter to announce a news conference for April 11 -- which will now not happen barring a further surprise. However, he gave a combative interview to France's TF1 television channel where he again denounced his downfall as a Nissan "plot" and voiced fears he might not receive a fair trial. "It's obvious it's a plot," said Ghosn, adding: "Everything needs to be put on the table. Of course, I have names." "Some of them you have seen in the press, but there are others that haven't been in the press," he said. He said his downfall was orchestrated by people scared of closer integration between Nissan and its French partner Renault. The other reason for the "plot" was the "deterioration in Nissan's performance for two years," he charged. "I am very worried about the performance and future of Nissan," said Ghosn, widely credited with saving the Japanese firm from the brink of bankruptcy.

Nissan shareholders meet to sack Ghosn from its board

Arrested former Nissan boss Carlos Ghosn is set to name the people he believes are responsible for his downfall in Japan, his wife said in an interview on Sunday as she fled Tokyo out of fear she could be detained.

Ghosn was re-arrested last week in the Japanese capital over fresh allegations of financial misconduct which will see him held in custody until at least April 14.&nbsp;

Speaking to the Journal du Dimanche newspaper in France, his wife Carole detailed the latest twists in the extraordinary saga, saying that Ghosn had recorded a video interview in English before his detention.&nbsp;

"He names the people responsible for what has happened to him. The lawyers have it. It will be released soon," she told the newspaper.

Carole added that she had fled Tokyo on a flight to Paris — with support from the French ambassador to Tokyo— because she "felt in danger."

Despite her Lebanese passport being confiscated by Japanese authorities, Carole said she was able to use her American passport to board a flight and was accompanied by the ambassador to the airport.

"He didn't leave me until the plane," she explained. "Up to the last second, I didn't know if they were going to let me fly. It was surreal."&nbsp;

The role of the French ambassador could lead to fresh friction between the countries over the highly sensitive case, which involves Nissan and French car maker Renault, which were both previously run by Ghosn.

Japanese news channel NHK said prosecutors in Tokyo wanted to question Carole on a voluntary basis.

Other reports in Japan say that investigators are looking into allegations that company money allegedly misused by Ghosn could have transited through a business that was run by his wife.

'Different person' 
Carole intends now to try to pressure the French government to do more for her husband whose 108-day imprisonment in Japan between November 19 and March 6 had left him a "different person," she told The Financial Times in a separate interview.

France's foreign minister Jean-Yves Le Drian said Saturday he had raised the case during talks with his Japanese counterpart Taro Kono on the sidelines of the meeting of Group of Seven (G7) foreign ministers in the French resort of Dinard.

Le Drian said he had "reminded him of our attachment to the presumption of innocence and the full rights of consular protection."

Japanese authorities are looking into new allegations that Ghosn transferred some $15 million in Nissan funds between late 2015 and mid-2018 to a dealership in Oman.

They suspect around $5 million of these funds were siphoned off for Ghosn's use, including for the purchase of a luxury yacht and financing personal investments.

Prosecutors say Ghosn "betrayed" his duty not to cause losses to Nissan "in order to benefit himself."

Ghosn denies the allegations and says he is also innocent of the three formal charges he faces: two charges of deferring his salary and concealing that in official shareholders' documents, and a further charge related to investment losses.

The man previously seen as the most powerful figure in the global car industry told French channel TF1 last week that he was "a combative man and an innocent man" and vowed to "defend myself to the bitter end".

And he voiced concern that he would not be given a fair hearing in Japan where around 99 percent of trials result in a conviction.

Arrested former Nissan boss Carlos Ghosn is set to name the people he believes are responsible for his downfall in Japan, his wife said in an interview on Sunday as she fled Tokyo out of fear she could be detained.

Arrested former Nissan boss Carlos Ghosn is set to name the people he believes are responsible for his downfall in Japan, his wife said in an interview on Sunday as she fled Tokyo out of fear she could be detained. Ghosn was re-arrested last week in the Japanese capital over fresh allegations of financial misconduct which will see him held in custody until at least April 14. Speaking to the Journal du Dimanche newspaper in France, his wife Carole detailed the latest twists in the extraordinary saga, saying that Ghosn had recorded a video interview in English before his detention. "He names the people responsible for what has happened to him. The lawyers have it. It will be released soon," she told the newspaper. Carole added that she had fled Tokyo on a flight to Paris — with support from the French ambassador to Tokyo— because she "felt in danger." Despite her Lebanese passport being confiscated by Japanese authorities, Carole said she was able to use her American passport to board a flight and was accompanied by the ambassador to the airport. "He didn't leave me until the plane," she explained. "Up to the last second, I didn't know if they were going to let me fly. It was surreal." The role of the French ambassador could lead to fresh friction between the countries over the highly sensitive case, which involves Nissan and French car maker Renault, which were both previously run by Ghosn. Japanese news channel NHK said prosecutors in Tokyo wanted to question Carole on a voluntary basis. Other reports in Japan say that investigators are looking into allegations that company money allegedly misused by Ghosn could have transited through a business that was run by his wife. 'Different person' Carole intends now to try to pressure the French government to do more for her husband whose 108-day imprisonment in Japan between November 19 and March 6 had left him a "different person," she told The Financial Times in a separate interview. France's foreign minister Jean-Yves Le Drian said Saturday he had raised the case during talks with his Japanese counterpart Taro Kono on the sidelines of the meeting of Group of Seven (G7) foreign ministers in the French resort of Dinard. Le Drian said he had "reminded him of our attachment to the presumption of innocence and the full rights of consular protection." Japanese authorities are looking into new allegations that Ghosn transferred some $15 million in Nissan funds between late 2015 and mid-2018 to a dealership in Oman. They suspect around $5 million of these funds were siphoned off for Ghosn's use, including for the purchase of a luxury yacht and financing personal investments. Prosecutors say Ghosn "betrayed" his duty not to cause losses to Nissan "in order to benefit himself." Ghosn denies the allegations and says he is also innocent of the three formal charges he faces: two charges of deferring his salary and concealing that in official shareholders' documents, and a further charge related to investment losses. The man previously seen as the most powerful figure in the global car industry told French channel TF1 last week that he was "a combative man and an innocent man" and vowed to "defend myself to the bitter end". And he voiced concern that he would not be given a fair hearing in Japan where around 99 percent of trials result in a conviction.

Carlos Ghosn to name names as wife flees Tokyo

Japanese prosecutors Thursday re-arrested Carlos Ghosn on fresh allegations of financial misconduct, as the former auto tycoon slammed an "outrageous and arbitrary" detention and vowed he would "not be broken."

In the early hours, officials raided the central Tokyo apartment the 65-year-old Ghosn has called home since winning bail last month after more than 100 days of detention on different charges.

It was the latest twist in a rollercoaster drama that has gripped Japan and the rest of the world since his shock arrest at a Tokyo airport on November 19.

Prosecutors said Ghosn had been detained over transfers of Nissan funds totalling $15 million between late 2015 and the middle of 2018. They suspect Ghosn used $5 million of that for personal expenditure.

"The suspect... was responsible for overseeing the whole of Nissan's operations and performing his duty loyally so as not to cause losses to Nissan, but he betrayed that duty in order to benefit himself," they said in a statement.

Ghosn released a statement through his representatives attacking what he called the "outrageous and arbitrary" detention.

"Why arrest me except to try to break me? I will not be broken," said the former high-flying executive.

He has denied any wrongdoing and took to Twitter for the first time Wednesday to announce plans to "tell the truth" at an April 11 news conference that now looks unlikely.

Prosecutors can hold Ghosn for up to 22 days while they investigate the new claims and may rearrest him again or seek to hold him in pre-trial detention.

Deputy chief prosecutor Shin Kukimoto justified the arrest by saying they judged there was a "risk of destruction of evidence".

But Ghosn's lawyer Junichiro Hironaka, known as the "Razor" for his mental sharpness, told reporters the fresh arrest was "against the spirit of the law" and "should not be tolerated in a civilised nation."

He added his client had expected prosecutors would re-arrest him and had therefore prepared a video, without specifying the contents or exactly when it would be released.

Visibly angry, he vowed to fight likely attempts by the prosecutor to extend the detention, claiming the arrest was "not necessary" and designed merely to pile pressure on Ghosn.

He added prosecutors had confiscated not only diaries and documents belonging to Ghosn, but also the passport and phone of the tycoon's wife Carole.

Carole Ghosn was questioned "without her attorney present, even though she is not targeted in this investigation," the family's French lawyer, Jessica Finelle, told French network BFMTV.

'Combative and innocent'

Ghosn already faces three separate charges. The first two relate to the alleged deferring of around $80 million in income and concealing this in official documents to shareholders.

The third, more complex, charge is that he attempted to transfer personal losses to Nissan and paid a Saudi contact who provided collateral from the company funds.

In an interview with French television, Ghosn reiterated he was "combative and innocent" but acknowledged "it's hard."

"A lot of lies have been told and these lies have come one after another," he said.

Ghosn, who holds French, Brazilian and Lebanese nationalities, appealed to the French government to "defend" him and his "rights as a citizen."

French Economy Minister Bruno Le Maire stressed Ghosn "should benefit from the presumption of innocence and consular protection," in an interview with BFMTV.

Thursday's arrest came after French car firm Renault, which Ghosn also once headed, handed French prosecutors documents showing the auto tycoon had authorised suspicious transfers worth millions of euros.

A Nissan spokesman said the firm's own internal probe had uncovered "substantial evidence of blatantly unethical conduct" and that their focus was on "addressing weaknesses in governance that enabled this misconduct."

'Tell the truth'

Ghosn had maintained his silence since paying around $9 million to win bail on March 6 when he walked out of his detention centre dressed in a workman's uniform in a bizarre attempt to evade the world's media.

Reports emerged early Wednesday that prosecutors were considering further charges against him whereupon Ghosn suddenly popped up on Twitter to announce he would "tell the truth" about his case.

His tweet, which his representatives confirmed was authentic, sparked questions about his bail conditions, which were thought to include a ban on internet use.

However, Hironaka insisted his client was acting within his rights, telling reporters: "My understanding is that he's not banned from using the internet" and prosecutor Kukimoto said the arrest had nothing to do with the tweet.

Ghosn was largely credited with saving Nissan from the brink of bankruptcy by tying its fortunes to Mitsubishi Motors and Renault.

He has frequently denounced his downfall as a "plot" by Nissan insiders worried he planned to push them into a full partnership with the French firm. 
&nbsp;

Japanese prosecutors Thursday re-arrested Carlos Ghosn on fresh allegations of financial misconduct, as the former auto tycoon slammed an "outrageous and arbitrary" detention and vowed he would "not be broken.

Japanese prosecutors Thursday re-arrested Carlos Ghosn on fresh allegations of financial misconduct, as the former auto tycoon slammed an "outrageous and arbitrary" detention and vowed he would "not be broken." In the early hours, officials raided the central Tokyo apartment the 65-year-old Ghosn has called home since winning bail last month after more than 100 days of detention on different charges. It was the latest twist in a rollercoaster drama that has gripped Japan and the rest of the world since his shock arrest at a Tokyo airport on November 19. Prosecutors said Ghosn had been detained over transfers of Nissan funds totalling $15 million between late 2015 and the middle of 2018. They suspect Ghosn used $5 million of that for personal expenditure. "The suspect... was responsible for overseeing the whole of Nissan's operations and performing his duty loyally so as not to cause losses to Nissan, but he betrayed that duty in order to benefit himself," they said in a statement. Ghosn released a statement through his representatives attacking what he called the "outrageous and arbitrary" detention. "Why arrest me except to try to break me? I will not be broken," said the former high-flying executive. He has denied any wrongdoing and took to Twitter for the first time Wednesday to announce plans to "tell the truth" at an April 11 news conference that now looks unlikely. Prosecutors can hold Ghosn for up to 22 days while they investigate the new claims and may rearrest him again or seek to hold him in pre-trial detention. Deputy chief prosecutor Shin Kukimoto justified the arrest by saying they judged there was a "risk of destruction of evidence". But Ghosn's lawyer Junichiro Hironaka, known as the "Razor" for his mental sharpness, told reporters the fresh arrest was "against the spirit of the law" and "should not be tolerated in a civilised nation." He added his client had expected prosecutors would re-arrest him and had therefore prepared a video, without specifying the contents or exactly when it would be released. Visibly angry, he vowed to fight likely attempts by the prosecutor to extend the detention, claiming the arrest was "not necessary" and designed merely to pile pressure on Ghosn. He added prosecutors had confiscated not only diaries and documents belonging to Ghosn, but also the passport and phone of the tycoon's wife Carole. Carole Ghosn was questioned "without her attorney present, even though she is not targeted in this investigation," the family's French lawyer, Jessica Finelle, told French network BFMTV. 'Combative and innocent' Ghosn already faces three separate charges. The first two relate to the alleged deferring of around $80 million in income and concealing this in official documents to shareholders. The third, more complex, charge is that he attempted to transfer personal losses to Nissan and paid a Saudi contact who provided collateral from the company funds. In an interview with French television, Ghosn reiterated he was "combative and innocent" but acknowledged "it's hard." "A lot of lies have been told and these lies have come one after another," he said. Ghosn, who holds French, Brazilian and Lebanese nationalities, appealed to the French government to "defend" him and his "rights as a citizen." French Economy Minister Bruno Le Maire stressed Ghosn "should benefit from the presumption of innocence and consular protection," in an interview with BFMTV. Thursday's arrest came after French car firm Renault, which Ghosn also once headed, handed French prosecutors documents showing the auto tycoon had authorised suspicious transfers worth millions of euros. A Nissan spokesman said the firm's own internal probe had uncovered "substantial evidence of blatantly unethical conduct" and that their focus was on "addressing weaknesses in governance that enabled this misconduct." 'Tell the truth' Ghosn had maintained his silence since paying around $9 million to win bail on March 6 when he walked out of his detention centre dressed in a workman's uniform in a bizarre attempt to evade the world's media. Reports emerged early Wednesday that prosecutors were considering further charges against him whereupon Ghosn suddenly popped up on Twitter to announce he would "tell the truth" about his case. His tweet, which his representatives confirmed was authentic, sparked questions about his bail conditions, which were thought to include a ban on internet use. However, Hironaka insisted his client was acting within his rights, telling reporters: "My understanding is that he's not banned from using the internet" and prosecutor Kukimoto said the arrest had nothing to do with the tweet. Ghosn was largely credited with saving Nissan from the brink of bankruptcy by tying its fortunes to Mitsubishi Motors and Renault. He has frequently denounced his downfall as a "plot" by Nissan insiders worried he planned to push them into a full partnership with the French firm.

Ghosn vows he won't be 'broken' after re-arrest in Tokyo

Carmakers Renault, Nissan and Mitsubishi Motors unveiled the creation of a joint board Tuesday, seeking a "new start" for their alliance after the <a href="http://www.wionews.com/world/japan-court-bars-ex-boss-carlos-ghosn-from-nissan-board-meeting-report-202584">arrest of former boss Carlos Ghosn</a>.

The new board structure will be headed by Renault Chairman Jean-Dominique Senard and replaces two previous bodies based in the Netherlands -- one joining Renault and Nissan, the other combining Nissan and Mitsubishi Motors.

"We have decided to join our forces again, to enhance the strength of our collaboration," Senard told reporters.

This is a "new start" for the alliance, insisted the Frenchman.

Senard also announced he would "not be seeking" to replace Ghosn as head of Nissan but would be a "clear candidate" to be vice-president of the Japanese auto giant.

For his part, current Nissan boss Hiroto Saikawa said the new board represented "a true partnership on equal footing".

Both executives sidestepped questions about Ghosn, recently released on bail in Japan ahead of a trial over alleged financial misconduct.

Asked about Ghosn, Senard said: "I have two or three major principles in my life. One of them is the respect of people. The second is respect of facts. And the third... is to respect people and consider them innocent as long as it has not been proven differently."

'Opposition and anxiety'

Ghosn is widely credited with creating the three-way alliance, which now outsells all other rival groups.

As boss of Renault, he took what many observers at the time thought was a gamble by saving Nissan from the brink of bankruptcy and tying it to the French firm.

In a complicated management structure, Renault -- itself 15-per cent held by the French state -- owns a 43-per cent stake in Nissan.

However, the Japanese firm has outperformed Renault recently and many Nissan executives were unhappy with the French company's dominance within the alliance.

In an interview with AFP in January from inside his Tokyo detention centre, Ghosn himself said his arrest it was a "story of betrayal" based on resentment in the Japanese automaker.

His downfall was plotted due to "opposition and anxiety" over the plan to bring Nissan and Renault closer together, Ghosn alleged.

The 65-year-old tycoon wanted to attend Tuesday's board meeting in Tokyo but was barred by the court.

Although he was almost immediately fired as the head of the company when the allegations surfaced, he is still a board member until April 8, when an extraordinary meeting of shareholders is likely to remove him.

But his bail conditions prevent him from contact with anyone else involved in his case -- including Saikawa, who also attended Tuesday's meeting.

Ghosn, who strenuously denies all charges against him, was said to be "disappointed" not to be able to attend the meeting.

He believes that the accusations against him, which he has frequently described as "meritless and unsubstantiated", should not prevent him from giving his input into a company he saved from the brink.

'He thought it was free'

Ghosn faces three charges of financial misconduct.

The first two charges relate to the alleged under-reporting of his salary in documents to shareholders to the tune of nine billion yen ($81 million) over a period of eight years.

The other charge relates to an alleged attempt to pass off personal investment losses onto Nissan's books and then paying from company funds a Saudi contact who had previously stumped up collateral for him.

Ghosn found himself embroiled in another legal battle on Monday when French prosecutors opened an inquiry into a party he threw at the sumptuous Palace of Versailles outside Paris in 2016.

Renault disclosed last month that the chateau had waived the usual 50,000 euro ($56,000) rental fee for the October 2016 Marie Antoinette-themed party under a sponsorship deal signed a few months earlier.

The waived bill could amount to the misuse of company resources, as well as tax evasion if the benefit-in-kind was not declared to French authorities.

Ghosn's lawyer in France, Jean-Yves Le Borgne, told AFP that the executive "stands ready" to repay the money, saying his client was "not aware he owed it because he had not been billed".

"He thought it was free," Le Borgne said.

Carmakers Renault, Nissan and Mitsubishi Motors unveiled the creation of a joint board Tuesday, seeking a "new start" for their alliance after the arrest of former boss Carlos Ghosn.

Carmakers Renault, Nissan and Mitsubishi Motors unveiled the creation of a joint board Tuesday, seeking a "new start" for their alliance after the arrest of former boss Carlos Ghosn. The new board structure will be headed by Renault Chairman Jean-Dominique Senard and replaces two previous bodies based in the Netherlands -- one joining Renault and Nissan, the other combining Nissan and Mitsubishi Motors. "We have decided to join our forces again, to enhance the strength of our collaboration," Senard told reporters. This is a "new start" for the alliance, insisted the Frenchman. Senard also announced he would "not be seeking" to replace Ghosn as head of Nissan but would be a "clear candidate" to be vice-president of the Japanese auto giant. For his part, current Nissan boss Hiroto Saikawa said the new board represented "a true partnership on equal footing". Both executives sidestepped questions about Ghosn, recently released on bail in Japan ahead of a trial over alleged financial misconduct. Asked about Ghosn, Senard said: "I have two or three major principles in my life. One of them is the respect of people. The second is respect of facts. And the third... is to respect people and consider them innocent as long as it has not been proven differently." 'Opposition and anxiety' Ghosn is widely credited with creating the three-way alliance, which now outsells all other rival groups. As boss of Renault, he took what many observers at the time thought was a gamble by saving Nissan from the brink of bankruptcy and tying it to the French firm. In a complicated management structure, Renault -- itself 15-per cent held by the French state -- owns a 43-per cent stake in Nissan. However, the Japanese firm has outperformed Renault recently and many Nissan executives were unhappy with the French company's dominance within the alliance. In an interview with AFP in January from inside his Tokyo detention centre, Ghosn himself said his arrest it was a "story of betrayal" based on resentment in the Japanese automaker. His downfall was plotted due to "opposition and anxiety" over the plan to bring Nissan and Renault closer together, Ghosn alleged. The 65-year-old tycoon wanted to attend Tuesday's board meeting in Tokyo but was barred by the court. Although he was almost immediately fired as the head of the company when the allegations surfaced, he is still a board member until April 8, when an extraordinary meeting of shareholders is likely to remove him. But his bail conditions prevent him from contact with anyone else involved in his case -- including Saikawa, who also attended Tuesday's meeting. Ghosn, who strenuously denies all charges against him, was said to be "disappointed" not to be able to attend the meeting. He believes that the accusations against him, which he has frequently described as "meritless and unsubstantiated", should not prevent him from giving his input into a company he saved from the brink. 'He thought it was free' Ghosn faces three charges of financial misconduct. The first two charges relate to the alleged under-reporting of his salary in documents to shareholders to the tune of nine billion yen ($81 million) over a period of eight years. The other charge relates to an alleged attempt to pass off personal investment losses onto Nissan's books and then paying from company funds a Saudi contact who had previously stumped up collateral for him. Ghosn found himself embroiled in another legal battle on Monday when French prosecutors opened an inquiry into a party he threw at the sumptuous Palace of Versailles outside Paris in 2016. Renault disclosed last month that the chateau had waived the usual 50,000 euro ($56,000) rental fee for the October 2016 Marie Antoinette-themed party under a sponsorship deal signed a few months earlier. The waived bill could amount to the misuse of company resources, as well as tax evasion if the benefit-in-kind was not declared to French authorities. Ghosn's lawyer in France, Jean-Yves Le Borgne, told AFP that the executive "stands ready" to repay the money, saying his client was "not aware he owed it because he had not been billed". "He thought it was free," Le Borgne said.

Renault, Nissan, Mitsubishi unveil new joint board post-Ghosn

Daniel Ricciardo will raise plenty of cheers if he beats his former Red Bull teammates in Melbourne next week but the new Renault driver will not be throwing any toys out of the pram if the opposite happens.

The Australian's move to the French manufacturer team at the end of last year was a long term play for the Perth native, a home hero now in yellow overalls ahead of the season-opening race.

"I was aware when I signed the deal here that it was very realistic that, at least come Melbourne, they (Red Bull) are going to be in front," said Ricciardo when asked about the immediate prospects.

"Because I in a way expect it, it's not going to be a shock or anything like that.

"I'm not going to be bitter if they beat us in Melbourne. I feel now we're still on a bit of a different journey," added the 29-year-old.

Former champions Renault, who won titles with Fernando Alonso in 2005-06 and powered Red Bull and their German driver Sebastian Vettel to four double titles in a row between 2010-2013, were fourth overall last season.

Red Bull were third behind champions Mercedes and Ferrari, with Ricciardo and Max Verstappen each winning two races and have since switched to Honda engines.

The evidence from testing suggested Honda had got on top of the performance and reliability problems that have plagued them in the past.

"I know probably a lot of people think 'Ah, if he were to beat Red Bull how good would that be? Sticking it to them'. But it's honestly not like that. If we could overcome any of those top three I'd be stoked," said Ricciardo.

"Seeing what I've seen so far (at Renault) I think there's enough resources to get into that world. So I don't think that's unattainable for us.

"It might not be this year, but it's not a permanent handicap, so to speak."

RUNNING FROM A FIGHT

Had Ricciardo stayed at Red Bull, and they were clear about wanting him to, he would have continued to fight for star billing with Verstappen, the 21-year-old Dutch driver considered a future champion.

The likeable Australian sees himself in a similar light but risked being considered increasingly as a number two alongside the favoured son.

Ricciardo told reporters before the start of testing that his decision to leave was due to a 'kaleidoscope' of different pieces, however.

There was a desire to repeat Lewis Hamilton's success in recognising the potential of a major manufacturer when he moved from McLaren to Mercedes and also annoyance at how Red Bull treated him after an incident in Baku last season.

The team held both Ricciardo and Verstappen equally to blame for a collision that the Australian still holds was mainly Verstappen's fault.

"We both got a talking to, putting it politely. But in my eyes I guess the incident itself I felt I was not really in the wrong," he said. "I guess the way it was handled at the time didn't sit too well with me."

Team boss Christian Horner suggested Ricciardo was "running from a fight" in leaving but the Perth driver, whose new German team mate Nico Hulkenberg has yet to stand on the podium in 156 starts, denied that.

"I love a good fight," he said. "It wasn't about Max. I can understand why they'd say that, but it's wrong."

Ricciardo said the main aim for the season ahead was simply to make progress, for the team to continue on an upward trajectory.

"As long as we make inroads, that's got to be a pretty successful year," he said.

Daniel Ricciardo will raise plenty of cheers if he beats his former Red Bull teammates in Melbourne next week but the new Renault driver will not be throwing any toys out of the pram if the opposite happens.

Daniel Ricciardo will raise plenty of cheers if he beats his former Red Bull teammates in Melbourne next week but the new Renault driver will not be throwing any toys out of the pram if the opposite happens. The Australian's move to the French manufacturer team at the end of last year was a long term play for the Perth native, a home hero now in yellow overalls ahead of the season-opening race. "I was aware when I signed the deal here that it was very realistic that, at least come Melbourne, they (Red Bull) are going to be in front," said Ricciardo when asked about the immediate prospects. "Because I in a way expect it, it's not going to be a shock or anything like that. "I'm not going to be bitter if they beat us in Melbourne. I feel now we're still on a bit of a different journey," added the 29-year-old. Former champions Renault, who won titles with Fernando Alonso in 2005-06 and powered Red Bull and their German driver Sebastian Vettel to four double titles in a row between 2010-2013, were fourth overall last season. Red Bull were third behind champions Mercedes and Ferrari, with Ricciardo and Max Verstappen each winning two races and have since switched to Honda engines. The evidence from testing suggested Honda had got on top of the performance and reliability problems that have plagued them in the past. "I know probably a lot of people think 'Ah, if he were to beat Red Bull how good would that be? Sticking it to them'. But it's honestly not like that. If we could overcome any of those top three I'd be stoked," said Ricciardo. "Seeing what I've seen so far (at Renault) I think there's enough resources to get into that world. So I don't think that's unattainable for us. "It might not be this year, but it's not a permanent handicap, so to speak." RUNNING FROM A FIGHT Had Ricciardo stayed at Red Bull, and they were clear about wanting him to, he would have continued to fight for star billing with Verstappen, the 21-year-old Dutch driver considered a future champion. The likeable Australian sees himself in a similar light but risked being considered increasingly as a number two alongside the favoured son. Ricciardo told reporters before the start of testing that his decision to leave was due to a 'kaleidoscope' of different pieces, however. There was a desire to repeat Lewis Hamilton's success in recognising the potential of a major manufacturer when he moved from McLaren to Mercedes and also annoyance at how Red Bull treated him after an incident in Baku last season. The team held both Ricciardo and Verstappen equally to blame for a collision that the Australian still holds was mainly Verstappen's fault. "We both got a talking to, putting it politely. But in my eyes I guess the incident itself I felt I was not really in the wrong," he said. "I guess the way it was handled at the time didn't sit too well with me." Team boss Christian Horner suggested Ricciardo was "running from a fight" in leaving but the Perth driver, whose new German team mate Nico Hulkenberg has yet to stand on the podium in 156 starts, denied that. "I love a good fight," he said. "It wasn't about Max. I can understand why they'd say that, but it's wrong." Ricciardo said the main aim for the season ahead was simply to make progress, for the team to continue on an upward trajectory. "As long as we make inroads, that's got to be a pretty successful year," he said.

Motor racing: No regrets if Renault are chasing Red Bull, says Daniel Ricciardo

A new <a href="http://www.wionews.com/world/former-nissan-chief-carlos-ghosn-leaves-tokyo-jail-on-bail-after-3-and-a-half-month-detention-201557">bail application for Carlos Ghosn</a> includes an offer for him to be monitored by surveillance cameras to ensure he does not flee Japan or tamper with evidence, his lawyer said, according to a report from Dow Jones Newswires supplied to EFE on Monday.&nbsp;

Ghosn, who has been detained by prosecutors since November 19, is determined to win bail after having two earlier applications turned down, Junichiro Hironaka said at a news conference Monday. Ghosn replaced his previous lawyer with Hironaka, who is known for winning several high-profile defence cases in Japan after he was denied bail for the second time in late January.&nbsp;

Hironaka said Ghosn was willing to face the inconvenience of being monitored to earn his release. He did not specify where the cameras would be placed or who would monitor him. The new application was submitted last Thursday. A ruling is likely this week.&nbsp;

Ghosn earlier offered to wear an ankle monitor to limit his movements, but prosecutors said the proposal was irrelevant because Japan does not use such devices.&nbsp;

"We have presented our own convincing application showing there is no flight risk or risk of tampering with evidence," Hironaka said.&nbsp;

Ghosn's case has highlighted long detention periods in Japan, where prosecutors have greater leeway to hold and question suspects than their counterparts in many Western countries.&nbsp;

Prosecutors have charged Ghosn with failing to report more than $80 million in deferred compensation on eight years of Nissan Motor Co.'s financial reports and with causing Nissan to pay a Saudi businessman who helped Ghosn with a personal financial problem. Ghosn was stripped of his title as chairman of Nissan in November.&nbsp;

Ghosn says he is innocent of the charges. In a January court hearing, he called discussions about the compensation "hypothetical" and not subject to reporting rules, and he said the Saudi businessman's company "was appropriately compensated" for "critical services that substantially benefited Nissan."&nbsp;

Hironaka, who is known as "the razor" for his string of past legal victories, said he was confident of winning bail for his client, the Dow Jones report added.&nbsp;

"I'm now 73 years old, but I want to test how sharp the razor still is," he said.

A new bail application for Carlos Ghosn includes an offer for him to be monitored by surveillance cameras to ensure he does not flee Japan or tamper with evidence, his lawyer said, according to a report from Dow Jones Newswires supplied to EFE on Monday.

A new bail application for Carlos Ghosn includes an offer for him to be monitored by surveillance cameras to ensure he does not flee Japan or tamper with evidence, his lawyer said, according to a report from Dow Jones Newswires supplied to EFE on Monday. Ghosn, who has been detained by prosecutors since November 19, is determined to win bail after having two earlier applications turned down, Junichiro Hironaka said at a news conference Monday. Ghosn replaced his previous lawyer with Hironaka, who is known for winning several high-profile defence cases in Japan after he was denied bail for the second time in late January. Hironaka said Ghosn was willing to face the inconvenience of being monitored to earn his release. He did not specify where the cameras would be placed or who would monitor him. The new application was submitted last Thursday. A ruling is likely this week. Ghosn earlier offered to wear an ankle monitor to limit his movements, but prosecutors said the proposal was irrelevant because Japan does not use such devices. "We have presented our own convincing application showing there is no flight risk or risk of tampering with evidence," Hironaka said. Ghosn's case has highlighted long detention periods in Japan, where prosecutors have greater leeway to hold and question suspects than their counterparts in many Western countries. Prosecutors have charged Ghosn with failing to report more than $80 million in deferred compensation on eight years of Nissan Motor Co.'s financial reports and with causing Nissan to pay a Saudi businessman who helped Ghosn with a personal financial problem. Ghosn was stripped of his title as chairman of Nissan in November. Ghosn says he is innocent of the charges. In a January court hearing, he called discussions about the compensation "hypothetical" and not subject to reporting rules, and he said the Saudi businessman's company "was appropriately compensated" for "critical services that substantially benefited Nissan." Hironaka, who is known as "the razor" for his string of past legal victories, said he was confident of winning bail for his client, the Dow Jones report added. "I'm now 73 years old, but I want to test how sharp the razor still is," he said.

Former Nissan chief Carlos Ghosn offers to accept camera surveillance in bid for bail

Former Nissan chief Carlos Ghosn posted bail of 1 billion yen ($9 million) in cash Wednesday, paving the way for his <a href="http://www.wionews.com/world/tokyo-court-grants-ex-nissan-chief-carlos-ghosn-bail-201209">release from a Tokyo detention centre after more than three months</a> in custody.

The auto tycoon is expected to walk out of the custody centre in northern Toyko after the court rejected a last-ditch appeal from prosecutors to block his release.

Dozens of journalists gathered outside the jail in northern Tokyo from dawn on Wednesday, but prosecutors could still prevent the release by filing new allegations against Ghosn, who already faces three charges of financial misconduct.

Overnight, he once again proclaimed his innocence of the charges, which include claims he under-reported his salary and sought to shift personal losses to Nissan's books.

"I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations," the 64-year-old said in a statement.

Members of Ghosn's family were also seen entering the building prior to an expected release.

The surprise court ruling granting Ghosn bail came after two unsuccessful previous attempts to win release and was the latest twist in a case that has gripped Japan and the business world since the auto industry titan's November 19 arrest.

Ghosn shook up his legal team last month, hiring renowned defence attorney Junichiro Hironaka, who quickly filed a new bail request.

The court had previously justified Ghosn's ongoing detention, saying he posed a flight risk and could seek to destroy evidence, so Hironaka's bail request offered restrictions intended to win the court's trust.

The bail terms prevent Ghosn from leaving Japan and include other measures restricting his communications.

'The Razor'

Kyodo news agency said the measures will restrict Ghosn's cell phone use and allow him to access a computer only in his lawyer's office during daytime hours on weekdays.

He will also be banned from contacting Nissan executives and other people with links to the allegations against him, the agency reported.

But Kyodo said Ghosn could still attend board meetings at Nissan, where he remains a director if the court gives approval.

His former right-hand man Greg Kelly, who was also detained November 19 on allegations he helped under-report the tycoon's compensation, was freed on bail of 70 million yen ($635,000) on Christmas Day.

Ghosn's prolonged stay behind bars has come under fire internationally and from rights groups.

Speaking to AFP and the French daily Les Echos in January -- his only interview with foreign media so far -- Ghosn said his continued detention "would not be normal in any other democracy".

"Why am I being punished before being found guilty?" he asked.

Under Japanese law, prosecutors can hold a suspect for up to 22 days while they investigate an allegation, and then can apply for repeated one-month stretches of pre-trial detention for each charge eventually levelled.

That means prosecutors could effectively prevent Ghosn from leaving detention despite Tuesday's bail decision if they level new allegations against him, restarting the 22-day detention clock.

In a shake-up of his legal team last month, Ghosn replaced a former prosecutor known as "The Breaker" with Hironaka, who has earned the nickname "The Acquitter" for his court record and "The Razor" for his mental sharpness.

Complex case

Speaking to reporters on Monday, Hironaka had vowed a "completely new legal strategy" to obtain his client's release, and experts said the change of tack appeared to be behind the surprise bail ruling.

"I think the content of the lawyer's application changed the situation," said Japanese lawyer Nobuo Gohara.

Nissan declined to comment on the bail decision, saying it was a matter for courts and prosecutors.

However, it said that an internal probe had "uncovered substantial evidence of blatantly unethical conduct" and that "further discoveries related to Ghosn's misconduct continue to emerge".

"The company's focus is firmly on addressing weaknesses in governance that failed to prevent this misconduct," it added in a statement.

A towering figure once revered in Japan for turning around Nissan's fortunes, Ghosn also forged a successful alliance between Nissan, Mitsubishi Motors and France's Renault.

But his attempts to deepen the alliance caused resentment in some quarters, and Ghosn has claimed the allegations against him are part of a "plot" by opponents of greater integration between the three firms.

Given the number of people involved in the complex case and their wide geographical spread, Hironaka said the case would run over a "very long time span".

However, he said prosecutors had begun handing over some of their evidence prior to a potential trial.

Former Nissan chief Carlos Ghosn posted bail of 1 billion yen ($9 million) in cash Wednesday, paving the way for his release from a Tokyo detention centre after more than three months in custody.

Former Nissan chief Carlos Ghosn posted bail of 1 billion yen ($9 million) in cash Wednesday, paving the way for his release from a Tokyo detention centre after more than three months in custody. The auto tycoon is expected to walk out of the custody centre in northern Toyko after the court rejected a last-ditch appeal from prosecutors to block his release. Dozens of journalists gathered outside the jail in northern Tokyo from dawn on Wednesday, but prosecutors could still prevent the release by filing new allegations against Ghosn, who already faces three charges of financial misconduct. Overnight, he once again proclaimed his innocence of the charges, which include claims he under-reported his salary and sought to shift personal losses to Nissan's books. "I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations," the 64-year-old said in a statement. Members of Ghosn's family were also seen entering the building prior to an expected release. The surprise court ruling granting Ghosn bail came after two unsuccessful previous attempts to win release and was the latest twist in a case that has gripped Japan and the business world since the auto industry titan's November 19 arrest. Ghosn shook up his legal team last month, hiring renowned defence attorney Junichiro Hironaka, who quickly filed a new bail request. The court had previously justified Ghosn's ongoing detention, saying he posed a flight risk and could seek to destroy evidence, so Hironaka's bail request offered restrictions intended to win the court's trust. The bail terms prevent Ghosn from leaving Japan and include other measures restricting his communications. 'The Razor' Kyodo news agency said the measures will restrict Ghosn's cell phone use and allow him to access a computer only in his lawyer's office during daytime hours on weekdays. He will also be banned from contacting Nissan executives and other people with links to the allegations against him, the agency reported. But Kyodo said Ghosn could still attend board meetings at Nissan, where he remains a director if the court gives approval. His former right-hand man Greg Kelly, who was also detained November 19 on allegations he helped under-report the tycoon's compensation, was freed on bail of 70 million yen ($635,000) on Christmas Day. Ghosn's prolonged stay behind bars has come under fire internationally and from rights groups. Speaking to AFP and the French daily Les Echos in January -- his only interview with foreign media so far -- Ghosn said his continued detention "would not be normal in any other democracy". "Why am I being punished before being found guilty?" he asked. Under Japanese law, prosecutors can hold a suspect for up to 22 days while they investigate an allegation, and then can apply for repeated one-month stretches of pre-trial detention for each charge eventually levelled. That means prosecutors could effectively prevent Ghosn from leaving detention despite Tuesday's bail decision if they level new allegations against him, restarting the 22-day detention clock. In a shake-up of his legal team last month, Ghosn replaced a former prosecutor known as "The Breaker" with Hironaka, who has earned the nickname "The Acquitter" for his court record and "The Razor" for his mental sharpness. Complex case Speaking to reporters on Monday, Hironaka had vowed a "completely new legal strategy" to obtain his client's release, and experts said the change of tack appeared to be behind the surprise bail ruling. "I think the content of the lawyer's application changed the situation," said Japanese lawyer Nobuo Gohara. Nissan declined to comment on the bail decision, saying it was a matter for courts and prosecutors. However, it said that an internal probe had "uncovered substantial evidence of blatantly unethical conduct" and that "further discoveries related to Ghosn's misconduct continue to emerge". "The company's focus is firmly on addressing weaknesses in governance that failed to prevent this misconduct," it added in a statement. A towering figure once revered in Japan for turning around Nissan's fortunes, Ghosn also forged a successful alliance between Nissan, Mitsubishi Motors and France's Renault. But his attempts to deepen the alliance caused resentment in some quarters, and Ghosn has claimed the allegations against him are part of a "plot" by opponents of greater integration between the three firms. Given the number of people involved in the complex case and their wide geographical spread, Hironaka said the case would run over a "very long time span". However, he said prosecutors had begun handing over some of their evidence prior to a potential trial.

Ex-Nissan chief Carlos Ghosn pays bail, set to leave Japan cell

<a href="http://www.wionews.com/world/tokyo-court-grants-ex-nissan-chief-carlos-ghosn-bail-201209">Carlos Ghosn was freed Wednesday</a> after what he called a "terrible ordeal" of 108 days behind bars, leaving a Tokyo jail disguised as a workman in a blue cap, according to a Dow Jones news report supplied to EFE.&nbsp;

The former Nissan&nbsp;chairman, who must stay in Japan after his release on nearly $9 million in bail, will live in a court-approved residence in Tokyo and prepare for a trial that could begin late this year.&nbsp;

At about 4:30 pm local time, Ghosn left the Tokyo Detention House wearing a mask often used by Japanese who have a cold, as well as a uniform with reflective strips like those used by highway workers. He climbed into a small Suzuki van, which drove out of the jail gates and onto the streets of Tokyo, where it was tracked by news helicopters.&nbsp;

Ghosn later got out of the van in central Tokyo to go to his lawyer's office, having shed his disguise and looking thinner than before his arrest but in generally good health, according to footage aired on Nippon TV.&nbsp;

Ghosn's wife, Carole, who arrived at the jail shortly before his release, left in a separate vehicle belonging to the French Embassy. Earlier, jail staff had loaded a Toyota van with an orange pillow, sheets and a mattress apparently used by Ghosn in jail.&nbsp;

The Tokyo District Court on Tuesday approved Ghosn's release after two previous bail requests were rejected. The decision came thanks to a new high-profile team of lawyers with significant defence experience and international criticism about Japan's treatment of criminal defendants.&nbsp;

Under the terms of his release, Ghosn cannot communicate with people overseas via phone or computer.&nbsp;

His release marks the end of a chapter in a case that began with his surprise arrest on November 19 shortly after his private jet arrived in Tokyo. Unbeknownst to Ghosn, Nissan executives and Tokyo prosecutors had been investigating him for months over allegations of financial misconduct.&nbsp;

The weeks following the arrest marked a brutal turnabout for the executive accustomed to roaming the world as the head of the alliance linking Nissan, Renault SA of France and Mitsubishi Motors Corp. of Japan. Living in a small cell at the Tokyo Detention House, he underwent hours of interrogation each day without his lawyer present. At his only public appearance during his detention, at a court hearing on January 8, he looked considerably thinner and his previously black hair was partly grey.&nbsp;

Ghosn lost his post as Nissan chairman three days after his arrest, and Mitsubishi also took away his chairman's title. In late January, Ghosn resigned as chairman and chief executive of Renault, his last executive posts. He remains a director at Nissan, but the company plans to strip him of that position as well in April.&nbsp;

Now that he is confined to Japan and no longer an auto executive, Ghosn is likely to spend the coming months preparing for his trial and making a public case for his innocence.&nbsp;

He kicked off the campaign with a statement Tuesday in which he thanked family and friends "who have stood by me throughout this terrible ordeal" and said he was "totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations."&nbsp;

Prosecutors have charged Ghosn with violating two Japanese laws, one governing corporate financial disclosures and the other barring corporate executives from abusing their positions for personal gain.&nbsp;

In the first category, prosecutors say Ghosn failed to include more than $80 million in compensation he was due after retirement in Nissan financial statements for eight fiscal years ending March 2018. The case hinges on whether the money was promised to Ghosn and fixed in each of those eight years--as prosecutors will seek to show--or was merely discussed in a hypothetical way, as Ghosn contends.&nbsp;

The second set of charges involves a personal derivatives contract that Ghosn says he made in the mid-2000s to protect himself against a fall in the Japanese yen since he was paid at Nissan in yen but had expenses in dollars.&nbsp;

When the yen rose during the 2008 global financial crisis, exposing him to possible losses, Ghosn says the company temporarily took his side of the contract under an arrangement that ensured any realized losses would be borne by Ghosn. Prosecutors allege that the arrangement, although temporary, amounted to Ghosn making the company take on potential risks that he should have borne personally.&nbsp;

Ghosn later took the contract back onto his personal books with help from a Saudi businessman whose company received $14.7 million in Nissan payments between 2009 and 2012. Prosecutors say Ghosn was in effect using Nissan money for his personal benefit, while Ghosn says the money that went to his Saudi friend's company was for legitimate Nissan business purposes.&nbsp;

Lawyers not involved in the case said it would be easier for Ghosn to prepare a defence now that he can freely meet with his lawyers and review documents about transactions that in some cases took place more than a decade ago.&nbsp;

"If he remains detained, the lawyers have to print out documents, go to the detention house and get approval to provide the papers to discuss with him. It's very time consuming," said Yoji Ochiai, a former prosecutor now in private practice.

Carlos Ghosn was freed Wednesday after what he called a "terrible ordeal" of 108 days behind bars, leaving a Tokyo jail disguised as a workman in a blue cap, according to a Dow Jones news report supplied to EFE.

Carlos Ghosn was freed Wednesday after what he called a "terrible ordeal" of 108 days behind bars, leaving a Tokyo jail disguised as a workman in a blue cap, according to a Dow Jones news report supplied to EFE. The former Nissan chairman, who must stay in Japan after his release on nearly $9 million in bail, will live in a court-approved residence in Tokyo and prepare for a trial that could begin late this year. At about 4:30 pm local time, Ghosn left the Tokyo Detention House wearing a mask often used by Japanese who have a cold, as well as a uniform with reflective strips like those used by highway workers. He climbed into a small Suzuki van, which drove out of the jail gates and onto the streets of Tokyo, where it was tracked by news helicopters. Ghosn later got out of the van in central Tokyo to go to his lawyer's office, having shed his disguise and looking thinner than before his arrest but in generally good health, according to footage aired on Nippon TV. Ghosn's wife, Carole, who arrived at the jail shortly before his release, left in a separate vehicle belonging to the French Embassy. Earlier, jail staff had loaded a Toyota van with an orange pillow, sheets and a mattress apparently used by Ghosn in jail. The Tokyo District Court on Tuesday approved Ghosn's release after two previous bail requests were rejected. The decision came thanks to a new high-profile team of lawyers with significant defence experience and international criticism about Japan's treatment of criminal defendants. Under the terms of his release, Ghosn cannot communicate with people overseas via phone or computer. His release marks the end of a chapter in a case that began with his surprise arrest on November 19 shortly after his private jet arrived in Tokyo. Unbeknownst to Ghosn, Nissan executives and Tokyo prosecutors had been investigating him for months over allegations of financial misconduct. The weeks following the arrest marked a brutal turnabout for the executive accustomed to roaming the world as the head of the alliance linking Nissan, Renault SA of France and Mitsubishi Motors Corp. of Japan. Living in a small cell at the Tokyo Detention House, he underwent hours of interrogation each day without his lawyer present. At his only public appearance during his detention, at a court hearing on January 8, he looked considerably thinner and his previously black hair was partly grey. Ghosn lost his post as Nissan chairman three days after his arrest, and Mitsubishi also took away his chairman's title. In late January, Ghosn resigned as chairman and chief executive of Renault, his last executive posts. He remains a director at Nissan, but the company plans to strip him of that position as well in April. Now that he is confined to Japan and no longer an auto executive, Ghosn is likely to spend the coming months preparing for his trial and making a public case for his innocence. He kicked off the campaign with a statement Tuesday in which he thanked family and friends "who have stood by me throughout this terrible ordeal" and said he was "totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations." Prosecutors have charged Ghosn with violating two Japanese laws, one governing corporate financial disclosures and the other barring corporate executives from abusing their positions for personal gain. In the first category, prosecutors say Ghosn failed to include more than $80 million in compensation he was due after retirement in Nissan financial statements for eight fiscal years ending March 2018. The case hinges on whether the money was promised to Ghosn and fixed in each of those eight years--as prosecutors will seek to show--or was merely discussed in a hypothetical way, as Ghosn contends. The second set of charges involves a personal derivatives contract that Ghosn says he made in the mid-2000s to protect himself against a fall in the Japanese yen since he was paid at Nissan in yen but had expenses in dollars. When the yen rose during the 2008 global financial crisis, exposing him to possible losses, Ghosn says the company temporarily took his side of the contract under an arrangement that ensured any realized losses would be borne by Ghosn. Prosecutors allege that the arrangement, although temporary, amounted to Ghosn making the company take on potential risks that he should have borne personally. Ghosn later took the contract back onto his personal books with help from a Saudi businessman whose company received $14.7 million in Nissan payments between 2009 and 2012. Prosecutors say Ghosn was in effect using Nissan money for his personal benefit, while Ghosn says the money that went to his Saudi friend's company was for legitimate Nissan business purposes. Lawyers not involved in the case said it would be easier for Ghosn to prepare a defence now that he can freely meet with his lawyers and review documents about transactions that in some cases took place more than a decade ago. "If he remains detained, the lawyers have to print out documents, go to the detention house and get approval to provide the papers to discuss with him. It's very time consuming," said Yoji Ochiai, a former prosecutor now in private practice.

Former Nissan chief Carlos Ghosn leaves Tokyo jail on bail after 3 and a half month detention

A Tokyo court on Tuesday granted ex-Nissan chief Carlos Ghosn bail in a shock decision that could see the auto tycoon freed after more than three months of detention.

The court set the bail at one billion yen ($9 million), but prosecutors are likely to appeal the decision and could even file additional allegations against Ghosn to keep him from leaving detention.

It was the latest twist in a case that has kept Japan and the business world gripped since the tycoon's shock arrest on November 19 over suspicions of financial misconduct.

The court has previously said Ghosn's continued detention was justified because he posed a flight risk and could seek to tamper with evidence.

Ghosn and his lawyers have argued that neither of those is the case, and he even offered to wear a tracking bracelet and hire guards to monitor his whereabouts, pledging to stay in Japan.

The surprise decision came after Ghosn's new lead defence lawyer, Junichiro Hironaka, told reporters he had filed a "convincing" application for bail that contained fresh elements.

Hironaka, who has a reputation for securing acquittals for high-profile clients in a country where almost all court cases end in conviction, offered greater surveillance of Ghosn and a limit on his electronic communications to win bail.

But the court had previously shown no inclination to end the lengthy pre-trial detention, which has drawn some criticism internationally and from rights groups.

Prosecutors have defended his detention while they investigate three charges of financial misconduct, two involving alleged under-reporting of his salary and a third over a complex scheme in which Ghosn allegedly sought to transfer his losses to Nissan's books.

And they are likely to appeal the bail decision, though the courts have previously ruled against the prosecutors when they sought to extend Ghosn's detention as allegations against him were being investigated.

Under Japanese law, prosecutors can hold a suspect for up to 22 days while they investigate an allegation, and then can apply for repeated one-month stretches of pre-trial detention for each charge that is eventually levelled.

That means prosecutors could effectively prevent Ghosn from leaving detention despite today's bail decision if they level new allegations against him, starting the 22-day detention clock.

'Mediaeval rules'

On Monday, Ghosn's family said in a statement they would appeal to the United Nations Human Rights Council.

The family slammed Japan for its "mediaeval rules", in a statement read out by a lawyer representing Ghosn's wife Carole, who has previously described her husband's detention conditions as "deplorable".

The tycoon has denied all the allegations against him, and in an interview with AFP he slammed his continued detention.

"Why am I being punished before being found guilty?" Ghosn asked, speaking to AFP and the Les Echos daily in January from his detention centre.

The refusal to grant him bail "would not be normal in any other democracy", he said.

Ghosn's new lawyer Hironaka, who has earned the nickname "the acquitter" for his court record and the "razor" for his mental sharpness, vowed a "completely new legal strategy" to obtain his client's release.

Hironaka has also taken aim at Nissan, raising questions as to why the Japanese firm brought a case to prosecutors over incidents that allegedly took place more than 10 years ago.

A towering figure once revered in Japan for turning around Nissan's fortunes, Ghosn also forged a successful alliance between Nissan, Mitsubishi Motors and France's Renault.

But his attempts to deepen the alliance caused resentment in some quarters, and Ghosn has claimed the allegations against him are part of a "plot" by opponents of greater integration between the three firms.

Given the number of people involved in the complex case and their wide geographical spread, Hironaka said the case would run over a "very long time span".

However, he said prosecutors had begun handing over some of their evidence prior to a potential trial.

A Tokyo court on Tuesday granted ex-Nissan chief Carlos Ghosn bail in a shock decision that could see the auto tycoon freed after more than three months of detention.

A Tokyo court on Tuesday granted ex-Nissan chief Carlos Ghosn bail in a shock decision that could see the auto tycoon freed after more than three months of detention. The court set the bail at one billion yen ($9 million), but prosecutors are likely to appeal the decision and could even file additional allegations against Ghosn to keep him from leaving detention. It was the latest twist in a case that has kept Japan and the business world gripped since the tycoon's shock arrest on November 19 over suspicions of financial misconduct. The court has previously said Ghosn's continued detention was justified because he posed a flight risk and could seek to tamper with evidence. Ghosn and his lawyers have argued that neither of those is the case, and he even offered to wear a tracking bracelet and hire guards to monitor his whereabouts, pledging to stay in Japan. The surprise decision came after Ghosn's new lead defence lawyer, Junichiro Hironaka, told reporters he had filed a "convincing" application for bail that contained fresh elements. Hironaka, who has a reputation for securing acquittals for high-profile clients in a country where almost all court cases end in conviction, offered greater surveillance of Ghosn and a limit on his electronic communications to win bail. But the court had previously shown no inclination to end the lengthy pre-trial detention, which has drawn some criticism internationally and from rights groups. Prosecutors have defended his detention while they investigate three charges of financial misconduct, two involving alleged under-reporting of his salary and a third over a complex scheme in which Ghosn allegedly sought to transfer his losses to Nissan's books. And they are likely to appeal the bail decision, though the courts have previously ruled against the prosecutors when they sought to extend Ghosn's detention as allegations against him were being investigated. Under Japanese law, prosecutors can hold a suspect for up to 22 days while they investigate an allegation, and then can apply for repeated one-month stretches of pre-trial detention for each charge that is eventually levelled. That means prosecutors could effectively prevent Ghosn from leaving detention despite today's bail decision if they level new allegations against him, starting the 22-day detention clock. 'Mediaeval rules' On Monday, Ghosn's family said in a statement they would appeal to the United Nations Human Rights Council. The family slammed Japan for its "mediaeval rules", in a statement read out by a lawyer representing Ghosn's wife Carole, who has previously described her husband's detention conditions as "deplorable". The tycoon has denied all the allegations against him, and in an interview with AFP he slammed his continued detention. "Why am I being punished before being found guilty?" Ghosn asked, speaking to AFP and the Les Echos daily in January from his detention centre. The refusal to grant him bail "would not be normal in any other democracy", he said. Ghosn's new lawyer Hironaka, who has earned the nickname "the acquitter" for his court record and the "razor" for his mental sharpness, vowed a "completely new legal strategy" to obtain his client's release. Hironaka has also taken aim at Nissan, raising questions as to why the Japanese firm brought a case to prosecutors over incidents that allegedly took place more than 10 years ago. A towering figure once revered in Japan for turning around Nissan's fortunes, Ghosn also forged a successful alliance between Nissan, Mitsubishi Motors and France's Renault. But his attempts to deepen the alliance caused resentment in some quarters, and Ghosn has claimed the allegations against him are part of a "plot" by opponents of greater integration between the three firms. Given the number of people involved in the complex case and their wide geographical spread, Hironaka said the case would run over a "very long time span". However, he said prosecutors had begun handing over some of their evidence prior to a potential trial.

Tokyo court grants ex-Nissan chief Carlos Ghosn bail on $9 million

The family of former industrial <a href="http://www.wionews.com/world/carlos-ghosn-held-260000-rio-party-billed-to-renault-nissan-report-198745">tycoon Carlos Ghosn</a>, currently held in Japan on tax evasion charges, is to appeal to the United Nations in a bid to have him released, one of his lawyers said Monday.

Ghosn, 64, formerly in charge of the Nissan and Renault carmakers, has been in detention since his shock November 19 arrest and has tried repeatedly without success to secure bail.

"We have decided to appeal to those UN bodies dealing with fundamental rights compliance," Francois Zimeray said, reading a statement issued by Ghosn's family.

The appeal will be made to the Working Group on Arbitrary Detention, which is overseen by the UN Human Rights Council, he added.

"Carlos Ghosn has now been held for over 100 days in Japan," in a place "with medieval rules", the statement said.

The lawyer represents Ghosn's wife, Carole, who in a recent interview with Paris Match magazine described her husband's detention conditions as "deplorable", and children Caroline, Maya, Nadine and Anthony.

Ghosn faces three charges of financial misconduct, two involving alleged under-reporting of his salary and a third over a complex scheme in which he allegedly sought to transfer his losses to Nissan's books.

He has denied all the charges.

In Japan, his new lead defence lawyer, Junichiro Hironaka, said Monday his new bail application contained fresh elements he hoped would lead to a release "as soon as possible."

Hironaka, who has a reputation for securing acquittals for high-profile clients in a country where 99 per cent of cases results in a conviction, said there was a "realistic" chance that Ghosn would eventually be found innocent of all charges.

The Tokyo District Court is due to hand down its verdict on the latest bail application soon.

But so far, it has shown little inclination to end Ghosn's lengthy pre-trial detention, which has drawn some criticism internationally and from rights groups.

The family of former industrial tycoon Carlos Ghosn, currently held in Japan on tax evasion charges, is to appeal to the United Nations in a bid to have him released, one of his lawyers said Monday.

The family of former industrial tycoon Carlos Ghosn, currently held in Japan on tax evasion charges, is to appeal to the United Nations in a bid to have him released, one of his lawyers said Monday. Ghosn, 64, formerly in charge of the Nissan and Renault carmakers, has been in detention since his shock November 19 arrest and has tried repeatedly without success to secure bail. "We have decided to appeal to those UN bodies dealing with fundamental rights compliance," Francois Zimeray said, reading a statement issued by Ghosn's family. The appeal will be made to the Working Group on Arbitrary Detention, which is overseen by the UN Human Rights Council, he added. "Carlos Ghosn has now been held for over 100 days in Japan," in a place "with medieval rules", the statement said. The lawyer represents Ghosn's wife, Carole, who in a recent interview with Paris Match magazine described her husband's detention conditions as "deplorable", and children Caroline, Maya, Nadine and Anthony. Ghosn faces three charges of financial misconduct, two involving alleged under-reporting of his salary and a third over a complex scheme in which he allegedly sought to transfer his losses to Nissan's books. He has denied all the charges. In Japan, his new lead defence lawyer, Junichiro Hironaka, said Monday his new bail application contained fresh elements he hoped would lead to a release "as soon as possible." Hironaka, who has a reputation for securing acquittals for high-profile clients in a country where 99 per cent of cases results in a conviction, said there was a "realistic" chance that Ghosn would eventually be found innocent of all charges. The Tokyo District Court is due to hand down its verdict on the latest bail application soon. But so far, it has shown little inclination to end Ghosn's lengthy pre-trial detention, which has drawn some criticism internationally and from rights groups.

Carlos Ghosn family calls on UN to help release him, says lawyer

Former Renault and Nissan head <a href="http://www.wionews.com/world/ghosns-chief-defence-attorney-motonari-otsuru-resigns-junichiro-hironaka-hired-in-change-of-strategy-197170">Carlos Ghosn</a> and his wife invited friends to a $260,000 Carnival party in Brazil last year and charged it to his employers, documents seen by AFP show, a move Ghosn's lawyer defended as a routine corporate function for a multinational CEO.

News of the party is the latest <a href="http://www.wionews.com/world/bail-refusal-would-not-be-normal-in-any-other-democracy-says-ghosn-194110">evidence of Ghosn's expensive lifestyle</a> to emerge as his time as one of the top executives in the auto industry faces fresh scrutiny following his arrest in Tokyo last November.

According to documents seen by AFP, which confirm a report in the Express magazine, Ghosn invited eight couples to watch the Carnival parade in Rio de Janeiro in February last year from a beach-side luxury hotel.

While the guests were asked to pay their own air fare, the invitations specified that local teams would take charge of transport, lodging and other expenses.

"On behalf of Mr and Mrs Ghosn, I have the pleasure to inform you that they would be delighted if you would accept to be their guest at the 2018 Rio Carnival," according to the December 2017 email invitation.

"You will be responsible to book your flight and the team will take care of you from the Rio airport," it said, adding that the guests would be staying at the beachside Hilton Hotel in Copacabana.

The event required costly security measures including two bullet-proof vehicles which were put at the guests' disposal.

Nissan's Brazilian subsidiary later sent a bill of $257,872 (around 227,000 euros at current exchange rates) to the Renault-Nissan holding company based in the Netherlands.

The Dutch firm coordinates the operations of the French-Japanese alliance, which Ghosn built into the world's top-selling automotive group before his stunning downfall on charges of under-reporting his salary.

The 64-year-old French-Brazilian-Lebanese executive has denied any wrongdoing but remains in detention awaiting a trial in Japan which could still be months away.

"Friendly relations do not preclude business relations, they can even help them," Ghosn's French lawyer Jean-Yves Le Borgne told AFP.

"We're told it involved Carlos Ghosn's personal relationships, but does that mean we can conclude there was some form of misuse of funds at the alliance?" he said.

Among the guests was Mario Saradar of the family-owned Lebanese banking group, where Ghosn sits on the board; and Misbah Ahdab, a Lebanese lawmaker.

American property developer Harry Macklowe was also invited, as was Khalil Daoud, head of the Lebanese postal service.

"Before getting indignant, we should check if they were truly not involved in any Renault-Nissan business," Le Borgne said, noting that the Lebanese post office "required a large fleet of automobiles."

Renault has said it is reviewing Ghosn's tenure as chief executive, a post he resigned last month following his dismissal as chairman of Nissan and their other alliance partner Mitsubishi.

Earlier this month, Renault said it had informed prosecutors about a suspect transaction involving Ghosn's extravagant wedding at the Versailles Palace outside Paris in 2016.

Versailles waived the usual 50,000-euro rental fee for the wedding under a sponsorship deal signed between the palace and Renault months before.

Le Borgne has said Ghosn is ready to repay the bill.

Former Renault and Nissan head Carlos Ghosn and his wife invited friends to a $260,000 Carnival party in Brazil last year and charged it to his employers, documents seen by AFP show, a move Ghosn's lawyer defended as a routine corporate function for a multinational CEO.

Former Renault and Nissan head Carlos Ghosn and his wife invited friends to a $260,000 Carnival party in Brazil last year and charged it to his employers, documents seen by AFP show, a move Ghosn's lawyer defended as a routine corporate function for a multinational CEO. News of the party is the latest evidence of Ghosn's expensive lifestyle to emerge as his time as one of the top executives in the auto industry faces fresh scrutiny following his arrest in Tokyo last November. According to documents seen by AFP, which confirm a report in the Express magazine, Ghosn invited eight couples to watch the Carnival parade in Rio de Janeiro in February last year from a beach-side luxury hotel. While the guests were asked to pay their own air fare, the invitations specified that local teams would take charge of transport, lodging and other expenses. "On behalf of Mr and Mrs Ghosn, I have the pleasure to inform you that they would be delighted if you would accept to be their guest at the 2018 Rio Carnival," according to the December 2017 email invitation. "You will be responsible to book your flight and the team will take care of you from the Rio airport," it said, adding that the guests would be staying at the beachside Hilton Hotel in Copacabana. The event required costly security measures including two bullet-proof vehicles which were put at the guests' disposal. Nissan's Brazilian subsidiary later sent a bill of $257,872 (around 227,000 euros at current exchange rates) to the Renault-Nissan holding company based in the Netherlands. The Dutch firm coordinates the operations of the French-Japanese alliance, which Ghosn built into the world's top-selling automotive group before his stunning downfall on charges of under-reporting his salary. The 64-year-old French-Brazilian-Lebanese executive has denied any wrongdoing but remains in detention awaiting a trial in Japan which could still be months away. "Friendly relations do not preclude business relations, they can even help them," Ghosn's French lawyer Jean-Yves Le Borgne told AFP. "We're told it involved Carlos Ghosn's personal relationships, but does that mean we can conclude there was some form of misuse of funds at the alliance?" he said. Among the guests was Mario Saradar of the family-owned Lebanese banking group, where Ghosn sits on the board; and Misbah Ahdab, a Lebanese lawmaker. American property developer Harry Macklowe was also invited, as was Khalil Daoud, head of the Lebanese postal service. "Before getting indignant, we should check if they were truly not involved in any Renault-Nissan business," Le Borgne said, noting that the Lebanese post office "required a large fleet of automobiles." Renault has said it is reviewing Ghosn's tenure as chief executive, a post he resigned last month following his dismissal as chairman of Nissan and their other alliance partner Mitsubishi. Earlier this month, Renault said it had informed prosecutors about a suspect transaction involving Ghosn's extravagant wedding at the Versailles Palace outside Paris in 2016. Versailles waived the usual 50,000-euro rental fee for the wedding under a sponsorship deal signed between the palace and Renault months before. Le Borgne has said Ghosn is ready to repay the bill.

Carlos Ghosn held $260,000 Rio party billed to Renault-Nissan: Report

The three-way alliance of Renault, Nissan and Mitsubishi Motors is planning a deal to work with Google's Waymo to jointly develop self-driving taxis, Japan's Nikkei said Tuesday.

The three automakers are finalising tie-up negotiations with Waymo, a Google-affiliated developer of self-driving car technology, the business daily said on its website.

The two sides are expected to announce details of the deal "as early as this spring," it added.

One project that the joint operation is considering would involve developing unmanned taxis using Nissan and other vehicles under a new system that handles reservation and payments, the newspaper said.

In September last year, the alliance decided to use a Google operating system for their cars' information systems, and the tech giant has already forged similar deals with Fiat Chrysler Automobiles and Jaguar Land Rover.

The report comes as the alliance reels from the arrest of Carlos Ghosn, the auto tycoon who forged and led the partnership before his shock November 19 detention.

His arrest and subsequent indictment on three charges has exposed rifts between Nissan and Renault, which, together with Mitsubishi, make up the world's top-selling auto manufacturing group.

Born in a Google lab devoted to big-vision new technology, Waymo became a subsidiary of parent company Alphabet in 2016.

Waymo already runs a self-driving car service in Phoenix, Arizona.

Those taking part in the service can use a smartphone application to summon autonomous vehicles any time of day to get about in an area about 100 square miles at its maximum, according to Waymo chief John Krafcik.

The firm last year announced it was adding as many as 62,000 Fiat Chrysler minivans to its autonomous fleet in an expanded collaboration announced by the companies.

The three-way alliance of Renault, Nissan and Mitsubishi Motors is planning a deal to work with Google's Waymo to jointly develop self-driving taxis, Japan's Nikkei said Tuesday.

The three-way alliance of Renault, Nissan and Mitsubishi Motors is planning a deal to work with Google's Waymo to jointly develop self-driving taxis, Japan's Nikkei said Tuesday. The three automakers are finalising tie-up negotiations with Waymo, a Google-affiliated developer of self-driving car technology, the business daily said on its website. The two sides are expected to announce details of the deal "as early as this spring," it added. One project that the joint operation is considering would involve developing unmanned taxis using Nissan and other vehicles under a new system that handles reservation and payments, the newspaper said. In September last year, the alliance decided to use a Google operating system for their cars' information systems, and the tech giant has already forged similar deals with Fiat Chrysler Automobiles and Jaguar Land Rover. The report comes as the alliance reels from the arrest of Carlos Ghosn, the auto tycoon who forged and led the partnership before his shock November 19 detention. His arrest and subsequent indictment on three charges has exposed rifts between Nissan and Renault, which, together with Mitsubishi, make up the world's top-selling auto manufacturing group. Born in a Google lab devoted to big-vision new technology, Waymo became a subsidiary of parent company Alphabet in 2016. Waymo already runs a self-driving car service in Phoenix, Arizona. Those taking part in the service can use a smartphone application to summon autonomous vehicles any time of day to get about in an area about 100 square miles at its maximum, according to Waymo chief John Krafcik. The firm last year announced it was adding as many as 62,000 Fiat Chrysler minivans to its autonomous fleet in an expanded collaboration announced by the companies.

Renault-Nissan to work with Google's Waymo on driverless cars: Report

Carlos Ghosn may no longer be in the driver's seat at Renault, but he will remain at the centre of vigorous negotiations in the coming weeks over severance pay potentially worth tens of millions of euros.

The French government, which owns 15 per cent of the carmaker and 22 per cent of voting rights, has already warned it doesn't intend to let the former CEO walk away with the kind of lavish payouts that he is accustomed to.

"I can tell you we will be extremely vigilant, as the largest shareholder, over the exit conditions that will be set by the board," Finance Minister Bruno Le Maire told AFP at the World Economic Forum in Switzerland this week.

Ghosn had already raised hackles in France as one of its highest-paid business chiefs, and a huge payout for an executive sitting in a Tokyo jail wouldn't go down well amid the "yellow vest" protests over declining living standards.

The 64-year-old Franco-Brazilian-Lebanese executive was arrested in November on charges of under-reporting tens of millions of dollars in income over eight years as head of Renault's alliance partner Nissan.

He has denied that and other financial misconduct claims and his trial may still be months away.

He tendered his resignation at Renault this week, having already been sacked as chairman of Nissan and the third carmaker in the alliance, Mitsubishi.

But his eventual payout was not discussed by Renault directors when they met Thursday to name his replacements, Thierry Bollore as chief executive and Jean-Dominique Senard as board chairman.

"If his payout is being discussed later, it's because his resignation was immediate and not negotiated," said Loic Dessaint of the Proxinvest shareholder advisory group.

"That's rare," Dessaint said, suggesting that by doing so, Ghosn was hoping to benefit immediately from any pre-discussed "golden handshake".

"But Renault also has a strong hand to play, because it can file a lawsuit and claim damages" against its former chief if he is found guilty in the Nissan case, he said.

25 million euro question

As with most CEOs, Ghosn's pay was a mix of fixed payouts coupled with performance-linked stock grants and cash top-ups.

In 2016 the executive known as a "cost-killer" for slashing outlays and jobs took home a combined 15.4 million euros ($17.6 million) from his roles at Renault, Nissan and Mitsubishi.

Seven million euros came from Renault alone, drawing the ire of French officials, and last February Ghosn was forced to accept a 30 per cent pay cut in order to secure another four-year mandate as CEO.

According to the automaker's annual report, Ghosn's resignation means he must forfeit any shares granted for meeting performance milestones.

"But what counts is what they will decide about shares already attributed but not yet awarded," said Dessaint, saying Ghosn could claim a trove of 380,000 shares currently worth some 21 million euros.

"It's the same story with deferred stock grants, worth four to five million euros," he calculates.

Company officials have refused to comment on the eventual indemnities.

But a source close to the matter said that given the circumstances of Ghosn's exit, "we're going to reduce them as much as we can".

'Stupid to pay'

Even if an agreement is reached on the standard retirement package, lawyers will still be wrangling over two other multi-million-euro questions.

The first involves a non-compete clause that provides two years of total pay -- both fixed and variable -- in exchange for not joining another carmaker.

"Renault would be pretty stupid to pay," Dessaint said, "because the risk is basically nil since he's in prison".

Ghosn's lawyers have lost two requests for bail, and under Japanese legal rules he could remain behind bars for months before his trial even opens.

The second bone of contention involves a retirement pension that would be payable each year to Ghosn until his death.

According to Dessaint, Ghosn is eligible to receive 765,000 euros a year after leading Renault since 2005, forging an alliance which sold more cars than any of its rivals last year.

Carlos Ghosn may no longer be in the driver's seat at Renault, but he will remain at the centre of vigorous negotiations in the coming weeks over severance pay potentially worth tens of millions of euros.

Carlos Ghosn may no longer be in the driver's seat at Renault, but he will remain at the centre of vigorous negotiations in the coming weeks over severance pay potentially worth tens of millions of euros. The French government, which owns 15 per cent of the carmaker and 22 per cent of voting rights, has already warned it doesn't intend to let the former CEO walk away with the kind of lavish payouts that he is accustomed to. "I can tell you we will be extremely vigilant, as the largest shareholder, over the exit conditions that will be set by the board," Finance Minister Bruno Le Maire told AFP at the World Economic Forum in Switzerland this week. Ghosn had already raised hackles in France as one of its highest-paid business chiefs, and a huge payout for an executive sitting in a Tokyo jail wouldn't go down well amid the "yellow vest" protests over declining living standards. The 64-year-old Franco-Brazilian-Lebanese executive was arrested in November on charges of under-reporting tens of millions of dollars in income over eight years as head of Renault's alliance partner Nissan. He has denied that and other financial misconduct claims and his trial may still be months away. He tendered his resignation at Renault this week, having already been sacked as chairman of Nissan and the third carmaker in the alliance, Mitsubishi. But his eventual payout was not discussed by Renault directors when they met Thursday to name his replacements, Thierry Bollore as chief executive and Jean-Dominique Senard as board chairman. "If his payout is being discussed later, it's because his resignation was immediate and not negotiated," said Loic Dessaint of the Proxinvest shareholder advisory group. "That's rare," Dessaint said, suggesting that by doing so, Ghosn was hoping to benefit immediately from any pre-discussed "golden handshake". "But Renault also has a strong hand to play, because it can file a lawsuit and claim damages" against its former chief if he is found guilty in the Nissan case, he said. 25 million euro question As with most CEOs, Ghosn's pay was a mix of fixed payouts coupled with performance-linked stock grants and cash top-ups. In 2016 the executive known as a "cost-killer" for slashing outlays and jobs took home a combined 15.4 million euros ($17.6 million) from his roles at Renault, Nissan and Mitsubishi. Seven million euros came from Renault alone, drawing the ire of French officials, and last February Ghosn was forced to accept a 30 per cent pay cut in order to secure another four-year mandate as CEO. According to the automaker's annual report, Ghosn's resignation means he must forfeit any shares granted for meeting performance milestones. "But what counts is what they will decide about shares already attributed but not yet awarded," said Dessaint, saying Ghosn could claim a trove of 380,000 shares currently worth some 21 million euros. "It's the same story with deferred stock grants, worth four to five million euros," he calculates. Company officials have refused to comment on the eventual indemnities. But a source close to the matter said that given the circumstances of Ghosn's exit, "we're going to reduce them as much as we can". 'Stupid to pay' Even if an agreement is reached on the standard retirement package, lawyers will still be wrangling over two other multi-million-euro questions. The first involves a non-compete clause that provides two years of total pay -- both fixed and variable -- in exchange for not joining another carmaker. "Renault would be pretty stupid to pay," Dessaint said, "because the risk is basically nil since he's in prison". Ghosn's lawyers have lost two requests for bail, and under Japanese legal rules he could remain behind bars for months before his trial even opens. The second bone of contention involves a retirement pension that would be payable each year to Ghosn until his death. According to Dessaint, Ghosn is eligible to receive 765,000 euros a year after leading Renault since 2005, forging an alliance which sold more cars than any of its rivals last year.

First challenge for Renault's new chiefs: Ghosn's payout

Carlos Ghosn has resigned from French carmaker Renault, French finance minister Bruno Le Maire told Bloomberg Television in an interview at the World Economic Forum in Davos.

"Carlos Ghosn just resigned last night," said Le Maire.

Renault's board will meet on Thursday to replace Ghosn, in a move that could help ease tensions with alliance partner Nissan following Ghosn's arrest in Japan for alleged financial misconduct.

The meeting will start at 0900 GMT and consider the proposed appointment of outgoing Michelin boss Jean-Dominique Senard as chairman and the promotion of Ghosn's deputy Thierry Bollore to CEO, three sources familiar with the matter have told Reuters.

The Tokyo District Court on January 15 denied former Nissan Motor Co Ltd Chairman Carlos Ghosn's request for release on bail after his indictment last week on two new charges, including for aggravated breach of trust.

Ghosn, the once-feted auto executive, awaits a lengthy criminal trial that could be as long as six months away, after his surprise arrest on November 19.

Carlos Ghosn has resigned from French carmaker Renault, French finance minister Bruno Le Maire told Bloomberg Television in an interview at the World Economic Forum in Davos.

Carlos Ghosn has resigned from French carmaker Renault, French finance minister Bruno Le Maire told Bloomberg Television in an interview at the World Economic Forum in Davos. "Carlos Ghosn just resigned last night," said Le Maire. Renault's board will meet on Thursday to replace Ghosn, in a move that could help ease tensions with alliance partner Nissan following Ghosn's arrest in Japan for alleged financial misconduct. The meeting will start at 0900 GMT and consider the proposed appointment of outgoing Michelin boss Jean-Dominique Senard as chairman and the promotion of Ghosn's deputy Thierry Bollore to CEO, three sources familiar with the matter have told Reuters. The Tokyo District Court on January 15 denied former Nissan Motor Co Ltd Chairman Carlos Ghosn's request for release on bail after his indictment last week on two new charges, including for aggravated breach of trust. Ghosn, the once-feted auto executive, awaits a lengthy criminal trial that could be as long as six months away, after his surprise arrest on November 19.

Carlos Ghosn resigned from Renault on January 22

<a href="https://www.google.com/url?q=http://www.wionews.com/world/ghosn-appeals-against-japan-bail-rejection-190912&amp;sa=U&amp;ved=0ahUKEwjC2LmHh_7fAhUHQY8KHT8yAZUQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3_ta3bX0cHFWhyVlY_smMn">Carlos Ghosn</a>, the ousted Nissan boss detained in Tokyo on charges of financial misconduct, on Monday vowed to remain in Japan if granted bail and again proclaimed his innocence.

The Tokyo District Court will later Monday consider the 64-year-old's latest petition for bail but has already rejected previous applications, judging Ghosn a flight risk who might seek to destroy evidence.

"As the court considers my bail application, I want to emphasise that I will reside in Japan and respect any and all bail conditions the Court concludes are warranted," Ghosn said in a statement released by his US-based representatives.

He vowed to attend any subsequent trial "not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself".

"I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom," concluded the statement.

A spokeswoman for Ghosn, Devon Spurgeon, said his family had already rented an apartment in Tokyo where he promised to reside while awaiting trial.

He has also promised to hand over his passports, refrain from contacting people connected with the case and pay for security guards approved by prosecutors to monitor his movements, according to Spurgeon.

She added that Ghosn has also offered a higher bail fee by stumping up Nissan stock as collateral and promised to wear an electronic tracking bracelet paid for by himself.

The <a href="https://www.google.com/url?q=http://www.wionews.com/world/tokyo-court-denies-the-request-for-carlos-ghosns-release-on-bail-190413&amp;sa=U&amp;ved=0ahUKEwivkN-Zh_7fAhXWfisKHaWzAT0QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1fKK4zKmip-iUFK4R2emGM">Tokyo court </a>has dismissed all previous attempts by Ghosn to secure his freedom and even his lead lawyer has said he is unlikely to be granted bail until a trial takes place — which could take six months.

However, the case has been full of twists and turns that have kept Japan and the business world gripped since his first stunning arrest as he landed in his private jet at Haneda Airport.

The Franco-Lebanese-Brazilian executive said he has been in his Tokyo detention cell for 64 days "with no release in sight".

Since then, he has only been seen in public once, in a dramatic court appearance where the much thinner executive pleaded his innocence in a packed courtroom.

His wife Carole has appealed to Human Rights Watch, claiming he is being held in "harsh" conditions and subjected to round-the-clock interrogations intended to extract a confession.

'Solid, stable, sustainable governance'&nbsp;

Ghosn's arrest represented a sudden fall from grace for a once-revered tycoon widely credited with turning Nissan around from the verge of bankruptcy.

Nissan immediately ousted him as chairman after the arrest, as did Mitsubishi Motors, the other Japanese firm in the three-way alliance with Renault.

The French firm is expected to meet later this week to discuss removing Ghosn as chairman and CEO. French government officials have already urged the company's board to pick a "new lasting leadership".

Late Sunday, Nissan held an inaugural meeting of a special committee designed to improve governance in the wake of the scandal.

The head of the committee, Seiichiro Nishioka, said the problem was "an excessive concentration of authority in the hands of a single person".

The committee is expected to meet three or four additional times before issuing a final report at the end of March.

The charges against Ghosn are that he under-declared his income in official documents to shareholders over an eight-year period — in an apparent bid to dodge accusations he was overpaid.

In addition, prosecutors have formally charged him with involvement in a complex scheme they say was designed to make Nissan pay for personal investment losses sustained in the financial crisis of 2008.

Ghosn's arrest has thrown into question the future of the auto alliance he forged, which has come under pressure in his absence.

French Economy Minister Bruno Le Maire on Sunday denied talk of a potential merger between Renault and Nissan, despite reports in the Japanese media that Paris was pushing for that outcome.

"The subject is not on the table today. What is on the table today is the governance of Renault," he told journalists during a visit to Cairo.

"The most important thing for us is to have solid, stable, sustainable governance for Renault."

 
&nbsp;

Carlos Ghosn, the ousted Nissan boss detained in Tokyo on charges of financial misconduct, on Monday vowed to remain in Japan if granted bail and again proclaimed his innocence.

Carlos Ghosn, the ousted Nissan boss detained in Tokyo on charges of financial misconduct, on Monday vowed to remain in Japan if granted bail and again proclaimed his innocence. The Tokyo District Court will later Monday consider the 64-year-old's latest petition for bail but has already rejected previous applications, judging Ghosn a flight risk who might seek to destroy evidence. "As the court considers my bail application, I want to emphasise that I will reside in Japan and respect any and all bail conditions the Court concludes are warranted," Ghosn said in a statement released by his US-based representatives. He vowed to attend any subsequent trial "not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself". "I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom," concluded the statement. A spokeswoman for Ghosn, Devon Spurgeon, said his family had already rented an apartment in Tokyo where he promised to reside while awaiting trial. He has also promised to hand over his passports, refrain from contacting people connected with the case and pay for security guards approved by prosecutors to monitor his movements, according to Spurgeon. She added that Ghosn has also offered a higher bail fee by stumping up Nissan stock as collateral and promised to wear an electronic tracking bracelet paid for by himself. The Tokyo court has dismissed all previous attempts by Ghosn to secure his freedom and even his lead lawyer has said he is unlikely to be granted bail until a trial takes place — which could take six months. However, the case has been full of twists and turns that have kept Japan and the business world gripped since his first stunning arrest as he landed in his private jet at Haneda Airport. The Franco-Lebanese-Brazilian executive said he has been in his Tokyo detention cell for 64 days "with no release in sight". Since then, he has only been seen in public once, in a dramatic court appearance where the much thinner executive pleaded his innocence in a packed courtroom. His wife Carole has appealed to Human Rights Watch, claiming he is being held in "harsh" conditions and subjected to round-the-clock interrogations intended to extract a confession. 'Solid, stable, sustainable governance' Ghosn's arrest represented a sudden fall from grace for a once-revered tycoon widely credited with turning Nissan around from the verge of bankruptcy. Nissan immediately ousted him as chairman after the arrest, as did Mitsubishi Motors, the other Japanese firm in the three-way alliance with Renault. The French firm is expected to meet later this week to discuss removing Ghosn as chairman and CEO. French government officials have already urged the company's board to pick a "new lasting leadership". Late Sunday, Nissan held an inaugural meeting of a special committee designed to improve governance in the wake of the scandal. The head of the committee, Seiichiro Nishioka, said the problem was "an excessive concentration of authority in the hands of a single person". The committee is expected to meet three or four additional times before issuing a final report at the end of March. The charges against Ghosn are that he under-declared his income in official documents to shareholders over an eight-year period — in an apparent bid to dodge accusations he was overpaid. In addition, prosecutors have formally charged him with involvement in a complex scheme they say was designed to make Nissan pay for personal investment losses sustained in the financial crisis of 2008. Ghosn's arrest has thrown into question the future of the auto alliance he forged, which has come under pressure in his absence. French Economy Minister Bruno Le Maire on Sunday denied talk of a potential merger between Renault and Nissan, despite reports in the Japanese media that Paris was pushing for that outcome. "The subject is not on the table today. What is on the table today is the governance of Renault," he told journalists during a visit to Cairo. "The most important thing for us is to have solid, stable, sustainable governance for Renault."

Ghosn vows to stay in Japan if granted bail

Japanese media reported Sunday that France wants a merger between Renault and Nissan following the arrest of <a href="http://www.wionews.com/world/ghosn-appeals-against-japan-bail-rejection-190912">former Nissan chairman Carlos Ghosn</a>, but according to France's economy minister changing the current set-up is "not on the table".

Ghosn headed a powerful alliance between Nissan, Mitsubishi, and Renault before his arrest in November on charges of financial misconduct.

A delegation including Martin Vial — a Renault director designated by the French government — made the merger request at talks with Japanese officials in Tokyo, Kyodo News reported, citing sources close to the matter.

The French government is the biggest shareholder in Renault with a stake of more than 15 per cent, while Renault owns 43.4 per cent of the Japanese carmaker Nissan with voting rights.

A merger between the two is favoured by French President Emmanuel Macron, Kyodo said.

Japanese business daily Nikkei also reported the merger request by the French delegation, saying Nissan had been opposed to giving Paris greater sway over the Japanese carmaker.

According to Nikkei, the delegation also said Renault wants to name Nissan's next chairman — a post that has remained vacant since <a href="http://www.wionews.com/world/tokyo-court-denies-the-request-for-carlos-ghosns-release-on-bail-190413">Ghosn was ousted on his arrest</a> in November.

But the reports appear to contradict comments French Economy Minister Bruno Le Maire made to Le Journal du Dimanche (JDD) newspaper, published Sunday.

"A shareholder rebalancing, a change in cross-shareholdings between Renault and Nissan is not on the table," he told the French weekly.

Contacted by AFP, a French economy ministry spokesman had no comment to make on the Japanese media reports.

A 'stable relationship'&nbsp;

Macron last month held talks with Japanese Prime Minister Shinzo Abe on the sidelines of the G20 summit in Argentina, at which they only agreed to ensure a stable relationship within the three-way alliance, which also includes Japan's Mitsubishi Motors.

Abe reportedly stressed the importance of all three companies "maintaining their stable relationship" at the summit talk.

But the Japanese premier reportedly also said the fate of the group should be decided by "private businesses" and "governments should not commit to how the alliance should operate going forward", according to a senior government official quoted by Kyodo.

Last week, Renault said it had launched the search for a successor to Ghosn after a Tokyo court quashed his appeal for bail as he faces three charges of financial misconduct.

But Le Maire also said in his interview with the JDD newspaper: "The principle of the presumption of innocence must apply" to Ghosn.

But over and above Ghosn's case, "there are also the interests of Renault and of the alliance", he added. "A business of this scale needs solid and stable governance."

The French government has called for a board meeting to pick Ghosn's successor.

Nissan, which holds a 15-per cent stake in Renault, is widely seen as hoping to reduce the influence of the French partner on its management and review the alliance to make it more equitable.

Carlos Ghosn headed a powerful alliance between Nissan, Mitsubishi, and Renault before his arrest in November on charges of financial misconduct.

Japanese media reported Sunday that France wants a merger between Renault and Nissan following the arrest of former Nissan chairman Carlos Ghosn, but according to France's economy minister changing the current set-up is "not on the table". Ghosn headed a powerful alliance between Nissan, Mitsubishi, and Renault before his arrest in November on charges of financial misconduct. A delegation including Martin Vial — a Renault director designated by the French government — made the merger request at talks with Japanese officials in Tokyo, Kyodo News reported, citing sources close to the matter. The French government is the biggest shareholder in Renault with a stake of more than 15 per cent, while Renault owns 43.4 per cent of the Japanese carmaker Nissan with voting rights. A merger between the two is favoured by French President Emmanuel Macron, Kyodo said. Japanese business daily Nikkei also reported the merger request by the French delegation, saying Nissan had been opposed to giving Paris greater sway over the Japanese carmaker. According to Nikkei, the delegation also said Renault wants to name Nissan's next chairman — a post that has remained vacant since Ghosn was ousted on his arrest in November. But the reports appear to contradict comments French Economy Minister Bruno Le Maire made to Le Journal du Dimanche (JDD) newspaper, published Sunday. "A shareholder rebalancing, a change in cross-shareholdings between Renault and Nissan is not on the table," he told the French weekly. Contacted by AFP, a French economy ministry spokesman had no comment to make on the Japanese media reports. A 'stable relationship' Macron last month held talks with Japanese Prime Minister Shinzo Abe on the sidelines of the G20 summit in Argentina, at which they only agreed to ensure a stable relationship within the three-way alliance, which also includes Japan's Mitsubishi Motors. Abe reportedly stressed the importance of all three companies "maintaining their stable relationship" at the summit talk. But the Japanese premier reportedly also said the fate of the group should be decided by "private businesses" and "governments should not commit to how the alliance should operate going forward", according to a senior government official quoted by Kyodo. Last week, Renault said it had launched the search for a successor to Ghosn after a Tokyo court quashed his appeal for bail as he faces three charges of financial misconduct. But Le Maire also said in his interview with the JDD newspaper: "The principle of the presumption of innocence must apply" to Ghosn. But over and above Ghosn's case, "there are also the interests of Renault and of the alliance", he added. "A business of this scale needs solid and stable governance." The French government has called for a board meeting to pick Ghosn's successor. Nissan, which holds a 15-per cent stake in Renault, is widely seen as hoping to reduce the influence of the French partner on its management and review the alliance to make it more equitable.

France pushes Japan to accept Renault-Nissan merger: Reports

The wife of ousted <a href="http://www.wionews.com/world/ghosn-lawyers-seek-bail-after-ex-nissan-chief-indicted-on-two-new-charges-189582">Nissan Motor Co Ltd chairman Carlos Ghosn</a> has urged New York-based Human Rights Watch to draw attention to his "harsh treatment" during detention in a Japanese jail, a letter seen by Reuters showed on Sunday.

<a href="http://www.wionews.com/world/japan-court-rejects-nissan-boss-carlos-ghosns-release-bid-189183">Japanese authorities have charged Ghosn</a> with under-reporting income and aggravated breach of trust for temporarily transferring personal investment losses to Nissan in 2008.

In a nine-page letter to Kanae Doi, the rights group's Japan director, Carole Ghosn asked it to "shine a light on the harsh treatment of my husband and the human rights-related inequities inflicted upon him by the Japanese justice system".

Ghosn was in charge of an alliance that included Nissan Motor, Mitsubishi Motors and France's Renault until his November arrest and removal as chairman of the automakers sent shockwaves through the industry.

The government has denied requests to end his detention, which has run since November 19. Ghosn's lawyers have said it would probably take more than six months for his case to come to trial. (For Ghosn investigation timeline, click on)

Phones went unanswered at Japan's Foreign Ministry and the prime minister's office as Monday is a public holiday, but Nissan said it was not in a position to comment on the workings of the judicial system or any decision by the Tokyo prosecutors' office.

Officials of Human Rights Watch could not be reached for comment on the letter, but its Asia director, Brad Adams, said in an editorial on Thursday that Ghosn's case "has shone a light" on Japan's long-overlooked "hostage" justice system.

"Ghosn has not, and should not, receive preferential treatment," Adams wrote in the editorial, which appeared in the online edition of "The Diplomat".

"But if Japan wants to live up to its reputation as one of the world's most advanced democracies, it needs to modernize its criminal justice system," he added.

"Regardless of the serious allegations against him, or the controversies surrounding his tenure at Nissan, no one should have their rights violated in this way while facing criminal charges."

Nissan said last Friday it had filed a criminal complaint against Ghosn with Tokyo prosecutors related to the misuse of a "significant amount of the company's funds".

The former Nissan executive is being held in a 75-sq-foot (6.97-sqm) unheated cell and being denied daily medication, his wife said in her letter. He has lost 7 kg (15 lb) since being detained and eats only rice and barley, she added.

Prosecutors in Japan often try to extract confessions from prisoners in detainment that could last months, Carole Ghosn said in the letter.

"For hours each day, the prosecutors interrogate him, browbeat him, lecture him and berate him, outside the presence of his attorneys, in an effort to extract a confession," she said.

"No one should be forced to endure what my husband faces every day, particularly in a developed nation like Japan, the third largest economy in the world."

Ghosn said he was "wrongly accused and unfairly detained based on meritless and unsubstantiated accusations" during a Tokyo court proceeding last week, his first public appearance since his November arrest, at which he seemed noticeably thinner.

Japanese authorities have charged Ghosn with under-reporting income and aggravated breach of trust for temporarily transferring personal investment losses to Nissan in 2008.

The wife of ousted Nissan Motor Co Ltd chairman Carlos Ghosn has urged New York-based Human Rights Watch to draw attention to his "harsh treatment" during detention in a Japanese jail, a letter seen by Reuters showed on Sunday. Japanese authorities have charged Ghosn with under-reporting income and aggravated breach of trust for temporarily transferring personal investment losses to Nissan in 2008. In a nine-page letter to Kanae Doi, the rights group's Japan director, Carole Ghosn asked it to "shine a light on the harsh treatment of my husband and the human rights-related inequities inflicted upon him by the Japanese justice system". Ghosn was in charge of an alliance that included Nissan Motor, Mitsubishi Motors and France's Renault until his November arrest and removal as chairman of the automakers sent shockwaves through the industry. The government has denied requests to end his detention, which has run since November 19. Ghosn's lawyers have said it would probably take more than six months for his case to come to trial. (For Ghosn investigation timeline, click on) Phones went unanswered at Japan's Foreign Ministry and the prime minister's office as Monday is a public holiday, but Nissan said it was not in a position to comment on the workings of the judicial system or any decision by the Tokyo prosecutors' office. Officials of Human Rights Watch could not be reached for comment on the letter, but its Asia director, Brad Adams, said in an editorial on Thursday that Ghosn's case "has shone a light" on Japan's long-overlooked "hostage" justice system. "Ghosn has not, and should not, receive preferential treatment," Adams wrote in the editorial, which appeared in the online edition of "The Diplomat". "But if Japan wants to live up to its reputation as one of the world's most advanced democracies, it needs to modernize its criminal justice system," he added. "Regardless of the serious allegations against him, or the controversies surrounding his tenure at Nissan, no one should have their rights violated in this way while facing criminal charges." Nissan said last Friday it had filed a criminal complaint against Ghosn with Tokyo prosecutors related to the misuse of a "significant amount of the company's funds". The former Nissan executive is being held in a 75-sq-foot (6.97-sqm) unheated cell and being denied daily medication, his wife said in her letter. He has lost 7 kg (15 lb) since being detained and eats only rice and barley, she added. Prosecutors in Japan often try to extract confessions from prisoners in detainment that could last months, Carole Ghosn said in the letter. "For hours each day, the prosecutors interrogate him, browbeat him, lecture him and berate him, outside the presence of his attorneys, in an effort to extract a confession," she said. "No one should be forced to endure what my husband faces every day, particularly in a developed nation like Japan, the third largest economy in the world." Ghosn said he was "wrongly accused and unfairly detained based on meritless and unsubstantiated accusations" during a Tokyo court proceeding last week, his first public appearance since his November arrest, at which he seemed noticeably thinner.

Ex-Nissan boss Ghosn suffers 'harsh' treatment in jail, says wife

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

The board of automaker Nissan meets Monday to discuss replacing <a href="http://www.wionews.com/world/carlos-ghosn-suspected-of-shifting-personal-investment-losses-to-nissan-report-179699">former chairman Carlos Ghosn</a> after his arrest for financial misconduct, as tensions grow in the firm's alliance with Renault.

The Japanese company removed Ghosn from his post last month after he was detained on allegations of under-reporting his salary.

But it appears unlikely to agree Monday on a permanent replacement for him, in part because of open discord in its alliance with French automaker Renault.

Nissan itself faces charges for allegedly submitting financial documents that understated Ghosn's pay, and Renault is now reportedly seeking more sway on the Japanese firm's board.

The Wall Street Journal reported Sunday that Renault urged Nissan in a letter to hold a shareholders meeting to discuss Renault's representation on the firm's nine-member board and within its top management.

It warned that Nissan's indictment "creates significant risks to Renault, as Nissan's largest shareholder, and to the stability of our industrial alliance", the Journal reported.

A source with knowledge of the issue confirmed that Nissan had received the letter and was planning an extraordinary shareholders' meeting in January.

Renault's letter is the latest sign of the tensions in the alliance that groups the firm with Nissan and Mitsubishi Motors -- a partnership that Ghosn forged and was often credited with holding together.

While Nissan and Mitsubishi Motors quickly removed Ghosn from leadership positions after his arrest, Renault has kept the auto executive on as CEO and chairman.

And while Nissan CEO Hiroto Saikawa launched a broadside against his former mentor shortly after his arrest, describing his "dark side", Renault has approached the allegations more cautiously.

The decision on replacing Ghosn at Nissan is being led by an advisory committee that includes a former Renault executive, and Japanese media reports suggested it was unlikely to reach a decision on Monday.

"It slows things down, but it isn't the end of the world," a source close to the issue told AFP.

"We need to let them talk and decide properly. That's more important than rushing."&nbsp;

The company is instead likely to announce new governance measures intended to address criticism that it failed to prevent Ghosn's alleged misconduct.

As his former employer wrangles over his replacement, Ghosn remains in the one-man cell at a Tokyo detention centre he has occupied since his shock arrest on November 19.

Prosecutors have already charged him with under-reporting his pay by around $44 million over the five years to 2015, and are also investigating claims he under-reported it further in the last three years.

He will be detained until at least December 20, when prosecutors will either file new charges or request another 10-day detention period while they continue investigations.

A range of additional claims of financial misconduct have been made against Ghosn, including using Nissan funds to purchase homes around the world, though prosecutors have yet to level those accusations formally.

He and his former right-hand man Greg Kelly, who is also under arrest, reportedly deny any wrongdoing.

The charges have sparked a legal battle over Ghosn's flat in Rio de Janeiro, with Nissan trying to prevent his family members from accessing the property and removing items.

A Brazilian court authorised relatives to access the apartment, despite claims from Nissan that they were removing corporate documents.

Ghosn's arrest marked a stunning reversal of fortune for the Franco-Brazilian-Lebanese tycoon, once revered in Japan for effectively rescuing Nissan from insolvency.

He helped engineer the alliance between Nissan, Renault and Mitsubishi, creating a partnership that sold more cars than any other globally last year.&nbsp;

The board of automaker Nissan meets Monday to discuss replacing former chairman Carlos Ghosn after his arrest for financial misconduct, as tensions grow in the firm's alliance with Renault.

The board of automaker Nissan meets Monday to discuss replacing former chairman Carlos Ghosn after his arrest for financial misconduct, as tensions grow in the firm's alliance with Renault. The Japanese company removed Ghosn from his post last month after he was detained on allegations of under-reporting his salary. But it appears unlikely to agree Monday on a permanent replacement for him, in part because of open discord in its alliance with French automaker Renault. Nissan itself faces charges for allegedly submitting financial documents that understated Ghosn's pay, and Renault is now reportedly seeking more sway on the Japanese firm's board. The Wall Street Journal reported Sunday that Renault urged Nissan in a letter to hold a shareholders meeting to discuss Renault's representation on the firm's nine-member board and within its top management. It warned that Nissan's indictment "creates significant risks to Renault, as Nissan's largest shareholder, and to the stability of our industrial alliance", the Journal reported. A source with knowledge of the issue confirmed that Nissan had received the letter and was planning an extraordinary shareholders' meeting in January. Renault's letter is the latest sign of the tensions in the alliance that groups the firm with Nissan and Mitsubishi Motors -- a partnership that Ghosn forged and was often credited with holding together. While Nissan and Mitsubishi Motors quickly removed Ghosn from leadership positions after his arrest, Renault has kept the auto executive on as CEO and chairman. And while Nissan CEO Hiroto Saikawa launched a broadside against his former mentor shortly after his arrest, describing his "dark side", Renault has approached the allegations more cautiously. The decision on replacing Ghosn at Nissan is being led by an advisory committee that includes a former Renault executive, and Japanese media reports suggested it was unlikely to reach a decision on Monday. "It slows things down, but it isn't the end of the world," a source close to the issue told AFP. "We need to let them talk and decide properly. That's more important than rushing." The company is instead likely to announce new governance measures intended to address criticism that it failed to prevent Ghosn's alleged misconduct. As his former employer wrangles over his replacement, Ghosn remains in the one-man cell at a Tokyo detention centre he has occupied since his shock arrest on November 19. Prosecutors have already charged him with under-reporting his pay by around $44 million over the five years to 2015, and are also investigating claims he under-reported it further in the last three years. He will be detained until at least December 20, when prosecutors will either file new charges or request another 10-day detention period while they continue investigations. A range of additional claims of financial misconduct have been made against Ghosn, including using Nissan funds to purchase homes around the world, though prosecutors have yet to level those accusations formally. He and his former right-hand man Greg Kelly, who is also under arrest, reportedly deny any wrongdoing. The charges have sparked a legal battle over Ghosn's flat in Rio de Janeiro, with Nissan trying to prevent his family members from accessing the property and removing items. A Brazilian court authorised relatives to access the apartment, despite claims from Nissan that they were removing corporate documents. Ghosn's arrest marked a stunning reversal of fortune for the Franco-Brazilian-Lebanese tycoon, once revered in Japan for effectively rescuing Nissan from insolvency. He helped engineer the alliance between Nissan, Renault and Mitsubishi, creating a partnership that sold more cars than any other globally last year.

Nissan meets to replace Ghosn, as tensions with Renault grow

The board of the French automaker Renault said Thursday that it was keeping <a href="http://www.wionews.com/world/carlos-ghosn-suspected-of-shifting-personal-investment-losses-to-nissan-report-179699">Carlos Ghosn</a> as its chief executive, after an internal review of his pay package found that it conformed with French law.

Ghosn has been held under arrest in Japan since November 19 on charges of financial misconduct and under-reporting his pay as head of Renault's partner Nissan, which has since sacked him as chairman.

He has also been dismissed as chairman of Mitsubishi, another partner in the Renault-Nissan alliance.

Renault kept Ghosn on as CEO after his arrest in Tokyo, but launched an enquiry into his pay package and named a deputy CEO, Thierry Bollore, to ensure day-to-day management.

"The compensation of the chairman and chief executive officer of Renault and the conditions under which such compensation was approved were in compliance with applicable law," the automaker said after a board meeting Thursday.

The board said this referred to compensation for the years 2015 to 2018, adding that it had asked its lawyers to continue their review in liaison with Nissan's lawyers.

Renault's lawyers also provided the board with a report on a presentation made by Nissan's lawyers, the statement said.

At this stage, the board "does not have information concerning Carlos Ghosn's defence," it added.

Both Ghosn and a key aide Greg Kelly, who is also being held in Japan in connection with the charges, have reportedly denied the claims.

Stunning fall

The 64-year-old Franco-Lebanese-Brazilian executive was formally charged Monday in Japan of under-declaring his income by some five billion yen ($44 million) between 2010 and 2015.

At the same time, prosecutors served him with a new warrant alleging that he also under-reported his income over the past three years.

Under Japanese law, suspects can be re-arrested several times for different allegations, allowing prosecutors to question them for prolonged periods -- a system that has drawn criticism internationally.

In addition to charges against Ghosn and Kelly, prosecutors have also indicted Nissan itself, as the company submitted the official documents that under-reported the income.

Ghosn, a towering figure in the global auto industry who had nonetheless prompted grumblings over a perceived lavish lifestyle, has reportedly told embassy visitors he is being treated well, but has complained of the cold in his cell and of the rice-based food.

If found guilty, he could face a 10-year prison sentence.

Shortly after Ghosn's indictment, Prime Minister Shinzo Abe reiterated the need to maintain the Renault-Nissan-Mitsubishi alliance, calling it "a symbol of Japan-France industrial cooperation."

This did not prevent reports of tension between the three companies, which outsold every rival group last year, even though executives have said they remain "fully committed" to the alliance.

In addition to under-reporting his salary, Ghosn is suspected of deferring part of his compensation to avoid criticism from staff and shareholders that his salary was too generous.

His arrest sparked incredulity at Renault, which now owns 43 per cent of Nissan, which in turns has a 15 per cent stake in its French partner.

Ghosn is celebrated for saving Nissan from the brink of bankruptcy and rebuilding it as a money-making subsidiary of Renault.

The board of the French automaker Renault said Thursday that it was keeping Carlos Ghosn as its chief executive, after an internal review of his pay package found that it conformed with French law.

The board of the French automaker Renault said Thursday that it was keeping Carlos Ghosn as its chief executive, after an internal review of his pay package found that it conformed with French law. Ghosn has been held under arrest in Japan since November 19 on charges of financial misconduct and under-reporting his pay as head of Renault's partner Nissan, which has since sacked him as chairman. He has also been dismissed as chairman of Mitsubishi, another partner in the Renault-Nissan alliance. Renault kept Ghosn on as CEO after his arrest in Tokyo, but launched an enquiry into his pay package and named a deputy CEO, Thierry Bollore, to ensure day-to-day management. "The compensation of the chairman and chief executive officer of Renault and the conditions under which such compensation was approved were in compliance with applicable law," the automaker said after a board meeting Thursday. The board said this referred to compensation for the years 2015 to 2018, adding that it had asked its lawyers to continue their review in liaison with Nissan's lawyers. Renault's lawyers also provided the board with a report on a presentation made by Nissan's lawyers, the statement said. At this stage, the board "does not have information concerning Carlos Ghosn's defence," it added. Both Ghosn and a key aide Greg Kelly, who is also being held in Japan in connection with the charges, have reportedly denied the claims. Stunning fall The 64-year-old Franco-Lebanese-Brazilian executive was formally charged Monday in Japan of under-declaring his income by some five billion yen ($44 million) between 2010 and 2015. At the same time, prosecutors served him with a new warrant alleging that he also under-reported his income over the past three years. Under Japanese law, suspects can be re-arrested several times for different allegations, allowing prosecutors to question them for prolonged periods -- a system that has drawn criticism internationally. In addition to charges against Ghosn and Kelly, prosecutors have also indicted Nissan itself, as the company submitted the official documents that under-reported the income. Ghosn, a towering figure in the global auto industry who had nonetheless prompted grumblings over a perceived lavish lifestyle, has reportedly told embassy visitors he is being treated well, but has complained of the cold in his cell and of the rice-based food. If found guilty, he could face a 10-year prison sentence. Shortly after Ghosn's indictment, Prime Minister Shinzo Abe reiterated the need to maintain the Renault-Nissan-Mitsubishi alliance, calling it "a symbol of Japan-France industrial cooperation." This did not prevent reports of tension between the three companies, which outsold every rival group last year, even though executives have said they remain "fully committed" to the alliance. In addition to under-reporting his salary, Ghosn is suspected of deferring part of his compensation to avoid criticism from staff and shareholders that his salary was too generous. His arrest sparked incredulity at Renault, which now owns 43 per cent of Nissan, which in turns has a 15 per cent stake in its French partner. Ghosn is celebrated for saving Nissan from the brink of bankruptcy and rebuilding it as a money-making subsidiary of Renault.

Renault board maintains Ghosn as CEO, says pay was legal

<a href="http://www.wionews.com/world/nissan-chairman-ghosn-faces-new-under-reporting-charge-worth-35-million-181672">Carlos Ghosn</a> is expected to be charged and face new allegations of financial misconduct Monday, meaning the once-revered auto tycoon is likely to be spending Christmas in a Japanese cell.

In a fall from grace that stunned the business world, the former Nissan chairman was arrested on November 19 on suspicion of under-declaring his income by some five billion yen ($44 million) between 2010 and 2015.

On Monday, authorities are expected to press formal charges over this allegation, and re-arrest him on suspicion that he also under-reported his income by a further four billion over the past three years.

Under Japanese law, suspects can be re-arrested several times for different allegations, allowing prosecutors to question them for prolonged periods -- a system that has attracted criticism internationally.

Monday represents the final day prosecutors can hold Ghosn and close aide Greg Kelly before either charging or re-arresting them, and a further arrest would allow them another 22 days of questioning.

In addition to charges against Ghosn, prosecutors are also preparing to indict Nissan itself, according to local media, as the company submitted the official documents that under-reported the income.

Ghosn denies the charges and is in a "combative" frame of mind, according to sources at Renault, the company he still formally leads -- even if the French car giant has appointed an interim chairman.

The Japanese firms in the three-way alliance with Renault -- Nissan and Mitsubishi Motors -- have both sacked the Franco-Lebanese-Brazilian as chairman.

Lebanese phoenix&nbsp;

The millionaire auto sector star, who attracted some criticism for a perceived lavish lifestyle, is now alone in a spartan cell in a Tokyo detention centre, in a tiny room measuring just three tatami mats -- around five square metres.

He has reportedly told embassy visitors he is being well treated but has complained of the cold, with Monday's temperature in the Japanese capital hovering around five degrees Celsius.

He spends his time reading books and news reports and is said to be unhappy about the rice-based food.

According to local news agency Kyodo, he 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 has not yet been definitively fixed.

A source close to the investigation has said Ghosn and Kelly allegedly put the system in place after a new law came in obliging the highest-paid members of the firm to declare their salary.

Ghosn is suspected of deferring part of his pay to avoid criticism from staff and shareholders that his salary was too generous.

"We are closely watching if he is actually indicted and then found guilty," said Satoru Takada, an analyst at TIW, a Tokyo-based research and consulting firm.

"If he is exempted from prosecution or found innocent, it is going to create huge confusion in Nissan's management," Takada told AFP.

It is unclear if Ghosn can be bailed before a potential trial.

In Japan, prosecutors and defendants begin a trial at a district court and can appeal to a high court and the Supreme Court. It may take several years before reaching a final judgement.&nbsp;

If found guilty, Ghosn could face a 10-year prison sentence.

The affair represents a staggering turnaround for a figure celebrated for saving Nissan from the brink of bankruptcy and rebuilding it as a money-making subsidiary of Renault.

Nissan has begun a process of choosing Ghosn's successor, with the final decision expected on December 17.

His arrest has sparked incredulity at Renault, which owns 43 percent of Nissan and says it has not seen a detailed account of the charges against Ghosn.

It has also fuelled anger in Lebanon, with digital billboards around Beirut proclaiming "We are all Carlos Ghosn" under a picture of the magnate.

"A Lebanese phoenix will not be scorched by a Japanese sun," Interior Minister Nohad Machnouk has declared.

Carlos Ghosn is expected to be charged and face new allegations of financial misconduct Monday, meaning the once-revered auto tycoon is likely to be spending Christmas in a Japanese cell.

Carlos Ghosn is expected to be charged and face new allegations of financial misconduct Monday, meaning the once-revered auto tycoon is likely to be spending Christmas in a Japanese cell. In a fall from grace that stunned the business world, the former Nissan chairman was arrested on November 19 on suspicion of under-declaring his income by some five billion yen ($44 million) between 2010 and 2015. On Monday, authorities are expected to press formal charges over this allegation, and re-arrest him on suspicion that he also under-reported his income by a further four billion over the past three years. Under Japanese law, suspects can be re-arrested several times for different allegations, allowing prosecutors to question them for prolonged periods -- a system that has attracted criticism internationally. Monday represents the final day prosecutors can hold Ghosn and close aide Greg Kelly before either charging or re-arresting them, and a further arrest would allow them another 22 days of questioning. In addition to charges against Ghosn, prosecutors are also preparing to indict Nissan itself, according to local media, as the company submitted the official documents that under-reported the income. Ghosn denies the charges and is in a "combative" frame of mind, according to sources at Renault, the company he still formally leads -- even if the French car giant has appointed an interim chairman. The Japanese firms in the three-way alliance with Renault -- Nissan and Mitsubishi Motors -- have both sacked the Franco-Lebanese-Brazilian as chairman. Lebanese phoenix The millionaire auto sector star, who attracted some criticism for a perceived lavish lifestyle, is now alone in a spartan cell in a Tokyo detention centre, in a tiny room measuring just three tatami mats -- around five square metres. He has reportedly told embassy visitors he is being well treated but has complained of the cold, with Monday's temperature in the Japanese capital hovering around five degrees Celsius. He spends his time reading books and news reports and is said to be unhappy about the rice-based food. According to local news agency Kyodo, he 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 has not yet been definitively fixed. A source close to the investigation has said Ghosn and Kelly allegedly put the system in place after a new law came in obliging the highest-paid members of the firm to declare their salary. Ghosn is suspected of deferring part of his pay to avoid criticism from staff and shareholders that his salary was too generous. "We are closely watching if he is actually indicted and then found guilty," said Satoru Takada, an analyst at TIW, a Tokyo-based research and consulting firm. "If he is exempted from prosecution or found innocent, it is going to create huge confusion in Nissan's management," Takada told AFP. It is unclear if Ghosn can be bailed before a potential trial. In Japan, prosecutors and defendants begin a trial at a district court and can appeal to a high court and the Supreme Court. It may take several years before reaching a final judgement. If found guilty, Ghosn could face a 10-year prison sentence. The affair represents a staggering turnaround for a figure celebrated for saving Nissan from the brink of bankruptcy and rebuilding it as a money-making subsidiary of Renault. Nissan has begun a process of choosing Ghosn's successor, with the final decision expected on December 17. His arrest has sparked incredulity at Renault, which owns 43 percent of Nissan and says it has not seen a detailed account of the charges against Ghosn. It has also fuelled anger in Lebanon, with digital billboards around Beirut proclaiming "We are all Carlos Ghosn" under a picture of the magnate. "A Lebanese phoenix will not be scorched by a Japanese sun," Interior Minister Nohad Machnouk has declared.

Ex-Nissan chief Ghosn set to be charged, face new allegations

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

Top executives from Mitsubishi Motors gather on Monday to sack Carlos Ghosn as chairman over alleged financial misconduct that the once-revered tycoon denies, as further allegations leaked out against him.

At an emergency meeting in Tokyo, "it is to be proposed to the Board of Directors to promptly remove Ghosn from his position as... chairman," said the Japanese firm, the third company in the powerful alliance also involving Nissan and Renault.

Following his stunning arrest last Monday, the 64-year-old Brazil-born Frenchman began his second week in a Japanese detention centre facing allegations he under-reported his salary to the tune of $44 million over several years.

He has not been formally charged and denies the allegations, telling prosecutors he had no intention of under-declaring his compensation.

Fellow executive Greg Kelly, described as the mastermind behind the alleged misconduct, has also reportedly denied the allegations, stressing that his boss's compensation was paid in an appropriate fashion.

The board of Nissan decided unanimously on Thursday to oust Ghosn as chairman, a spectacular fall from grace for the dynamic businessman credited with turning around the firm's once-flagging fortunes by tying its fate to Renault.

The executives made their decision "based on the copious amount and compelling nature of the evidence of misconduct presented," said a company spokesman.

According to local media, Nissan formed a "secret" cell within the firm to look into the alleged financial misdeed.

Executives accelerated the probe amid concerns Ghosn was working on a fully-fledged merger between Nissan and Renault, Kyodo News said without naming its sources.

Renault is the dominant partner in the alliance, holding 43 per cent of the shares in Nissan, but the Japanese firm outsells its French counterpart -- sparking concern in Tokyo about the balance of power.

Together, the three-way alliance is the world's top-selling car company, with some 10.6 million vehicles rolling off the production line. It employs around 450,000 people worldwide.

Renault, which is 15-percent owned by the French state, has decided to stick by Ghosn for now, appointing an interim boss while the current CEO and chairman is "incapacitated."

'Conspiracy theory'

France's economy minister Bruno Le Maire has urged the Japanese firm to share "quickly" whatever evidence it has gathered and stressed Ghosn will stay at the helm of Renault "until there are tangible charges."

However, Le Maire also said "I do not believe in a conspiracy theory" amid talk of a so-called "palace coup" within Nissan to prevent Ghosn merging the firm with Renault.

Nissan's CEO Hiroto Saikawa spoke to staff on Monday to address the issue. Saikawa, who rose through the Nissan ranks under Ghosn's wing, has already spoken of his "great resentment and dismay" at the allegations.

Meanwhile, further claims continued to leak out in the Japanese media of Ghosn's alleged misconduct.

Officially, prosecutors are looking into allegations that he understated his income by around five billion yen ($44 million) between June 2011 and June 2015.

But the Asahi Shimbun said authorities are planning to re-arrest him on charges of understating his income by a further three billion yen -- for a total of $71 million -- for the following three fiscal years.

Under Japanese law, suspects can face additional arrest warrants, which can result in heavier penalties. The current allegations could see Ghosn facing 10 years behind bars and/or a 10-million-yen fine.

Separately, Kyodo has reported that Nissan paid $100,000 annually since 2002 to Ghosn's sister for a fictive "advisory" role.

And the Mainichi Shimbun reported on Monday that Ghosn used Nissan's corporate money to pay a donation to his daughter's university and also charged family trips to the company.

Top executives from Mitsubishi Motors gather on Monday to sack Carlos Ghosn as chairman over alleged financial misconduct that the once-revered tycoon denies, as further allegations leaked out against him.

Top executives from Mitsubishi Motors gather on Monday to sack Carlos Ghosn as chairman over alleged financial misconduct that the once-revered tycoon denies, as further allegations leaked out against him. At an emergency meeting in Tokyo, "it is to be proposed to the Board of Directors to promptly remove Ghosn from his position as... chairman," said the Japanese firm, the third company in the powerful alliance also involving Nissan and Renault. Following his stunning arrest last Monday, the 64-year-old Brazil-born Frenchman began his second week in a Japanese detention centre facing allegations he under-reported his salary to the tune of $44 million over several years. He has not been formally charged and denies the allegations, telling prosecutors he had no intention of under-declaring his compensation. Fellow executive Greg Kelly, described as the mastermind behind the alleged misconduct, has also reportedly denied the allegations, stressing that his boss's compensation was paid in an appropriate fashion. The board of Nissan decided unanimously on Thursday to oust Ghosn as chairman, a spectacular fall from grace for the dynamic businessman credited with turning around the firm's once-flagging fortunes by tying its fate to Renault. The executives made their decision "based on the copious amount and compelling nature of the evidence of misconduct presented," said a company spokesman. According to local media, Nissan formed a "secret" cell within the firm to look into the alleged financial misdeed. Executives accelerated the probe amid concerns Ghosn was working on a fully-fledged merger between Nissan and Renault, Kyodo News said without naming its sources. Renault is the dominant partner in the alliance, holding 43 per cent of the shares in Nissan, but the Japanese firm outsells its French counterpart -- sparking concern in Tokyo about the balance of power. Together, the three-way alliance is the world's top-selling car company, with some 10.6 million vehicles rolling off the production line. It employs around 450,000 people worldwide. Renault, which is 15-percent owned by the French state, has decided to stick by Ghosn for now, appointing an interim boss while the current CEO and chairman is "incapacitated." 'Conspiracy theory' France's economy minister Bruno Le Maire has urged the Japanese firm to share "quickly" whatever evidence it has gathered and stressed Ghosn will stay at the helm of Renault "until there are tangible charges." However, Le Maire also said "I do not believe in a conspiracy theory" amid talk of a so-called "palace coup" within Nissan to prevent Ghosn merging the firm with Renault. Nissan's CEO Hiroto Saikawa spoke to staff on Monday to address the issue. Saikawa, who rose through the Nissan ranks under Ghosn's wing, has already spoken of his "great resentment and dismay" at the allegations. Meanwhile, further claims continued to leak out in the Japanese media of Ghosn's alleged misconduct. Officially, prosecutors are looking into allegations that he understated his income by around five billion yen ($44 million) between June 2011 and June 2015. But the Asahi Shimbun said authorities are planning to re-arrest him on charges of understating his income by a further three billion yen -- for a total of $71 million -- for the following three fiscal years. Under Japanese law, suspects can face additional arrest warrants, which can result in heavier penalties. The current allegations could see Ghosn facing 10 years behind bars and/or a 10-million-yen fine. Separately, Kyodo has reported that Nissan paid $100,000 annually since 2002 to Ghosn's sister for a fictive "advisory" role. And the Mainichi Shimbun reported on Monday that Ghosn used Nissan's corporate money to pay a donation to his daughter's university and also charged family trips to the company.

Carlos Ghosn faces Mitsubishi sack as more allegations surface

Japanese car firm <a href="http://www.wionews.com/world/nissan-ceo-tells-staff-feels-dismay-at-ghosn-scandal-179100">Mitsubishi Motors today</a>&nbsp;sacked Carlos Ghosn, 64, as chairman&nbsp;over alleged financial misconduct at the Japanese-based car company.

"During today's board meeting, it was decided that he is dismissed as chairman," the company said in a statement.

The <a href="http://www.wionews.com/business-economy/nissan-board-sacks-carlos-ghosn-as-chairman-media-178798">high-profile ex-chairman was arrested</a> last week after reports of financial mismanagement emerged. The eight-member Mitsubishi board met at the Yokohama headquarters in Tokyo to dismiss Ghosn. The meeting was attended by several hundred staff members which was presided by CEO Hiroto Saikawa.

Nissan CEO Hiroto Saikawa had said earlier that concentration of power in Ghosn meant there was a lack of direct communication between the other alliance board members, Reuters reported.

Ghosn allegedly underreported his salary to the tune of&nbsp; $44 million between June 2011 and June 2015. The company said Ghosn was ousted "based on the copious amount and compelling nature of the evidence of misconduct presented."

Japanese media reports said authorities are planning to re-arrest him on charges of understating his income totaling $71 million. According to local media reports, Nissan has formed a secret cell within the company to look into the alleged financial misconduct of Ghosn.

However, France has decided to stand by Ghosn for now, it has appointed Thierry Bollore as the interim CEO of Renault. The Mitsubishi-Nissan-Renault trinity is one of the biggest car entity in the world selling over 10 million cars worldwide employing thousands of employees.

Ghosn faces 10 years imprisonment according to Japanese law. Ghosn has denied the allegations.

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Japanese car firm Mitsubishi Motors today sacked Carlos Ghosn, 64, as chairman over alleged financial misconduct at the Japanese-based car company. "During today's board meeting, it was decided that he is dismissed as chairman," the company said in a statement.

Japanese car firm Mitsubishi Motors today sacked Carlos Ghosn, 64, as chairman over alleged financial misconduct at the Japanese-based car company. "During today's board meeting, it was decided that he is dismissed as chairman," the company said in a statement. The high-profile ex-chairman was arrested last week after reports of financial mismanagement emerged. The eight-member Mitsubishi board met at the Yokohama headquarters in Tokyo to dismiss Ghosn. The meeting was attended by several hundred staff members which was presided by CEO Hiroto Saikawa. Nissan CEO Hiroto Saikawa had said earlier that concentration of power in Ghosn meant there was a lack of direct communication between the other alliance board members, Reuters reported. Ghosn allegedly underreported his salary to the tune of $44 million between June 2011 and June 2015. The company said Ghosn was ousted "based on the copious amount and compelling nature of the evidence of misconduct presented." Japanese media reports said authorities are planning to re-arrest him on charges of understating his income totaling $71 million. According to local media reports, Nissan has formed a secret cell within the company to look into the alleged financial misconduct of Ghosn. However, France has decided to stand by Ghosn for now, it has appointed Thierry Bollore as the interim CEO of Renault. The Mitsubishi-Nissan-Renault trinity is one of the biggest car entity in the world selling over 10 million cars worldwide employing thousands of employees. Ghosn faces 10 years imprisonment according to Japanese law. Ghosn has denied the allegations. ×

Mitsubishi sacks Carlos Ghosn over alleged financial misconduct

Renault board refrains from ousting Carlos Ghosn

Nissan and Mitsubishi shares plunged Tuesday, as the automakers prepared to oust chairman Carlos Ghosn a day after he was arrested for alleged financial misconduct.

Ghosn's arrest sent shockwaves through the auto industry, where he was a towering figure, as well as Tokyo markets, which opened lower as Nissan fell more than six per cent.

And his legacy appeared in danger of total collapse, with his own handpicked successor as Nissan CEO accusing Ghosn of accruing too much power, in what he called the "dark side" of his leadership.

The spectacular fall of the Brazil-born executive also raised questions about the future of the sometimes fractious alliance he led of Nissan, Mitsubishi and Renault.

Both Nissan and Mitsubishi have said they will propose his removal as chairman, with Renault's board also meeting to discuss his fate.

On Tuesday there were still many unanswered questions about the allegations against a man long credited with an almost magical ability to turn around ailing auto companies.

Nissan's CEO said a months-long investigation prompted by a whistleblower had uncovered years of financial wrongdoing, including under-reporting of Ghosn's salary and misuse of company assets.

Prosecutors said they were holding him as they investigated allegations he had under-reported his income by around five billion yen ($44.5 million) over five years.

The shock of his arrest was compounded by the harsh language levelled against him by Nissan CEO, Hiroto Saikawa, who in a press conference accused Ghosn of accruing too much power.

"Too much authority was given to one person in terms of governance," he told reporters at Nissan's headquarters in Yokohama on Monday.

"I have to say that this is a dark side of the Ghosn era which lasted for a long time."

Saikawa said he was still thinking through whether Ghosn was "a charismatic figure or a tyrant."

'Years of financial misconduct'

It was an almost unthinkable turn of events for Ghosn, 64, who had earned a virtually unparalleled reputation, particularly in Japan, for his role in resurrecting Nissan.

Ghosn has dominated the country's corporate landscape and is a well-known figure among the general public, who know him as "Mr Fix It", partly through a popular manga comic of his life story.

But the tables had turned Tuesday, with the Yomiuri Shimbun described executives at Nissan slamming Ghosn as "greedy."

"He says the right things, but in the end, it's all about money," the daily quoted employees as saying.

It was unclear how long Ghosn could be held, or even when prosecutors would officially announce the charges against him.&nbsp;

Nissan said it had uncovered years of financial misconduct by Ghosn and Representative Director Greg Kelly, including under-reporting of income and inappropriate personal use of company assets.

Saikawa gave few details and refused to confirm reports that Ghosn under-reported his income by 5 billion yen, or around $44 million, over five years from 2011.&nbsp;

He said an ongoing investigation limited what details could be shared, and refused to be drawn on whether other people were involved, saying only: "These two gentlemen are the masterminds, that is definite."

Saikawa insisted the partnership among Nissan, Renault and Mitsubishi "will not be affected by this event," but had no details on how the other firms would respond, or who might succeed Ghosn.

The news sparked concern in France, where the state owns a 15 per cent stake in Renault. President Emmanuel Macron said Paris would be "extremely vigilant" about the stability of the firm and its three-way tie-up.

And French Finance Minister Bruno Le Maire said the government would "do everything as a shareholder represented on Renault's board to ensure operational continuity and stable governance at Renault."

Despite his international renown and rock-star status, particularly in Japan, where he was a rare foreign-born executive, Ghosn was not without detractors.

He earned admiration but also anger for his ruthless restructuring at firms like Nissan, and was nicknamed "Le Cost Cutter" in France.

And his pay packet was regularly the subject of criticism, including at Renault, where it sparked a spat with shareholders.

Nissan and Mitsubishi shares plunged Tuesday, as the automakers prepared to oust chairman Carlos Ghosn a day after he was arrested for alleged financial misconduct.

Nissan and Mitsubishi shares plunged Tuesday, as the automakers prepared to oust chairman Carlos Ghosn a day after he was arrested for alleged financial misconduct. Ghosn's arrest sent shockwaves through the auto industry, where he was a towering figure, as well as Tokyo markets, which opened lower as Nissan fell more than six per cent. And his legacy appeared in danger of total collapse, with his own handpicked successor as Nissan CEO accusing Ghosn of accruing too much power, in what he called the "dark side" of his leadership. The spectacular fall of the Brazil-born executive also raised questions about the future of the sometimes fractious alliance he led of Nissan, Mitsubishi and Renault. Both Nissan and Mitsubishi have said they will propose his removal as chairman, with Renault's board also meeting to discuss his fate. On Tuesday there were still many unanswered questions about the allegations against a man long credited with an almost magical ability to turn around ailing auto companies. Nissan's CEO said a months-long investigation prompted by a whistleblower had uncovered years of financial wrongdoing, including under-reporting of Ghosn's salary and misuse of company assets. Prosecutors said they were holding him as they investigated allegations he had under-reported his income by around five billion yen ($44.5 million) over five years. The shock of his arrest was compounded by the harsh language levelled against him by Nissan CEO, Hiroto Saikawa, who in a press conference accused Ghosn of accruing too much power. "Too much authority was given to one person in terms of governance," he told reporters at Nissan's headquarters in Yokohama on Monday. "I have to say that this is a dark side of the Ghosn era which lasted for a long time." Saikawa said he was still thinking through whether Ghosn was "a charismatic figure or a tyrant." 'Years of financial misconduct' It was an almost unthinkable turn of events for Ghosn, 64, who had earned a virtually unparalleled reputation, particularly in Japan, for his role in resurrecting Nissan. Ghosn has dominated the country's corporate landscape and is a well-known figure among the general public, who know him as "Mr Fix It", partly through a popular manga comic of his life story. But the tables had turned Tuesday, with the Yomiuri Shimbun described executives at Nissan slamming Ghosn as "greedy." "He says the right things, but in the end, it's all about money," the daily quoted employees as saying. It was unclear how long Ghosn could be held, or even when prosecutors would officially announce the charges against him. Nissan said it had uncovered years of financial misconduct by Ghosn and Representative Director Greg Kelly, including under-reporting of income and inappropriate personal use of company assets. Saikawa gave few details and refused to confirm reports that Ghosn under-reported his income by 5 billion yen, or around $44 million, over five years from 2011. He said an ongoing investigation limited what details could be shared, and refused to be drawn on whether other people were involved, saying only: "These two gentlemen are the masterminds, that is definite." Saikawa insisted the partnership among Nissan, Renault and Mitsubishi "will not be affected by this event," but had no details on how the other firms would respond, or who might succeed Ghosn. The news sparked concern in France, where the state owns a 15 per cent stake in Renault. President Emmanuel Macron said Paris would be "extremely vigilant" about the stability of the firm and its three-way tie-up. And French Finance Minister Bruno Le Maire said the government would "do everything as a shareholder represented on Renault's board to ensure operational continuity and stable governance at Renault." Despite his international renown and rock-star status, particularly in Japan, where he was a rare foreign-born executive, Ghosn was not without detractors. He earned admiration but also anger for his ruthless restructuring at firms like Nissan, and was nicknamed "Le Cost Cutter" in France. And his pay packet was regularly the subject of criticism, including at Renault, where it sparked a spat with shareholders.

Nissan shares plunge as Ghosn faces ouster after arrest

Brazilian-born Carlos Ghosn, who is facing a pay scandal in Japan, has long stood out among the world's auto executives as a hard-nosed workaholic willing to take drastic measures to get companies back on their feet quickly.&nbsp;

As head of the Renault-Nissan-Mitsubishi alliance, Ghosn has created an industrial behemoth, its combined 470,000 employees selling 10.6 million vehicles last year from 122 factories around the globe.

But the group now looks troubled after Japanese police reportedly arrested Ghosn on suspicion he failed to report his full compensation to stock market authorities as chairman of Nissan.

Nissan's board has said it will seek his removal after a months-long inquiry prompted by a whistle-blower uncovered "significant acts of misconduct."

It is not the first time Ghosn has gotten into hot water over pay, in particular a combined salary that makes him one of the highest-paid CEOs in France and one of the best-paid foreign executives in Japan.

Last year he denied a report the alliance was planning to pay hidden bonuses to its executives by setting up a company in the Netherlands.

And in February the French state, which owns a 15 per cent stake in Renault, forced Ghosn to accept a 30 per cent pay cut from the 7.25 million euros ($8.3 million) he took home as Renault CEO last year, calling the amount "excessive".

The government had already put its foot down in 2016, joining with 54 per cent of voters at Renault's annual meeting in refusing to authorise a &nbsp;7.25-million-euro pay package.

The vote was overruled by Renault's board, but Ghosn later accepted a pay cut after Emmanuel Macron, France's finance minister at the time, threatened to step in with a new compensation law.

"Compensation is more scrutinised today than in the past," Ghosn told The Financial Times in June, but added: "You won't have any CEO say, 'I'm overly compensated'."

'Never accept interference'

Long nicknamed "Le Cost Killer" in France, Ghosn began his career with the tyre-maker Michelin and, after a early stint in Brazil, was quickly promoted and earned a reputation for turning around its North American operations.

From there, he was recruited by Renault in 1996 to work alongside then CEO Louis Schweitzer, where he helped return the company to profitability by making the former state-owned carmaker leaner and more efficient.

Just three years later, he was sent to head the newly acquired Nissan group with the challenge of doing the same thing within two years. He managed it within one.

The performance made him a hero in Japan, where manga comics are devoted to the suave businessman known for always being up before dawn after just six hours of sleep a night.

"A boss has to have 100 per cent freedom to act and 100 per cent responsibility for what he does. I have never tolerated any wavering from that principle, I will never accept any interference," he once said.

After restoring Renault and Nissan to sound financial footing -- in the process shedding thousands of jobs at each company -- Ghosn, who has French citizenship, quickly shifted into higher gear by pressing hard to develop electric cars.

More recently he has been focusing on reviving Mitsubishi, which secured a lifeline in 2016 from Nissan after it bought a 34 per cent stake.

Globetrotter

Crossing borders and adapting to different cultures have never been a problem for 64-year-old Ghosn.

Born in Brazil on March 9, 1954, to Lebanese parents, he was reportedly able to distinguish types of cars at the age of five just by the sound of their horns.

At the age of six, he went to live in the Lebanese capital Beirut with his mother and attended a Jesuit high school there.

Later he moved to Paris where he picked up degrees at two of France's most elite schools, including the Polytechnique engineering university.

His Portuguese, Spanish, Italian, French and English are fluent, and he has picked up a working knowledge of Japanese during his time at Nissan.

Yet he also fiercely guarded his personal time and maintains his ties with Lebanon, where he has invested in a winery.

"I do not bring my work home. I play with my four children and spend time with my family on weekends," he once told Fortune magazine.

"When I go to work on Monday... I come up with good ideas as a result of becoming stronger after being recharged."

&nbsp;

Brazilian-born Carlos Ghosn, who is facing a pay scandal in Japan, has long stood out among the world's auto executives as a hard-nosed workaholic willing to take drastic measures to get companies back on their feet quickly.

Brazilian-born Carlos Ghosn, who is facing a pay scandal in Japan, has long stood out among the world's auto executives as a hard-nosed workaholic willing to take drastic measures to get companies back on their feet quickly. As head of the Renault-Nissan-Mitsubishi alliance, Ghosn has created an industrial behemoth, its combined 470,000 employees selling 10.6 million vehicles last year from 122 factories around the globe. But the group now looks troubled after Japanese police reportedly arrested Ghosn on suspicion he failed to report his full compensation to stock market authorities as chairman of Nissan. Nissan's board has said it will seek his removal after a months-long inquiry prompted by a whistle-blower uncovered "significant acts of misconduct." It is not the first time Ghosn has gotten into hot water over pay, in particular a combined salary that makes him one of the highest-paid CEOs in France and one of the best-paid foreign executives in Japan. Last year he denied a report the alliance was planning to pay hidden bonuses to its executives by setting up a company in the Netherlands. And in February the French state, which owns a 15 per cent stake in Renault, forced Ghosn to accept a 30 per cent pay cut from the 7.25 million euros ($8.3 million) he took home as Renault CEO last year, calling the amount "excessive". The government had already put its foot down in 2016, joining with 54 per cent of voters at Renault's annual meeting in refusing to authorise a 7.25-million-euro pay package. The vote was overruled by Renault's board, but Ghosn later accepted a pay cut after Emmanuel Macron, France's finance minister at the time, threatened to step in with a new compensation law. "Compensation is more scrutinised today than in the past," Ghosn told The Financial Times in June, but added: "You won't have any CEO say, 'I'm overly compensated'." 'Never accept interference' Long nicknamed "Le Cost Killer" in France, Ghosn began his career with the tyre-maker Michelin and, after a early stint in Brazil, was quickly promoted and earned a reputation for turning around its North American operations. From there, he was recruited by Renault in 1996 to work alongside then CEO Louis Schweitzer, where he helped return the company to profitability by making the former state-owned carmaker leaner and more efficient. Just three years later, he was sent to head the newly acquired Nissan group with the challenge of doing the same thing within two years. He managed it within one. The performance made him a hero in Japan, where manga comics are devoted to the suave businessman known for always being up before dawn after just six hours of sleep a night. "A boss has to have 100 per cent freedom to act and 100 per cent responsibility for what he does. I have never tolerated any wavering from that principle, I will never accept any interference," he once said. After restoring Renault and Nissan to sound financial footing -- in the process shedding thousands of jobs at each company -- Ghosn, who has French citizenship, quickly shifted into higher gear by pressing hard to develop electric cars. More recently he has been focusing on reviving Mitsubishi, which secured a lifeline in 2016 from Nissan after it bought a 34 per cent stake. Globetrotter Crossing borders and adapting to different cultures have never been a problem for 64-year-old Ghosn. Born in Brazil on March 9, 1954, to Lebanese parents, he was reportedly able to distinguish types of cars at the age of five just by the sound of their horns. At the age of six, he went to live in the Lebanese capital Beirut with his mother and attended a Jesuit high school there. Later he moved to Paris where he picked up degrees at two of France's most elite schools, including the Polytechnique engineering university. His Portuguese, Spanish, Italian, French and English are fluent, and he has picked up a working knowledge of Japanese during his time at Nissan. Yet he also fiercely guarded his personal time and maintains his ties with Lebanon, where he has invested in a winery. "I do not bring my work home. I play with my four children and spend time with my family on weekends," he once told Fortune magazine. "When I go to work on Monday... I come up with good ideas as a result of becoming stronger after being recharged."

Carlos Ghosn, the auto world's 'cost killer'

French car major Renault on Friday said it will increase prices of Kwid, Duster and Lodgy by up to 3 per cent from January to partially offset the impact of rising input costs.

The company has however kept its recently launched premium SUV Captur out of the price revision.

&quot;The price hike will be applicable on Kwid, Duster and Lodgy...Reasons of the price hike are to partially offset the impact of rising input and freight costs,&quot; the company said in a statement.

Yesterday, Mahindra &amp; Mahindra and Volkswagen announced to increase prices of their respective vehicles in the country.

While Mahindra announced to increase prices of passenger and commercial vehicles by up to 3 per cent from January, Volkswagen said it will hike prices by up to Rs 20,000.

Already, Maruti Suzuki India, Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu have announced price hike from early next year.

Already, Maruti Suzuki India, Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu have announced price hike from early next year

French car major Renault on Friday said it will increase prices of Kwid, Duster and Lodgy by up to 3 per cent from January to partially offset the impact of rising input costs. The company has however kept its recently launched premium SUV Captur out of the price revision. "The price hike will be applicable on Kwid, Duster and Lodgy...Reasons of the price hike are to partially offset the impact of rising input and freight costs," the company said in a statement. Yesterday, Mahindra & Mahindra and Volkswagen announced to increase prices of their respective vehicles in the country. While Mahindra announced to increase prices of passenger and commercial vehicles by up to 3 per cent from January, Volkswagen said it will hike prices by up to Rs 20,000. Already, Maruti Suzuki India, Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu have announced price hike from early next year.

Renault to hike prices of Kwid, Duster, Lodgy by up to 3%

German carmaker Mercedes&minus;Benz launched AMG CLA 45 and GLA 45 4MATIC in a bid to corner the luxury car market in India.

Mercedes-AMG CLA 45 is priced onwards 75.2 lakhs and GLA 45 4MATIC has been pegged onwards 77.85 lakhs, reports said.

AMG CLA 45 4matic comes with revised AMG front apron with new A-wing design and louvres in the outer air intakes. The company said it had improved aerodynamics by redesigned spoiler lip on the rear.

The car has been fitted with AMG radiator grille with twin louvre finished in silver chrome, LED high-performance headlamps, AMG E-SELECT selector lever and master key with AMG emblem as standard equipment.

Mercedes-AMG GLA 45 4MATIC comes with a redesigned front apron and louvres in three air intakes with front splitter insert in silver chrome and flics in high-gloss black for optimized cooling airflow.

The dashboard has been finished in ARTICO man-made leather with red topstitching.&nbsp;

The car is powered by the AMG 2.0-litre 4 cylinder turbo engine producing 280 kW @ 6000 rpm and up to 475 Nm of torque between 2250-5000 rpm in 0-100 in 4.4 seconds. &nbsp;

Mercedes-AMG has launched seven cars this year as India&#39;s luxury segment hots up with consumers ready to put their money on the best car available in the market.

The German carmaker which had launched its E-class variant last year has 45 per cent market share in India and is eyeing a larger chunk in the ever-growing Indian market.&nbsp;

While launching the car, Roland Folger, MD and CEO of Mercedes-Benz India, said: &quot;With our AMG 45 range, we provide our customers with a product that embodies the motorsport DNA while adding the practicality of everyday use.&quot;

&quot;The Mercedes-AMG CLA 45 and GLA 45 4Matic have been modified, keeping in mind the changing Indian market sentiments and to suit the young generation&#39;s requirements,&quot; Folger added. 
&nbsp;

AMG CLA 45 4matic comes with revised AMG front apron with new A-wing design and louvres in the outer air intakes.

German carmaker Mercedes−Benz launched AMG CLA 45 and GLA 45 4MATIC in a bid to corner the luxury car market in India. Mercedes-AMG CLA 45 is priced onwards 75.2 lakhs and GLA 45 4MATIC has been pegged onwards 77.85 lakhs, reports said. AMG CLA 45 4matic comes with revised AMG front apron with new A-wing design and louvres in the outer air intakes. The company said it had improved aerodynamics by redesigned spoiler lip on the rear. The car has been fitted with AMG radiator grille with twin louvre finished in silver chrome, LED high-performance headlamps, AMG E-SELECT selector lever and master key with AMG emblem as standard equipment. Mercedes-AMG GLA 45 4MATIC comes with a redesigned front apron and louvres in three air intakes with front splitter insert in silver chrome and flics in high-gloss black for optimized cooling airflow. The dashboard has been finished in ARTICO man-made leather with red topstitching. The car is powered by the AMG 2.0-litre 4 cylinder turbo engine producing 280 kW @ 6000 rpm and up to 475 Nm of torque between 2250-5000 rpm in 0-100 in 4.4 seconds. Mercedes-AMG has launched seven cars this year as India's luxury segment hots up with consumers ready to put their money on the best car available in the market. The German carmaker which had launched its E-class variant last year has 45 per cent market share in India and is eyeing a larger chunk in the ever-growing Indian market. While launching the car, Roland Folger, MD and CEO of Mercedes-Benz India, said: "With our AMG 45 range, we provide our customers with a product that embodies the motorsport DNA while adding the practicality of everyday use." "The Mercedes-AMG CLA 45 and GLA 45 4Matic have been modified, keeping in mind the changing Indian market sentiments and to suit the young generation's requirements," Folger added.

Mercedes-Benz launches AMG CLA, GLA

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