Nissan Renault chief Carlos Ghosn faces arrest in Japan

[nitpicker]

https://www.theguardian.com/business/2018/nov/19/nissan-renault-carlos-ghosn-arrest-shares

Nissan Renault chief Carlos Ghosn faces arrest in Japan

Shares slide after executive is alleged to have understated income on financial statements

Jasper Jolly

Mon 19 Nov 2018 10.40 GMT Last modified on Mon 19 Nov 2018 11.36 GMT

Carlos Ghosn, the chairman of Nissan and chief executive of Renault, faces arrest in Japan and will be sacked by the car manufacturers for alleged financial violations. Renault’s market value dived by €2bn (£1.78bn) to €17bn after the report, with shares falling by 11%. The value of Nissan securities listed in Germany fell by 12%.

Ghosn was suspected of having understated his income on financial statements and had agreed to voluntarily speak to prosecutors. He was exposed by a whistleblower, Nissan said.

In a statement, Nissan said that “over many years” Ghosn and another senior executive, Greg Kelly, had been “reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation”.

Nissan added: “Numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly’s deep involvement has also been confirmed.”

Hiroto Saikawa, the chief executive and only remaining survivor of the firm’s top three executives, will propose to the board that Ghosn and Kelly be dismissed, citing “clear violations of the duty of care as directors”.
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[still_one]

1. According to Bloomberg he has been arrested