Japan prosecutors weigh bringing case against Nissan after Ghosn arrest -Asahi

This file photo taken on January 4, 2016 shows chairman, president and CEO of Nissan Motor, Carlos Ghosn, gesturing during a press conference at the company's Brazilian headquarters in downtown Rio de Janeiro. (AFP)
Updated 21 November 2018
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Japan prosecutors weigh bringing case against Nissan after Ghosn arrest -Asahi

  • Ghosn, one of the global car industry’s best-known leaders, was arrested on Monday after Nissan’s internal investigations found he had allegedly engaged in years of wrongdoing

TOKYO: Japanese prosecutors are considering bringing a case against Nissan Motor Co. after Chairman Carlos Ghosn’s arrest on suspicion of financial misconduct, the Asahi Shimbun daily said on Wednesday.
Ghosn, one of the global car industry’s best-known leaders, was arrested on Monday after Nissan’s internal investigations found he had allegedly engaged in years of wrongdoing, including personal use of company money and under-reporting earnings. The Japanese company plans to remove him as chairman on Thursday.
Prosecutors said Ghosn and Representative Director Greg Kelly conspired to understate Ghosn’s compensation over five years starting in fiscal 2010 as being about half of the actual 10 billion yen ($88.65 million).
The Asahi quoted unnamed sources as saying that the mis-stating meant the company also bore responsibility and that prosecutors were eyeing the possibility of putting together a case against it.
Prosecutors were not immediately able to comment. Nissan declined to comment on the report.
There has been no comment from Ghosn or Kelly on any of the allegations against them, including a report in Japan’s Nikkei business daily on Tuesday that Ghosn had received share price-linked compensation of about 4 billion yen over a five-year period to March 2015 but that it went unreported in Nissan’s financial reports.
Reuters could not contact Ghosn or Kelly for comment.
Ghosn is also chairman and chief executive of Nissan’s French partner Renault, and chairman of Japan’s Mitsubishi Motors Corp, the third partner in the alliance.
Renault on Tuesday tapped its chief operating officer and a senior board member to fill in for Ghosn, but the board refrained from firing him while awaiting for detail on the allegations — a decision that could buy more time for an accelerated, permanent succession process.
Shares in Nissan rose 0.6 percent on Wednesday after falling nearly 6 percent a day earlier. ($1 = 112.8000 yen)


UAE’s Central Bank reshuffles board of directors

Updated 17 December 2018
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UAE’s Central Bank reshuffles board of directors

DUBAI: The UAE Central Bank’s board of directors has been reshuffled under a decree by President Sheikh Khalifa bin Zayed, according to the state news agency WAM.
Central Bank Gov. Mubarak Rashed Khamis Al-Mansoori has been reappointed for the next four years, the agency said.
Other members of the board reappointed for the next four years include Hareb Masoud Hamad Al-Darmaki as chairman; Abdulrahman Saleh Al-Saleh as vice chairman; and Younis Hajji Al-Khoori, Khalid Mohammed Salem Balama, Khalid Ahmed Altayer and Ali Mohammed Bakheet Al-Rumaithi.
The central bank said in a statement it had been working with the bank and the government of Sharjah to develop a plan to strengthen the lender’s capital base.
The UAE central bank said it would “support Invest Bank with all the available liquidity facilities, which remain at Invest Bank’s disposal; if, and when, needed.”