Nissan ex-chairman Ghosn expected to be indicted on Monday

Carlos Ghosn was sacked by Nissan
Updated 07 December 2018
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Nissan ex-chairman Ghosn expected to be indicted on Monday

  • Nissan and the two former executives would likely be indicted over misstatements in five annual reports through the fiscal year that ended in March 2015
  • Ghosn was arrested for allegedly conspiring to understate his income by about half of the actual 10 billion yen ($88.66 million) over five years from 2010

TOKYO: Tokyo prosecutors plan to indict former Nissan Motor Co. Ltd. Chairman Carlos Ghosn on Monday for financial misconduct, the Nikkei business daily reported, ratcheting up their case against the auto tycoon.
Prosecutors also plan to indict on the same day former representative director Greg Kelly as well as the automaker itself, the Nikkei said on Friday, citing unidentified sources.
The Nov. 19 arrest of Ghosn and Kelly shook the foundations of the Renault-Nissan alliance and stunned the auto industry, where Ghosn is renowned for turning around the French and Japanese carmakers. Ghosn remains chairman and chief executive of Renault SA.
Ghosn and Kelly’s detention period runs until Monday, when prosecutors must decide to indict, release, or rearrest them on new claims.
The Nikkei said the two former executives and Nissan would likely be indicted over the alleged underreporting of salaries in five annual reports through the business year that ended in March 2015.
Ghosn and Kelly are also likely to be rearrested on suspicion of making misstatements in reports for the subsequent three business years, the newspaper reported.
The Nikkei said making false statements in an annual report was a crime for which not just the individuals involved but also companies can be held accountable, and prosecutors wanted to charge Nissan for not preventing the alleged crime.
Representatives for the Tokyo District Public Prosecutor’s Office and Nissan declined to comment.
Ghosn was arrested for allegedly conspiring to understate his income by about half of the actual 10 billion yen ($88.66 million) over five years from 2010. Kelly was accused of assisting.
Ghosn and Kelly have not made any statement through their lawyers, but Japanese media reported that they have denied the allegations. 


Indian rupee, bonds slump after cenbank governor’s resignation

In this file photo taken on April 1, 2014, the Reserve Bank of India (RBI) logo is seen on the main entrance gate of the RBI headquarters in Mumbai. (AFP)
Updated 2 min 10 sec ago
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Indian rupee, bonds slump after cenbank governor’s resignation

  • The RBI governor resigned abruptly after a months-long tussle over policy with the government

MUMBAI: India’s rupee and bonds plunged following Reserve Bank of India Governor Urjit Patel’s unexpected resignation after market hours on Monday shocked investors.
Concerns about likely mixed results from crucial state elections later on Tuesday also kept traders wary.
The Indian rupee came off earlier lows at 72.1350 to the dollar after opening at 72.46, but was sharply lower from its close of 71.35 on Monday.
The 10-year benchmark bond yield rose to 7.64 percent from 7.59 percent at the previous close.
The broader NSE stock index opened down 1.3 percent but recovered some of its losses and was 0.9 percent lower.
Investors will await state election results for further trading cues during the day.
The RBI governor resigned abruptly after a months-long tussle over policy with the government that has raised concerns about the central bank’s independence as a national election nears.