Nissan’s Ghosn re-arrested, chances of imminent bail dashed

The Ghosn case has put Japan’s criminal justice system under international scrutiny and sparked criticism for some of its practices. (File/AP)
Updated 21 December 2018
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Nissan’s Ghosn re-arrested, chances of imminent bail dashed

  • The move comes a day after a Tokyo court unexpectedly rejected prosecutors’ request to extend Ghosn’s detention
  • The re-arrest means he could be detained for at least another 10 days in a Tokyo jail

TOKYO: Japanese prosecutors re-arrested Nissan Motor Co. Ltd’s ousted chairman Carlos Ghosn on Friday on fresh allegations of making Nissan shoulder $16.6 million in personal investment losses, dashing chances he would be released on bail imminently.
The move comes a day after a Tokyo court unexpectedly rejected prosecutors’ request to extend Ghosn’s detention, which raised the possibility that he could go free on bail as early as Friday.
The re-arrest means he could be detained for at least another 10 days in a Tokyo jail, where he has been confined since he was arrested last month on initial allegations of financial misconduct.
The Tokyo prosecutor said the new allegations were based on suspicions that around October 2008, Ghosn shifted personal trades to the automaker, so that he could avoid paying for 1.85 billion yen ($16.6 million) in losses.
His lawyer, Motonari Otsuru, was not available for comment. The lawyer has previously declined to return calls regarding the Ghosn case.
The Tokyo court said in a statement that the lawyer for Greg Kelly, who was arrested along with Ghosn, has requested the release of Ghosn’s former deputy. Kelly’s detention extension was rejected along with Ghosn’s.
The dramatic turn of events came hours after Ghosn, through his lawyer and quoted by Japanese public broadcaster NHK, vowed to restore his good name in court and to hold a news conference after his release.
“Things as they stand are absolutely unacceptable,” he was quoted as saying. “I want to have my position heard and restore my honor in court.”
Ghosn was initially arrested on Nov. 19 for allegedly understating his income by about half over a five-year period from 2010. He was later charged with the same alleged crime covering the past three years.
Television camera crews had gathered outside the Tokyo jail on Friday morning in hopes of catching sight of Ghosn being released.
The Ghosn case has put Japan’s criminal justice system under international scrutiny and sparked criticism for some of its practices, including keeping suspects in detention for long periods and prohibiting defense lawyers from being present during interrogations, which can last eight hours a day.
Ghosn’s arrest has marked a dramatic fall for a leader once hailed for rescuing Nissan from the brink of bankruptcy.
It has also shaken the Renault-Nissan-Mitsubishi alliance, with Nissan Chief Executive Hiroto Saikawa calling for changes to weaken Renault SA’s control.


Saudi Arabia and UAE launch a new joint cryptocurrency

Updated 20 January 2019
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Saudi Arabia and UAE launch a new joint cryptocurrency

  • The cryptocurrency will be limited to banks during its first stages
  • The program will also help the two countries evaluate the monetary policies of a centralized currency

Saudi Arabia and the UAE have launched a joint cryptocurrency during the first meeting of the Saudi-Emirati Coordination council Saturday in Abu Dhabi, UAE’s national press agency WAM said.

The cryptocurrency will be limited to banks during its first stages, until the governments have a better understanding of how Blockchain technology operates cross-borders.

The currency operates on the use of a “distributed database between the central banks and the participating banks from both sides,” aiming to protect customer interests, set technology standards and assess cybersecurity risks. The new program will also help evaluate the impacts of a central currency on monetary policies.

During the meeting, representatives of Saudi Arabia and the UAE also signed the Joint Supply Chained Security Cooperation program, which tests the two countries abilities to provide vital supplies during times of crisis and national emergencies, as well as share expertise and knowledge in the field.

All 16 members of the executive committee of the council followed up on the execution of the initiatives mentioned in the Strategy of Resolve.

Representatives also set five other initiatives to enhance the cooperation between the two countries, such as facilitating the traffic between ports, improving airports to make it easier for people with disabilities to travel, creating a financial awareness program for children aged 7-18, starting a joint platform to support local SMEs, and the integration of civil aviation markets,

The committee was headed by Mohammad bin Abdullah Al-Gergawi, minister of cabinet of affairs and the future of UAE, and Mohammed bin Mazyad Al-Twaijri, minister of economy and planning in Saudi. The committee will also monitor the implementation of the initiatives.