Ghosn vows to stay in Japan if granted bail

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. (File/AFP)
Updated 21 January 2019
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Ghosn vows to stay in Japan if granted bail

  • “I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom,” Carlos Ghosn said
  • The Franco-Lebanese-Brazilian executive said he has been in his Tokyo detention cell for 64 days “with no release in sight”

TOKYO: 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 emphasize 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.
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 issued 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.”


Brent eases from 2019 highs as markets await US-China trade talks outcome

Updated 11 min 30 sec ago
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Brent eases from 2019 highs as markets await US-China trade talks outcome

  • The slight downward correction was driven by concerns about the health of the global economy this year
  • Bank of America Merrill Lynch expects Brent prices to average between $50 and $70 per barrel

SINGAPORE: Brent crude oil prices eased away from 2019 highs on Tuesday on caution that economic growth may dent fuel demand this year, although supply cuts led by OPEC still meant markets were relatively tight.
International Brent crude oil futures were at $66.08 per barrel at 0220 GMT, down 42 cents, or 0.6 percent from their last close, but still not far off the 2019 high of $66.83 a barrel hit in the previous session.
US West Texas Intermediate (WTI) crude futures were at $55.71 per barrel. While that was up 12 cents from their last settlement, it was below the $56.33 2019 high from the previous day.
Traders said the slight downward correction was driven by concerns about the health of the global economy this year.
Bank of America Merrill Lynch said in a note that the Sino-American trade dispute was hurting economic growth globally.
“Addressing global trade tensions is key for improving the economic outlook,” it said in a note.
China’s vice premier and chief trade negotiator, Liu He, and US Trade Representative Robert Lighthizer lead a round of trade talks this week in Washington.
Considering the economic outlook and supply and demand balances, the bank said it expects Brent prices to average between $50 and $70 per barrel, “anchored around $60.”
Despite some caution around trade, global oil markets remain relatively tight because of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), with top crude exporter Saudi Arabia cutting the most.
Saudi seaborne crude exports fell in the first half of February, with departures standing at 6.204 million barrels per day (bpd), a 1.341 million bpd decline on the previous month and 0.91 million bpd decline on the year, data intelligence firm Kpler said.
Further providing oil markets with support are US sanctions against petroleum exporters Iran and Venezuela.
Venezuela is a major crude supplier to US refineries while Iran is a key exporter to major demand centers in Asia, especially China and India.