Nissan poised to propose Ghosn replacement on board

Former Nissan boss Carlos Ghosn said on January 31, 2019 that his ongoing detention would “not be normal in any other democracy of the world” as he said he was a victim of “betrayal” by his former firm. (File/AFP)
Updated 04 February 2019
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Nissan poised to propose Ghosn replacement on board

  • New Renault boss Jean-Dominique Senard is expected to replace Ghosn on the board
  • Ghosn’s arrest and subsequent indictment on three charges exposed rifts between Nissan and French carmaker Renault

TOKYO: The board of Japanese car giant Nissan is poised to suggest a replacement for jailed former chairman Carlos Ghosn at a meeting in Tokyo on Tuesday, according to local media.
New Renault boss Jean-Dominique Senard is expected to replace Ghosn on the board but an extraordinary shareholders’ meeting in April will be needed to sign off on the appointment.
At this gathering in April, shareholders also will be asked to remove Ghosn and his right-hand man Greg Kelly from the board as they fight allegations of financial misconduct.
Both were sacked from the board after their arrest on November 19 but a special shareholders’ meeting is required to remove them officially.
Ghosn’s arrest and subsequent indictment on three charges exposed rifts between Nissan and French carmaker Renault which, together with Mitsubishi Motors, make up the world’s top-selling auto manufacturing group.
The Japanese firms jettisoned Ghosn almost immediately but Renault waited much longer and the tycoon eventually resigned as chairman and CEO.
Current Nissan boss Hiroto Saikawa has described Senard’s appointment as a “new chapter” in relations between the two firms — an unlikely alliance that Ghosn created and held together.
In an interview with AFP last week, Ghosn said Nissan’s probe into his alleged misconduct was a “trap,” “plot” and a “story of betrayal.”
It was a result of “opposition and anxiety on the project of bringing the companies together,” said Ghosn, amid rumors his arrest was a “coup” designed to prevent a fully fledged merger between Nissan and Renault.
“The scenario was to create a holding company that would control the three operational entities and would hold all the shares, while preserving autonomy of each group,” Ghosn told AFP.


Abraaj founder’s extradition hearing adjourned

Updated 18 April 2019
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Abraaj founder’s extradition hearing adjourned

  • The US alleges that Arif Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and investors
  • According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management

LONDON: A case in a London court to extradite Arif Naqvi, the founder of collapsed private equity firm Abraaj, to the US on fraud charges was adjourned until April 26, a court official said on Thursday.
The official said that a former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, had also been arrested and was facing a US extradition request linked to the same charges.
While at Abraaj, Vettivetpillai was head of impact investing in a role that oversaw the firm’s troubled health care fund. Abraaj’s executives are facing US charges that they defrauded investors, including the Bill & Melinda Gates Foundation.
The US Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and other US investors.
According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management and its parent company, and used it for purposes unrelated to the health fund.
Naqvi pleaded innocent last week in a statement released through a PR firm.
He was arrested in the UK earlier this month, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant US Attorney Andrea Griswold told a Manhattan federal court on April 11.