Tokyo court denies Ghosn’s request to attend Nissan board meeting

Former Nissan Motor chairman Carlos Ghosn was released on a $9 million bail from Tokyo Detention House on March 6, 2019. (Reuters)
Updated 11 March 2019
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Tokyo court denies Ghosn’s request to attend Nissan board meeting

  • Carlos Ghosn applied to the Tokyo District Court for permission to attend Tuesday’s board meeting
  • He faces charges of under-reporting his salary by about $82 million over nearly a decade

TOKYO: A Tokyo court on Monday denied ousted Nissan boss Carlos Ghosn’s request to attend a board meeting this week, broadcaster NHK reported, blocking what would have been a dramatic face off with the colleagues he has accused of fomenting a coup.

Ghosn, released last week on a $9 million bail after spending more than 100 days in detention, had applied to the Tokyo District Court for permission to attend Tuesday’s board meeting, as per bail conditions, his lawyer Junichiro Hironaka told reporters earlier.

Further details of the reported denial were not immediately available. Hironaka was scheduled to hold another briefing for reporters later on Monday.

Attendance would have offered Ghosn the first opportunity to speak with colleagues since his arrest in November. He faces charges of under-reporting his salary by about $82 million over nearly a decade — charges he has called “meritless.”

The board meeting coincides with a plan by Nissan Motor Co. and alliance partners Renault SA and Mitsubishi Motors Corp. to set up a joint board meeting structure, people with direct knowledge of the matter told Reuters.

Some at Nissan had been unhappy with Ghosn’s push for a deeper tie-up, including possibly a full merger.

One of the world’s best-known auto executives, Ghosn was sacked as chairman of Nissan, Renault and Mitsubishi, and resigned as chief executive of Renault. However, he remains on the boards of all three, given a shareholder vote is required to remove a board member.

If his request had been approved, he would have been expected to dial into the meeting via teleconference, given the conditions of his bail, according to a person familiar with Nissan’s thinking.


Abraaj founder’s extradition hearing adjourned

Updated 8 min 47 sec ago
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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.