Nissan committee: facts point to private use of company funds by Ghosn

Carlos Ghosn was released on a $9 million bail from Tokyo. (AFP/File)
Updated 27 March 2019

Nissan committee: facts point to private use of company funds by Ghosn

  • The committee said Ghosn had too much authority in the company
  • Nissan said they will change the structure of corporate responsibilities in the company

YOKOHAMA: An external committee tasked with improving governance at Nissan Motor Co. said on Wednesday there were sufficient facts to suspect violations of laws and the private use of company funds by ousted chairman Carlos Ghosn.
The committee, which has been scrutinizing Nissan’s corporate governance since the start of the year, said in its report that the concentration of all authority on Ghosn was the primary root cause of the misconduct.
It recommended that a majority of directors be independent and recommended that the role of company chairman should be abolished, while an independent, outside director should be chairman of the board.
Following the arrest and ouster of Ghosn, Nissan has pledged to overhaul the way it allocates corporate responsibilities, after admitting that too much control had been placed with Ghosn before his arrest late last year.
Ghosn, who was recently released on $9 million bail after spending more than 100 days in a Tokyo detention center, has called the charges against him “meritless.”

‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC

Updated 03 August 2020

‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC

  • The Reuben brothers want to buy 10 per cent of the club as part of PIF takeover
  • Brothers remain 'totally supportive' of the deal should there be a way forward

DUBAI: Another big financial backer of the £300 million ($390 million) bid for Newcastle United football club has come out in favor of a takeover led by Saudi Arabia’s Public Investment Fund.

The Reuben brothers, multibillionaire businessmen who want to buy 10 per cent of the club, said on Monday they were “very disappointed” when the bid was withdrawn late last week after months of stalling by the Premier League in England.

“We would welcome any resurrection of talks and progress with the Premier League and are aware that the Reuben brothers remain totally supportive of the deal should there be a way forward,” said a statement from their company, Arena Racing.

The brothers’ renewed support for the deal will raise the pressure on Richard Masters, the Premier League chief executive, who has remained silent since the takeover offer was withdrawn last week.

PIF made no secret of its disappointment and frustration that the Premier League — which has the duty to approve or reject a takeover of a member club  — has reached no decision since contracts were exchanged on the deal in April that would give the Saudi sovereign wealth fund 80 per cent of the 128-year-old club

Amanda Staveley, the British financier who has been at the heart of the deal and would have bought the remaining 10 per cent, also wants to see the deal revived.

The Reuben brothers, who already run two horseracing courses in the northeast of England, said: “We were planning on creating one of the premier sporting hubs in the UK, undertaking development work that is vital for the region and enjoying valuable synergies with the football club.

“We continue to hope that those exciting plans are not in vain.”