Ghosn lawyers ask for separate trial in Nissan case

Carlos Ghosn faces criminal charges in Japan over failing to report around $82 million in salary from Nissan. (Reuters)
Updated 02 April 2019

Ghosn lawyers ask for separate trial in Nissan case

  • Carlos Ghosn was arrested in Tokyo in November after an Nissan investigation uncovered evidence of serious wrongdoing by him
  • Ghosn faces criminal charges in Japan over failing to report around $82 million in salary from Nissan

TOKYO: Lawyers for former Nissan Motor Chairman Carlos Ghosn said on Tuesday they asked a Tokyo court that he stand trial for alleged financial wrongdoing separately from Nissan because the company is helping prosecutors.
Ghosn was arrested in Tokyo in November after Nissan told prosecutors its own internal investigation uncovered evidence of serious wrongdoing by him. The Japanese automaker subsequently ousted Ghosn as chairman.
He faces criminal charges in Japan over failing to report around $82 million in salary from Nissan, and for temporarily transferring personal financial losses onto Nissan’s books during the global financial crisis.
Along with Ghosn and Greg Kelly, a close Ghosn associate who served as a director on Nissan’s board, prosecutors have also indicted the company itself for making false disclosures in annual securities reports, for which it has expressed regret.
In a statement on Tuesday, Ghosn’s lawyers also asked that he stand trial separately from Kelly, who was charged with conspiring to under-report Ghosn’s income. Both Ghosn and Kelly have denied the charges.
The lawyers’ statement did not say why Ghosn did not want to be tried alongside Kelly. Ghosn’s lawyers were not immediately available for further comment. Kelly’s lawyer was also not immediately available for comment.


Turkey on brink of recession as economy collapses

Updated 13 August 2020

Turkey on brink of recession as economy collapses

  • Consumer debt has increased by 25 percent to more than $100 billion in the past three months

JEDDAH: President Recep Tayyip Erdogan’s popularity is plunging in lockstep with Turkey’s collapsing economy and the country is on the verge of a potentially devastating recession, financial experts have told Arab News.
The value of the Turkish lira has fallen to 7.30 against the US dollar and the central bank has spent $65 billion to prop up the currency, according to the US investment bank Goldman Sachs.
Consumer debt has increased by 25 percent to more than $100 billion in the past three months as the government moved to help families during the coronavirus pandemic, but the result has been a surge in inflation to 12 percent.
With the falling lira and increased price of imported goods, the living standards of many Turks who earn in lira but have dollar debts have fallen sharply.
The economy is expected to shrink by about 4 percent this year. The official unemployment rate remains at 12.8 percent because layoffs are banned, although many experts say the real figures are far higher.
To complete the perfect storm, tourism revenues and exports have been decimated by the pandemic, and foreign capital has fled amid fears over economic trends and the independence of the central bank.
Wolfango Piccoli, of Teneo Intelligence in London, said logic dictated an increase in interest rates but “this is unlikely to happen.”
Piccoli said central bank officials would strive to avoid an outright rate hike at their monetary policy meeting on Aug. 20. “A mix of controlled devaluation and backdoor policies, such as limiting Turkish lira’s liquidity, remains their preferred approach,” he said.
There is speculation of snap elections, and Erdogan’s view is that higher interest rates cause inflation, despite considerable economic evidence to the contrary.