Tokyo prosecutors issue arrest warrants for Ghosn

Former Nissan chairman Carlos Ghosn is awaiting trial in Japan on financial misconduct charges. (Reuters)
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Updated 30 January 2020

Tokyo prosecutors issue arrest warrants for Ghosn

  • Carlos Ghosn fled to Lebanon, his childhood home, late last year

TOKYO: Tokyo prosecutors on Thursday issued arrest warrants for a former US special forces soldier and another person suspected of smuggling former Nissan Motor Co. boss Carlos Ghosn out of Japan, Kyodo news reported.
Prosecutors also issued a warrant for Ghosn for illegally leaving the country, Kyodo said.
Ghosn fled to Lebanon, his childhood home, as he was awaiting trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies.


UK retailer Debenhams goes into the red again

Updated 10 April 2020

UK retailer Debenhams goes into the red again

  • Debenhams’ 142 UK stores are closed with Britain in coronavirus lockdown

LONDON: British department store group Debenhams went into administration for the second time in 12 months on Thursday, seeking to protect itself from legal action by creditors during the coronavirus crisis that could have pushed it into liquidation.

With Britain in lockdown during the pandemic, Debenhams’ 142 UK stores are closed, while the majority of its 22,000 workers are being paid under the government’s furlough scheme. It continues to trade online.

The retailer went into administration for a first time in April last year, wiping out equity investors including Mike Ashley’s Sports Direct, and is now owned by a lenders consortium called Celine UK NewCo. 

Debenhams said administrators from FRP Advisory would work with the existing management team to get the UK business into a position to re-open and trade from as many stores as possible when restrictions are lifted by the government.

Chief Executive Stefaan Vansteenkiste said that he anticipated the firm’s owners and lenders would make additional funding available to fund the administration period.

However, the group’s business in Ireland looks doomed.

Debenhams said that it expected administrators to appoint a liquidator to the 11-store Irish operation, which employs 2,000.

The moves makes Debenhams the first major retail casualty of the health crisis in Ireland, where the government, as in the UK, has closed all non-essential shops.

Ireland on Monday reported a trebling of its unemployment rate to 16.5 percent with a further surge expected later in the month.

“We are desperately sorry not to be able to keep the Irish business operating but are faced with no alternative option in the current environment,” said Vansteenkiste.