Ghosn delays suit seeking retirement pay from Renault

In this file photo taken on January 08, 2020 shows former Renault-Nissan boss Carlos Ghosn gesturing as he addresses a large crowd of journalists on his reasons for dodging trial in Japan, where he is accused of financial misconduct, at the Lebanese Press Syndicate in Beirut. (AFP / JOSEPH EID)
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Updated 22 February 2020

Ghosn delays suit seeking retirement pay from Renault

  • Renault refuses to pay, saying the former CEO was forced to quit after his shock November 2018 arrest in Japan on charges of financial misconduct
  • Facing multiple charges of corruption in Japan as chairman of Nissan, Ghosn fled to his native Lebanon last year

PARIS: Lawyers for Carlos Ghosn on Friday delayed a lawsuit seeking a hefty retirement payout from his former employer Renault, saying the French carmaker had not given them enough time to prepare arguments.

The court in Boulogne-Billancourt, near Renault’s headquarters outside Paris, granted the request for more time, setting a new hearing date for April 17.

“We received Renault’s arguments only on Monday, and having just four days to respond to 20 pages of arguments is clearly not enough,” Ghosn’s lawyer Laetitia Ternisien told reporters.

Ghosn is seeking a $270,000 retirement payout, which Renault refuses to pay because it says the former CEO was forced to quit after his shock November 2018 arrest in Japan on charges of financial misconduct.

The former industry titan claims he retired in due form on his own accord.

He also seeks a much bigger prize — a supplementary pension of €774,774 per year for the rest of his life, as well as 380,000 shares granted for reaching performance targets. At current prices, that stock grant would be worth over €12 million.

Meanwhile, Ghosn also faces a French inquiry over two parties he threw at the Palace of Versailles, including his opulent 2016 wedding, allegedly financed in part by Renault funds.

He is also being investigated by France’s tax fraud office over suspicious financial transactions between Renault and its distributor in the Gulf state of Oman, and over contracts signed by Renault and Nissan’s Dutch subsidiary RNBV.

In Japan, he still faces multiple charges claiming he under-reported millions of dollars in salary as chairman of Nissan.

He has denied all the charges, but fled to his native Lebanon late last year before he could face trial.

 


Tesla slashes Model Y SUV price as pandemic weighs on auto sector

Updated 12 July 2020

Tesla slashes Model Y SUV price as pandemic weighs on auto sector

  • Reduction follows price cuts in May on Tesla’s Model 3, Model X and Model S

Tesla cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the US electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic.
The reduction follows price cuts in May on Tesla’s Model 3, Model X and Model S.
The company headed by Elon Musk this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry.
The Model Y now starts at $49,990, down nearly 6 percent from its previous price of $52,990, according to the carmaker’s website.
Tesla did not immediately respond to a Reuters request for comment.
The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers like Volkswagen AG rolling out their own electric rivals.
In April, Tesla had said the Model Y was already profitable, marking the first time in the company’s 17-year history that one of its new vehicles turned a profit in its first quarter.