[GTO]

Originally Posted by AMG Power

Renault Board maintains Carlos Ghosn as CEO, says pay was legal

Thanks for sharing! Effectively, Renault & Ghosn have just announced war on Nissan. All said & done, Renault has a 43.4% voting stake in Nissan, while Nissan has merely 15% non-voting shares in Renault.

I have a feeling that Carlos & Renault are going to show Nissan who the boss is.

[Jeroen]

The notion that executives would not dip their hands in the till for small peanuts is, remarkably, not true. All research across the globe shows that it is upper management and executive management that are the main culprits. If the paperclips and biro's are disappearing from the storeroom statistically it will be somebody from the upper echelons.

It goes all the way up to misuse of the company car, fiddling with express accounts etc.

Sad but true, the ones that need it the less are the ones in corporations that are often found to be misbehaving when it comes to basic decency for their own financial gain.

Jeroen

[volkman10]

French government may back Michelin CEO for Renault chairman.

The French government is considering backing Michelin (MICP.PA) chief executive Jean-Dominique Senard for the chairmanship of Renault (RENA.PA), replacing embattled CEO Carlos Ghosn

The government is the carmaker’s biggest shareholder, with a 15 percent stake and two board seats.

He ticks all the boxes. He is available, he is an industry person, an expert in the sector, he is highly regarded by the government, and he has an international stature

Link

[AMG Power]

Originally Posted by GTO

Carlos & Renault are going to show Nissan who the boss is.

Here you go:

Step One:

Renault is now reportedly seeking more sway on the Japanese firm's board.

Step Two

The French firm has reportedly urged Nissan to call a shareholder meeting to discuss its representation on the board and within its top management.

Step Three:

It warned Nissan's indictment "creates significant risks to Renault, as Nissan's largest shareholder

Nissan fails to agree Carlos Ghosn replacement

[AMG Power]

Prosecutors couldn't come up with evidence:

Court denies request to extend Carlos Ghosn's detention

A Japanese court on Thursday rejected prosecutors' request to extend the detention of former Nissan Chairman Carlos Ghosn.

The Tokyo District Court also denied a request from prosecutors to extend the detention of Greg Kelly

[GTO]

Originally Posted by AMG Power

Prosecutors couldn't come up with evidence

Finally! Although they did spend over a month in jail which is more than what anyone would've thought possible back then.

Carlos is a tenacious fighter. He's going to go to Renault & start pulling strings.

By the way, Greg's wife has spoken on video - link

[Turbanator]

Ghosn: Auto tycoon re-arrested on new charges

Some new charges

Former Nissan chairman Carlos Ghosn has been re-arrested on fresh charges, Japanese media report, one day after courts surprised observers by paving the way for his release on bail.

https://www.bbc.com/news/business-46643540

[tarik.arora]

This appears to be a coup against Ghosn by Nissan and the Japanese. Nissan, which is much bigger than Renault, still lacks the authority. There were speculations around the merger of these 2 giants and Nissan never liked that. Although getting Ghosn out was not the best solution but it will surely delay things and give Nissan time to re-think its strategy. Nissan dragged Ghosn into legalities so that ultimately he never comes backs to power. Renault, because of its voting rights will still be able to have someone fill his position but that someone will have to start afresh and this time Nissan will not let him/her grow over them. I have a feeling that Nissan is planning to take some big ticket decisions in Ghosn's absence and when the whole world is busy chasing news items. They have already set up a special committee to improve governance and propose executive pay structure, a decision that earlier rested with Ghosn. Nissan may not have the voting rights but it still is bigger than Renault and with Mitsubishi and the Japanese government on its side, it can shake a lot of things. Who knows, we may see an Independent Nissan some day!

[srishiva]

Originally Posted by AMG Power

Prosecutors couldn't come up with evidence:

Court denies request to extend Carlos Ghosn's detention

Where did you read that there was no evidence ?

They had just refused to extend the detention. He has already been indicted and he can only apply for bail. Now he has been re-arrested under new charges. I believe he now needs to fight the case even if he is out on bail.

Even if Nissan brought this whole thing out of spite, if he did do things against rules/law, he should suffer the consequences.

[AMG Power]

Originally Posted by srishiva

Where did you read that there was no evidence ?

"Other lawyers such as Tsutomu Nakamura, a former public prosecutor who is the founder of Nakamura International Criminal Defense in Tokyo (where Ghosn is held): ... the prosecutors failed to prove the seriousness of the case.”"

Link

This is one. There's more. I suggest you read up.

[srishiva]

Originally Posted by AMG Power

"Other lawyers such as Tsutomu Nakamura, a former public prosecutor who is the founder of Nakamura International Criminal Defense in Tokyo (where Ghosn is held): ... the prosecutors failed to prove the seriousness of the case.”"

Link

This is one. There's more. I suggest you read up.

Failed to prove the seriousness of case to extend detention for questioning. That would mean he would be released on bail. Lack of evidence means something else. This is not trial and it has to go to trial.

[volkman10]

Carlos Ghosn Re-Arrested For Breach Of Trust, No Chance Of Bail - have issued a fresh arrest warrant for 10 more days.

The new charges of breach of trust allege Ghosn shifted a private investment loss of about 1.85 billion yen ($16.6 million) onto Nissan from 2008 to 2012. If found guilty, such a charge could carry a maximum prison sentence of up to 10 years

Source:

[GTO]

Originally Posted by Turbanator

Ghosn: Auto tycoon re-arrested on new charges

Man, now it looks real messy & real personal. Like Nissan & the Japanese have a bone to pick with Ghosn. This is going to smack their reputation globally. It's how you let people go that shows your true character.

[CARDEEP]

Regarding the latest detention, if I were at Renault Board, I would recommend selling Nissan Shares to Chinese (Yes... Chinese) as an ultimate insult & reply to unfair Japanese investigators.

These only reinforces my belief in the Conspiracy Angle in this Saga. Unfortunately hard working Japanese may be let down by their partisan behaviour.

[AMG Power]

Originally Posted by GTO

Man, now it looks real messy & real personal. Like Nissan & the Japanese have a bone to pick with Ghosn. This is going to smack their reputation globally.

From the Wall Street Journal:

Carlos Ghosn - A Victim of Old Japan

Like Putin’s Russia, a shrinking, declining country grabs control over a domestic auto maker.

Mr. Ghosn, was not overpaid by the standard of executives running global car companies that produce 10 million vehicles a year. Even less so when you consider what three different car makers (Mitsubishi joined the Nissan-Renault alliance in 2016) would have had to pay their top decision makers if Mr. Ghosn were not running all three.

• Mr. Ghosn planned to make the Nissan-Renault alliance stable and permanent by finally merging the two companies on terms that might necessarily have left French shareholders with an upper hand.

• He had lost confidence in his Nissan deputy, Hiroto Saikawa, who opposed the merger appears to have orchestrated Mr. Ghosn’s judicial kidnapping.

• The two had fought particularly over Mr. Ghosn’s plan to invest more heavily in the growing U.S. market rather than in the stagnant Japanese market.