Nissan's ex-chairman Carlos Ghosn re-arrested

Adjust Comment Print

Prosecutors in Japan have re-arrested former Nissan chief Carlos Ghosn on new allegations of making the auto giant shoulder millions of dollars in personal investment losses, dashing chances he would soon be released on bail.

In addition to being detained while prosecutors probe the case, he is also in pre-trial detention following the formal charges over the first set of allegations.

That rejection had raised the possibility that the prominent businessman could go free on bail as early as Friday.

The new charges allege Ghosn transferred losses exceeding $16 million from his own private investments onto the books of Nissan between 2008 and 2012, thus inflicting financial damage on the automaker, Bloomberg reported Friday.

His lawyer, Motonari Otsuru, was not available for comment. The lawyer has previously declined to return calls for comment on the Ghosn case.

Ghosn has not yet responded to the latest allegation but he has consistently denied all prior accusations made against him, the BBC report added.

Greg Kelly, a former Nissan director accused of helping Ghosn under-report his income, was also indicted last week.

The Tokyo court unexpectedly ruled not to extend Ghosn's detention. The email in question was part of a discussion in which other individuals were considering payment to Ghosn through Renault-Nissan BV in a way that was legally appropriate, a lawyer for Kelly said.

Apple May Cut iPhone Production Yet Again
Cupertino has also been found liable for any monetary damages suffered by Qualcomm, the amount of which has yet to be offered. The German court ruling comes in the wake of Qualcomm securing an iPhone ban in China over a software patent.

Former Nissan chief Carlos Ghosn's chances of being released from jail before Christmas have been hit by a new move against him by Japanese prosecutors. Granting bail to suspects who say they are innocent has until recently been unusual in Japan. "I want to have my position heard and restore my honour in court".

TV camera crews had gathered outside the Tokyo jail on Friday morning in hopes of catching sight of Ghosn being released. They were indicted last week on charges that they under-reported Ghosn's income between 2010 and 2015, and prosecutors received court approval to continue holding them over additional allegations that the misreporting continued into 2017.

If found guilty, Ghosn could face a fine of up to JPY 10 million or imprisonment of up to 10 years.

Nissan has said its whistleblower investigation also uncovered personal use of company funds and other misconduct.

"The accused was responsible for managing Nissan's overall operations and for dutifully fulfilling his role as CEO not to cause damage to Nissan and its subsidiaries... but he took action that betrayed his role and caused financial damage to Nissan", prosecutors alleged.

The story of how Nissan was nearly on the brink of going completely bankrupt in 1999 and was only prevented by the timely intervention of Renault who chose to buy 40 percent of the shares and become a significant shareholder of the company is a very famous one.

Ghosn's Nissan income is at the centre of allegations by Tokyo prosecutors, who have charged the executive for failing to disclose compensation that he had arranged to receive later.

The arrest of an industry icon has triggered global attention.