Lebanon FM throws support behind outgoing Nissan chairman

Nissan to oust Carlos Ghosn after finding ‘significant acts of misconduct

During the investigation, other significant acts of misconduct have been uncovered.

Brazilian-born, of Lebanese descent and a French citizen, Mr Ghosn began his career at Michelin in France, moving on to Renault.

Shortly afterwards, Nissan said in a statement that it had been investigating Ghosn and Representative Director Greg Kelly for months after a whistleblower report. Kelly was also arrested. The feelings roused by Mr. Ghosn's behavior went "far beyond regret to strong anger", Mr. Saikawa said.

Yokohama-based Nissan Motor said it is cooperating with prosecutors in their investigation.

Nissan said that it would seek to oust Ghosn from his post as chairman at a board meeting on Thursday.

"This is an act that can not be tolerated by the company", he said. He told reporters that the investigation had identified "serious misconduct".

The manager, who declined to be identified as he was not permitted to speak to the media, said he was also anxious Ghosn's departure could hit sales as fans of the charismatic leader abandon the company and corporate customers bound by compliance rules put orders on hold due to the scandal.

Still, Sugiura said the three-way partnership is likely to end up mostly unscathed.

At a hastily organised press conference, Nissan CEO Hiroto Saikawa expressed "despair", but also suggested that Ghosn had accrued too much power and eluded proper oversight.

"We need to really look back at what happened, take it seriously and take fundamental countermeasures", he said.




Nissan also reportedly provided luxury residences to Ghosn in Brazil and Lebanon by making subsidiaries purchase the properties for billions of yen (tens of millions of dollars). The properties had no business objective, NHK said.

French President Emmanuel Macron listens to Carlos Ghosn, the CEO of French vehicle maker Renault, left, at the Renault stand during an official visit at the Paris Motor Show, in Paris, France, Oct. 3, 2018. But experts said it is unlikely he will be able to stay on there or at Renault, where he is also CEO.

A full day that seems not to be almost enough to precisely say what this will mean for Nissan, Renault, Mitsubishi and all the thousands of people working for one of the largest auto groups of the planet.

"It's the future of the alliance that seems in play, because the thing holding it together seemed to be Ghosn himself", said Daniel Larrouturou, a senior executive at investment firm Diamant Bleu Gestion.

The arrest of Nissan Motor Co's chairman Carlos Ghosn on charges he under-reported his income and misused company funds caused the company's shares to tumble and left many in Japan shocked. The news of Ghosn's troubles broke after Japanese markets had closed for the day.

Nissan shares have hit a two-year low as its chairman Carlos Ghosn remains in custody over a series of claims including a failure to declare £34.5m in earnings.

Mr Ghosn is accused of filing annual securities reports containing fake statements, which could mean up to 10 years in prison, or a fine of 10m yen, or both.

He is admired for driving a turnaround at Nissan when it was near bankruptcy and for his foresight in pushing to bring electric and autonomous cars to the masses.

For the past two decades, he has maintained an unusually high profile in a nation where foreign chief executives of major Japanese companies are still relatively rare.

The arrest is an astonishing reversal of fortune for Ghosn, often feted for his success at turning around failing companies with hard-nosed tactics that earned him the nickname "Le Cost Killer" in France.

Related news:

Hot News

isis-killer-beheading-video-story-top Airbnb to remove West Bank settlement rental listings
Nov 20, 2018 - 22:57
For years, critics have accused Airbnb of benefiting from rentals in Jewish outposts at the center of conflict in the region. Airbnb is considering an IPO next year after announcing in February that it would not make a public debut this year.

isis-killer-beheading-video-story-top Irving thrives on 'peace' of being in the zone
Nov 20, 2018 - 21:34
Irving told reporters it was "pretty peaceful" after the win. "It's a mindset that we just have to ingrain in all of us". We weren't going anywhere with what we were doing, so it was better just to mix it up", Stevens said . "It's not OK.

isis-killer-beheading-video-story-top Virgil Van Dijk consoled recently bereaved referee after Netherlands win
Nov 20, 2018 - 18:56
Hategan was understandably very emotional, but Van Dijk did what he could to comfort the recently bereaved ref. The Romanian official appeared to wipe tears from his eyes.

isis-killer-beheading-video-story-top United Nations to Convene Yemen Talks 'Shortly' in Sweden
Nov 19, 2018 - 14:10
The truth, Abdulsalam said, "is that the coalition is preparing for a new round of aggression, which needs additional time". Mark Beasley, the head of the World Food Programme, said: "This is not on the brink of a catastrophe".

isis-killer-beheading-video-story-top Hard Brexit would be disastrous says German industry
Nov 19, 2018 - 13:47
Labour's deputy leader Tom Watson has also said a second referendum, dubbed the People's Vote, should not be ruled out. Today is a day that could tell us a lot about Theresa May's future.

isis-killer-beheading-video-story-top Sophia Floersch Fractures Spine After Horrific Crash at Macau Grand Prix
Nov 19, 2018 - 13:27
Photographer Minami Hiroyuki is suffering from a concussion, and marshal Chan Cha In has a broken jaw and facial lacerations. Sophia Floersch has a spinal fracture as a result of a major crash in the F3 World Cup earlier today.

isis-killer-beheading-video-story-top First Brand Named in Turkey Salmonella Outbreak
Nov 19, 2018 - 11:21
The USDA and FSIS announced the recall Thursday for more than 91,000 lbs. of Jennie-O ground turkey, in four varieties. Class III This is a situation where the use of the product will not cause adverse health consequences.

isis-killer-beheading-video-story-top More than 400 hurt in French fuel price protests: minister
Nov 19, 2018 - 11:17
At least 106 people were injured across the country, including five seriously, according to the interior ministry. He also said more tax on fossil fuels was needed to fund renewable energy investments.

isis-killer-beheading-video-story-top Hailey Bieber Is Now Instagram Official!
Nov 19, 2018 - 09:36
The 21-year-old model made her marriage to Justin Bieber Instagram official by changing her handle to Hailey Bieber on Friday. In the candid photo, Hailey and Justin hold hands, showing off the massive rock on the model's finger.

isis-killer-beheading-video-story-top The Undertaker's status for WWE Survivor Series revealed
Nov 19, 2018 - 07:28
WWE Survivor Series will see superstars from Raw competing with superstars from Smackdown Live for the ultimate brand supremacy. In an interview with ComicBook.com , Charlotte Flair praised her Survivor Series opponent Ronda Rousey.

isis-killer-beheading-video-story-top ‘Sad’ Trump visits fire-wracked California
Nov 18, 2018 - 23:33
Scientists have said the growing frequency and intensity of wildfires in California and elsewhere across the U.S. In Northern California, Trump continued to show skepticism about the impact of climate change on wildfires.

isis-killer-beheading-video-story-top Rajon Rondo Breaks Hand, Will Be Out A Few Weeks
Nov 16, 2018 - 19:30
Chandler has averaged three points and 8.3 rebounds in three games and made a major impact on the defensive end for the Lakers . Elsewhere, everything about Jimmy Butler's first game with the 76ers was going great, until the fourth quarter.

isis-killer-beheading-video-story-top Acosta All Smiles After Lawsuit Win: 'Let's Get Back To Work'
Nov 16, 2018 - 19:00
Kelly has ruled in CNN's favor, granting a temporary restraining order, meaning that Acosta will, for now, get his access back. The White House explanations for why it seized Acosta's credentials have shifted over the last week.

isis-killer-beheading-video-story-top Mitch McConnell, Kevin McCarthy to lead Republicans in Congress
Nov 16, 2018 - 18:58
McCarthy told reporters before the party elections that "we've got a plan" to counter Democrats in the next two years. Tim Ryan, Ohio Democrat and leading Pelosi antagonist, estimated that more than 20 House Democrats won't support Mrs.

isis-killer-beheading-video-story-top Samsung's One UI beta program is up for the Galaxy S9
Nov 15, 2018 - 18:55
It was a budget smartphone from the company with medium grade specifications and Android 8.1 Oreo (Go edition) out of the box. However, according to Android Authority , the firmware update in question would also come out for Samsung S8 and S8 Plus.