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giftedviz.com January 18, 2019


Ex-Nissan Chair Carlos Ghosn Charged with Breach of Trust

13 January 2019, 02:44 | Austin Hogan

Carlos Ghosn was originally arrested on November 10 Credit Reuters

Carlos Ghosn was originally arrested on November 10

Tokyo prosecutors on Friday charged former Nissan Motor Co.

Ghosn was charged with aggravated breach of trust for temporarily transferring personal investment losses to Nissan in 2008, and for understating his compensation for three years, from 2015 to 2017, showed a statement from his lawyer, Motonari Otsuru.

The review was initiated after Renault chief Carlos Ghosn was sacked as head of Japan's Nissan and jailed in Tokyo on fraud charges in mid-November.

The court rejected an appeal by Ghosn's lawyers for his release from detention, and on Thursday turned down another appeal.

He was served with a fresh arrest warrant on December 21 for allegedly shifting a private currency swap contract with losses worth 1.85 billion yen to Nissan in October 2008 and causing damage to the company by having it pay $14.7 million to a Saudi businessman, who guaranteed credit for Ghosn, in the following years. The massive losses were generated from a contract over derivative transactions that his asset management company had concluded with a bank.

Mr Ghosn, who has been detained since November, was charged with aggravated breach of trust and understating his income.

Prosecutors say Ghosn shifted personal foreign exchange contracts with potential losses of about 16 million dollars onto Nissan.

But his hopes of being granted bail appear dim, with his chief lawyer admitting at a recent news conference that his client could stay in detention for at least another six months until his trial begins, citing the complexity of a case involving documents in both Japanese and English.

Following the indictments, his defense team requested an end to his detention.

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Ghosn has been in detention since his initial arrest on November 19.

At their own informal meeting, Renault directors were updated on the company's compliance investigation, which is verifying payments to top executives.

Kelly, a Ghosn ally, was hospitalized for treatment of a pre-existing neck problem after his release and has since been discharged, said his lawyer Yoichi Kitamura.

Ghosn's former aide and Nissan director Greg Kelly - arrested the same day as the auto industry icon - was released from jail last month and taken to a hospital afterwards, Kyodo News reported earlier.

The new charges will likely keep Mr Ghosn in prison until his first trial, according to his lawyers.

Nissan added that it was continuing its own internal investigation.

In a LinkedIn post https://bit.ly/2RsrNwQ on Friday, Munoz said, "I am proud to have played a role in achieving 74 percent growth in North America, gaining market dominance in Mexico, getting China market share on the growth path, and helping the Renault-Nissan-Mitsubishi Alliance become the highest volume group in the world".

He did not respond when asked whether Ghosn, who has been arrested three times, could be served with another arrest warrant.

The Japanese automaker filed the complaint "on the basis of Ghosn's misuse of a significant amount of the company's funds".



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