No Proof Of Fraud By Carlos Ghosn In France: Government

No Proof Of Fraud By Carlos Ghosn In France: Government

Nissan said in a statement that the directors' behavior constituted "clear violations of the duty of care", and "numerous other significant acts of misconduct" had been uncovered in regards to Ghosn.

A press release by the prosecutor's office in Tokyo said Mr Ghosn and Mr Kelly collaborated to under-report Mr Ghosn's income as 4.99 billion yen even though it actually was nearly 10 billion yen, submitting falsified securities statements to the regional finance bureau.

The Reuters news agency reports that he had signed a contract earlier this year that would have kept him employed until 2022.

Financial statements show Ghosn's salary dipping from $9.7 million (1.09 billion Japanese Yen) in 2016 to $6.5 million (730 million JPY) in 2017, a reduction of almost 33 percent.

Nissan is getting ready to oust Ghosn and Kelly at a board meeting, with the automaker to hold a press briefing in Tokyo later today.

He said: "Beyond being sorry I feel great disappointment, frustration, despair, indignation and resentment".

Nissan said CEO Hiroto Saikawa would propose to the Nissan board to remove Ghosn and Kelly.

The arrest of Ghosn after a whistleblower disclosed the alleged misconduct left many in Japan stunned by the downfall of a relentless cost cutter who appears to have spent lavishly on himself.

Neither Mr Ghosn or Mr Kelly have made any public comment on the reports.

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He also is suspected of underpaying his share of the rent and misusing company funds on his company-issued housing in Lebanon, Paris, Amsterdam and Rio de Janeiro, where his apartment is on the wealthy Copa Cabana beach strip. Renault has more than a 43-percent fully voting stake in Nissan, while Nissan has a 15-percent non-voting stake in Renault.

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.

In his 40 years in the auto industry, the praise Carlos Ghosn has won for turning around businesses has regularly been matched by criticism over the amount he has been paid to do it. But he promised Nissan's leadership would get more involved in supervising top company officials.

For 2017, for instance, Ghosn demanded a 7.4m euro ($8.5m) package for his role, but the French government pushed back.

The impending dismissal concludes a months-long internal investigation by the company, the results of which have been shared with Japanese authorities.

Carlos Ghosn, chairman and CEO of the Renault-Nissan Alliance, speaks during a news conference, Yokohama, Japan, May 12, 2016.

Ghosn is of French, Brazilian and Lebanese background and lives in both France and Japan.

A spokesman for Renault also declined to comment. But he was expected to remain chief executive of Renault and to continue in overall charge of the Alliance for the next few years.

He is also the mastermind behind the Alliance, which sold more than 10.6 million cars in 2017, the most of any automaker in the world.

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