Monday , November 30 2020

Nissan's council voted unanimously to expel Gon as chairman

The Nissan Motor Co Board voted unanimously to expel President Carlos Gon on Thursday after the shock of the heavy industry industry arrest triggering a period of uncertainty about his 19-year-old alliance with Renault.

The Japanese firm said its council had also voted to remove Greg Kelly, whom Galen was arrested after charges of financial misconduct, from his post as director.

Transformations that leave the chairman's position have occurred, although Renault has called on Nissan's Council to meet with him to postpone the removal of Ghosn, Reuters reported.

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The French-Japanese Union, expanded in 2016 to include Japan's Mitsubishi Motors, has been shaken by the detention of 64-year-old Ghosn in Japan on Monday.

Ghosn had formed the alliance and insisted on a deeper engagement, including a potential full merger of Renault-Nissan at the French government's call, despite strong reserves in the Japanese firm.

Japanese prosecutors have said Gosn and Kelly have spoken about underestimating the compensation for Gao's Nissan for five years since 2010, saying it is about half the actual 10 billion yen ($ 88 million).

Shin Kukimoto, a prosecutor at the Prosecutor's Office at the Tokyo Regional Prosecutor's Office, said Thursday he was approved by the court ten days ago to hold Gohn for 10 days but could not comment on whether he had committed the charges.

Nissan directors have five seats on a nine-member board, Renault loyalists have two seats and the other two are occupied by unrelated outsiders, a former bureaucrat and a racer.

With Gon and Kelly still being detained, none of the men could vote or defend at the meeting.

Renault has refrained from launching Ghosn as Chairman and Chief Executive Officer.

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But Mitsubishi Motors intends to remove Ghosn from being a chairman of a board meeting next week.

Against the backdrop of increasing uncertainty about the future of the union, the Japanese industry minister and French finance minister have to meet in Paris on Thursday to look for ways to stabilize it.

"For me, the future of the alliance is the bigger deal," Nissan senior officer told reporters on Wednesday when he asked him about Gon's detention. "Obviously, in this age, we have to do things together, breaking up would be impossible."


Nissan said on Monday that an internal investigation triggered by an informant detachment revealed that Ghosn had committed abuses, including personal use of the company's money and inefficient reporting of its earnings for years.

Gon and Kelly have not commented on the charges and Reuters has failed to reach them.

Prosecutors said Ghosn was held in a detention center in Tokyo, known for its strict regime, far from its usual luxury lifestyle, including sleep restrictions during the day and the requirement to wear a mask in meetings with visitors, the spread of the disease.

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The Detaining House is pretty cold at this time of year, "said internet subject and convicted cheater Takufumi Horie for his followers on Twitter.

Motonari Otsu, a former prosecutor who is known for overseeing the case against Hori, was hired as a lawyer for Gon, NHK said. Otsuru's lawyer declined to confirm that he was Ghosn and said no one was available to comment.

Asahi Shimbun said on Thursday, quoting unnamed sources, that Ghosh had ordered Kelly by e-mail to make false statements about his reward. Tokyo prosecutors may have captured related emails and may use them as evidence, the report said.

Jomuri, the largest circus day in Japan, cited unnamed sources according to which Nissan's internal investigation found that since 2002 Ghun has instructed that about $ 100,000 a year is paid to his older sister as a reward for a nonexistent advisory role.

According to the report, Nissan found in the investigation that Ghosn's sister actually lived and ruled a luxury apartment in Rio de Janeiro, which the company had bought through a subsidiary abroad, but had not done any consulting work for the carmaker. Nissan shares the information with the prosecutors, Yomuri said.

Nissan's shares closed 0.8 percent, according to a wider market before the board meeting.

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Nissan organized a board meeting to expel President Carlos Ghosn after arresting his eminently honored leader, which began a long time of uncertainty in his 19-year-old union with Renault. Reuters

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