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Nissan itself will be indicted alongside Ghosn, report says

Prosecutors in Tokyo are expected to file charges against Nissan itself alongside an expected indictment against former Chairman Carlos Ghosn as part of the ongoing financial misconduct case. That's according to a report from Japan's Nikkei business daily, which does not identify its sources. Charges are also likely against Greg Kelly, a member of Nissan's board of directors who was taken into custody with Ghosn Nov. 19 after Japanese authorities questioned the former chairman aboard a corporate jet at the Tokyo Haneda airport. Monday is the deadline when prosecutors must either indict the two executives, release them or arrest them on new allegations. Both men are accused of under-reporting salaries in five annual reports that stretch through the fiscal year that ended in March 2015. The Nikkei says they'll also be arrested on new allegations of misstating financial information for the subsequent three business years. Nissan would be charged for not preventing the alleged crime. Both men have reportedly denied the allegations. In response to the Nikkei report, a spokesman for Nissan told Automotive News the company had "identified serious misconduct related to the reporting of Mr. Ghosn's compensation" and was cooperating with investors. The turmoil over Ghosn prompted the automaker to scrap plans to unveil a long-awaited longer-range Leaf electric car at the L.A. Auto Show last week. Ghosn is accused of conspiring to understate his income by about half the 10 billion yen (about $88 million) over the period. Reports say the issue relates to deferred compensation that Nissan CEO Hiroto Saikawa reportedly signed off on but may not have understood. The company didn't report the deferred compensation in Japanese securities filings as it is required, since the money is considered a future liability against the company. Automotive News cites an unnamed source who says Nissan has identified some $80 million in unreported deferred compensation promised to Ghosn. Nissan's board voted Nov. 22 to oust him as chairman, and Mitsubishi followed suit days later. Ghosn remains the CEO and chairman of Renault, however. Under Ghosn's guidance, Nissan and Renault joined forces in 1999 when Nissan was teetering toward bankruptcy. Mitsubishi joined on in 2016, with all three members able to jointly develop products and control costs. He had reportedly been pushing for deeper ties, including a possible merger between Nissan and Renault at the urging of the French government.

Ex-Nissan chairman Carlos Ghosn indicted, may remain in jail for months

TOKYO — Nissan's ex-chairman Carlos Ghosn was charged Friday with breach of trust, according to the Tokyo District Court, making the star executive's release unlikely for months. Ghosn, arrested Nov. 19, was earlier charged with falsifying financial reports in underreporting his income by about 5 billion yen ($44 million) over five years through 2015. Ghosn; Greg Kelly, another Nissan executive; and Nissan as a legal entity also were charged Friday with additional underreporting of income, from 2015 through mid-2018. Ghosn's lawyer Motonari Ohtsuru said he would request that Ghosn be granted release on bail. His detention period for the breach of trust allegations was due to expire Friday. Kelly and Nissan were not charged with breach of trust. Those allegations center on Ghosn's handling of investment losses and payments made to a Saudi businessman. Ghosn, 64, says he's innocent. Suspects in Japan are routinely held for months until trials start, and Tokyo prosecutors maintain that Ghosn, a Brazilian-born Frenchman of Lebanese ancestry, is a flight risk. Earlier this week Ghosn told a Tokyo court he was innocent, in his first public appearance since his arrest, and appealed for his detention to end. But the court rejected that request. "I have a genuine love and appreciation for Nissan," Ghosn told the court. "In all of my efforts on behalf of the company, I have acted honorably, legally and with the knowledge and approval of the appropriate executives inside the company." He said the compensation was never decided on, the investment deal never resulted in any losses to Nissan, and the payments to the Saudi businessman were for legitimate services related to dealers and investments in the Gulf. Ghosn, who appeared much thinner than before his arrest, came down with a fever the day after his court appearance, but has since recovered, Ohtsuru, the lawyer, said. His wife Carole Ghosn issued a statement overnight out of Paris, expressing concern over his sickness. "I am pleading with the Japanese authorities to provide us with any information at all about my husband's health. We are fearful and very worried his recovery will be complicated while he continues to endure such harsh conditions and unfair treatment," she said. Apart from prosecutors, only embassy officials and Ghosn's lawyers are allowed to visit him. Such visits were canceled Thursday but resumed Friday.

Mitsubishi to showcase eX crossover concept in Tokyo

The Tokyo Motor Show is coming up at the end of the month, and Mitsubishi isn't about to sit it out. That's where the Diamond Star automaker will unveil the eX Concept pictured here. The electric crossover concept packs what the company terms as a "next-generation EV system" into what looks at first blush like a rather dramatic design. Mitsubishi is telling us next to nothing about the eX and its specifications. However, it indicates that the concept incorporates an all-electric powertrain, all-wheel drive, an automated driving system, vehicle connectivity, and active safety systems. The automaker has also only revealed the one rendering above, but it bears all the hallmarks of a modern Mitsubishi concept like the ones we've seen in recent years. That includes the company's signature Diamond Shield front grille, flanked by narrow, angular headlights and oversized running lamps. Naturally, this concept rides on oversized wheels and boasts spindly little mirrors, all in an effort to tell us this is a bonafide show car and not a pre-production prototype. We'll look forward to seeing more in the near future, but in the meantime you can delve into what little Mitsubishi is telling us at this point in the press release below. Related Video: MITSUBISHI MOTORS LINEUP AT 44TH TOKYO MOTOR SHOW – ANOTHER STEP FORWARD WITH SUVS AND ELECTRIC POWER 08/10/15 from Mitsubishi Motors in the UK Print this page Add this release to Your Downloads TOKYO — Mitsubishi Motors Corporation (MMC) will unveil the Mitsubishi eX1 Concept, a compact SUV concept car, with a next-generation EV system at the 44th Tokyo Motor Show 20152. The concept car showcases MMC's next-generation electric vehicle (EV) technologies, a new take on the Dynamic Shield front design concept, and a vast range of other technologies for superior driving pleasure in a compact crossover package. MMC's display reflects the main theme of "Driving Beyond" – another step forward with SUVs and electric power. ELEGANCE & SUV & 100% ELECTRIC The Mitsubishi eX Concept is a vision for a unique all electric powered compact SUV aimed at the fast growing compact SUV market. It uses MMC's state-of-the art EV and all-wheel control technologies combined with automated driving, connected car, and active safety systems. Both exterior and interior design indicate the direction MMC Design is taking.