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Renault to alert prosecutors about Carlos Ghosn's wedding costs

PARIS — Renault has found evidence that it paid part of Carlos Ghosn's wedding costs and is preparing to turn the investigation over to prosecutors, two weeks after the French carmaker's scandal-hit chairman and chief executive was forced out. An internal probe established that a 2016 sponsorship deal with the Chateau de Versailles included a 50,000 euro ($57,000) personal benefit to Ghosn, the carmaker said on Thursday, confirming a report in Le Figaro. The carmaker replaced Ghosn on Jan. 24, more than two months after his arrest in Japan over allegations of financial misconduct uncovered by Renault's Japanese affiliate Nissan, which he also chaired. Renault began its own examination of payments to Ghosn within days of his detention but had not flagged any irregularities until now. Renault has discovered that "Mr Ghosn was accorded a personal benefit valued at 50,000 euros under the terms of a sponsorship contract with the Chateau de Versailles," the company said in a statement on Thursday. "Renault has decided to bring these findings to the attention of the judicial authorities." The office of Ghosn's Japanese lawyer Motonari Otsuru did not immediately respond to a request for comment. Ghosn remains in detention in Tokyo with limited opportunity to respond publicly to allegations against him. Renault had agreed before the wedding to sponsor 2.3 million euros of Versailles renovations in return for a credit granting the carmaker services from the chateau worth 25 percent of that amount, or 575,000 euros, a person with knowledge of the matter told Reuters. Le Figaro reported that the chateau allowed Ghosn to host his wedding reception on its grounds in exchange for Renault's donations to the Versailles estate, resplendent home to France's last kings. The rental fee was deducted from Renault's credit for use of the Grand Trianon at Versailles on Oct. 8, 2016, when Ghosn and his second wife Carole hosted their wedding reception at the 17th-century palace, the source said. The event had already attracted public attention for its opulence and Marie Antoinette-themed costumes. The Renault board was informed about the discovery on Wednesday, as reported by Le Figaro, the source added. Earnings/Financials Government/Legal Mitsubishi Nissan Renault renault-nissan

Mitsubishi Geoseek Concepts sport new paint, not much else

While the company may be on life support here in the United States, Mitsubishi still sells cars in a great many markets across the globe. That includes Europe, which is probably why Mitsubishi trotted out a pair of concepts at the 2016 Geneva Motor Show. But as you'll see, calling them concepts is generous. Both vehicles are based on actual production models, the L200 pickup and the ASX (Europe's version of the Outlander Sport), and wear the Geoseek name. Both Geoseek cars are production models that have just been fitted with "tough-look added accessories geared toward outdoor enthusiasts." We can't exactly spot what accessories Mitsu is talking about, though. The most obvious changes are to the grilles, which are mesh. Both the L200 and ASX also get a new underbody skid plate in front. Cosmetic changes include the Pearl Gray paint and orange accents. There's also orange trim in the cabin, although Mitsubishi acknowledges that the interior is mostly black. The L200 does get a rather nifty looking roof rack with integrated lights and handles, while the ASX gets LED fog lights. So yeah, these might be called concepts, but there's really not a lot going on besides the paint and the roof rack on the L200. Still, you can check out both cars at the top of the page. Related Video: Featured Gallery Mitsubishi ASX Geoseek Concept: Geneva 2016 View 10 Photos Related Gallery Mitsubishi L200 Geoseek Concept: Geneva 2016 View 9 Photos Image Credit: Live photos copyright 2016 Drew Phillips / AOL Geneva Motor Show Mitsubishi Truck Crossover Economy Cars 2016 geneva motor show mitsubishi asx mitsubishi l200

Mitsubishi Motors shareholders approve ouster of Ghosn

TOKYO — Mitsubishi Motors Corp. shareholders approved on Friday the ouster of Carlos Ghosn, who was pivotal in the Japanese automaker's three-way partnership with Nissan and Renault until he was arrested on financial misconduct charges last year. The vote took place in a two-hour general meeting of shareholders at a Tokyo hotel. Nissan Motor Co. owns 34% of Mitsubishi Motors. Osamu Masuko, who was reappointed chairman, promised to strengthen governance and transparency and monitor wrongdoing. More outsiders will check executive appointments and compensation, he said. Nissan shareholders held an extraordinary shareholders' meeting in April to oust Ghosn as chairman. He resigned from French alliance partner Renault SA. The Mitsubishi shareholders also approved the appointment of Renault's chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43% of Nissan. Nissan, based in the port city of Yokohama, is holding a general shareholders' meeting next week to approve other measures, including setting up committees to strengthen governance. Nissan said late Thursday two Renault executives will be on the committees. Renault earlier said it would abstain in that vote, and the greater representation promised on the committees may gain Renault's approval. Renault said in a statement that it welcomed Nissan's decision but did not say how it planned to vote. "The agreement reached on Renault's presence in Nissan's new governance confirms the spirit of dialogue and mutual respect that exists within the alliance," it said. Some analysts suggest a deepening rift between Renault and Nissan after a planned merger between Renault and Fiat Chrysler fell through earlier this month. Nissan expressed reservations about immediately joining the merger. Masuko told shareholders the auto industry faced challenges because of the costs of advancements such as emissions standards and self-driving technology. He said the Tokyo-based automaker will pursue focus over expansion, repeatedly highlighting the company motto "small but beautiful." He also stressed the importance of auto alliances. "We want to be a profitable company even if smaller in scale," he told shareholders. One Mitsubishi Motors shareholder expressed anger over the Ghosn scandal. But most of the questions were about new models and market strategy.