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Nissan sues Ghosn's sister while Renault finds no irregularities in his pay

Nissan sued ousted chairman Carlos Ghosn's sister on Tuesday in a Rio de Janeiro court for "unjust enrichment," according to judicial records seen by Reuters. The suit is the latest twist to a bitter legal fight between Ghosn and Nissan over the contents of a beachfront apartment that the former executive used during his trips to Brazil. Brazilian-born Ghosn is accused of having underreported his income while leading the Japanese carmaker and diverting company funds for his personal use. He is being held in a prison in Japan and the carmaker says there might be evidence of his alleged crimes in the Rio apartment. Additional details regarding the unjust enrichment suit were not immediately available and it was unclear how long it might take to resolve the case. A representative for the Ghosn family did not have an immediate comment. The Japanese press had already reported that Ghosn's sister, Claudine Bichara de Oliveira, could be embroiled in the scandal. Yomuri, Japan's largest daily by circulation, reported in November citing unnamed sources that Nissan's internal investigation had found that Ghosn instructed the company since 2002 to pay some $100,000 a year to his elder sister. The compensation was supposed to be for a role as an adviser. The paper added that Bichara de Oliveira had in fact been living in and managing the Rio apartment that Nissan had bought for the use of Ghosn and that she had done no advisory work for the car maker. Meanwhile, Renault issued a preliminary report indicating that an audit launched in the wake of Chairman and CEO Carlos Ghosn's arrest in Japan had so far found no irregularities with his pay at the French carmaker. Ghosn was charged on Monday in Japan for failing to declare deferred income he had agreed to receive from Nissan, for the five years ending March 2015. There is speculation that Nissan itself may be indicted in Japan as part of the case against Ghosn. While Nissan fired Ghosn days after his Nov. 19 arrest, Renault has resisted pressure to replace him permanently. The Renault board also "noted that, at this stage, it does not have information concerning Carlos Ghosn's defense," the company said after its meeting, which had long been scheduled to discuss 2018-19 financial accounts. During the five-hour session, several directors led by Cherie Blair, wife of the British former prime minister Tony Blair, began to express impatience with that position, two people with knowledge of the matter said.

Nissan shares slide 5% after report Renault exploring stake reduction

TOKYO — Shares of Nissan Motor Co slumped 5% on Monday, their biggest fall in more than a month, following a report that top shareholder Renault may consider lowering its stake in the Japanese automaker. Bloomberg reported on Friday that Renault may consider lowering its Nissan shareholding as part of plans to separate its electric vehicle business. The French car maker has been pushing ahead with plans to split its electric and combustion-engine businesses in an attempt to catch rivals such as Tesla and Volkswagen On Friday, Renault said all options were on the table for separating the electric vehicle business, including a possible public listing in the second half of 2023. Any plans would be subject to approval from alliance partner Nissan, Renault finance chief Thierry Pieton said, adding the Japanese automaker was "in the loop" as Renault weighed up its options. Renault and Nissan have declined to comment on the report. Shares of Nissan fell to 509.8 yen in Tokyo, marking their biggest one-day decline since early March and underperforming an almost 2% drop in the Nikkei index. The car makers' two-decade-old alliance, which includes Mitsubishi Motors, was rocked by the 2018 ouster of alliance founder Carlos Ghosn amid a financial scandal. They have since pledged to pool more resources. In January they said they would work more closely together to make electric cars. They detailed a $26 billion investment plan for the next five years. But their unequal relationship has long been a source of friction in Japan. Renault owns 43.4% of Nissan, which in turn has a 15% non-voting stake in its shareholder. Renault bailed out Nissan two decades ago, but is now the smaller automaker by sales. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Green Mitsubishi Nissan Renault

Autoblog Podcast #418

Episode #418 of the Autoblog Podcast is here, and this week, Dan Roth, Steven Ewing, and Brandon Turkus talk about the big news from the 2015 Chicago Auto Show, as well as the rumors that Apple is building its own car, codenamed Project Titan. Of course, the podcast starts with what's in the garage and finishes up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #418 Topics 2015 Chicago Auto Show Apple working on Project Titan electric car In The Autoblog Garage 2015 Porsche Macan Turbo 2015 Ford Expedition 2015 Nissan Juke Hosts: Dan Roth, Steven Ewing, Brandon Turkus Runtime: 01:23:23 Rundown Intro and Garage – 00:00 Chicago show – 30:08 Apple car – 51:42 Q&A – 59:16 Get The Podcast UStream – Listen live on Mondays at 10 PM Eastern at UStream iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show in iTunes