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Carlos Ghosn: What misconduct is he accused of?

TOKYO — Japan was shocked by news that Nissan Motor Co. Chairman Carlos Ghosn, who was widely respected for rescuing the carmaker from near bankruptcy, was arrested on Monday for alleged financial misconduct. Nissan said that Ghosn, who is also chairman and CEO of Renault and chairman of Mitsubishi Motors, would be fired from his post as Nissan chairman on Thursday. What is Carlos Ghosn accused of? Nissan CEO Hiroto Saikawa told a packed press conference on Monday night that the company had found that Ghosn had been using corporate money for personal purposes and under-reporting his income for years in official company filings to the Tokyo Stock Exchange. Another board member, Greg Kelly, was also deeply involved in the misconduct, Nissan said. Saikawa said he couldn't elaborate as the cases are being investigated by prosecutors, who have declined to comment. Prosecutors said that Ghosn and Kelly conspired to understate Ghosn's compensation over five years starting in fiscal 2010 as being about half of the actual 9.998 billion yen ($88.9 million). Public broadcaster NHK said Nissan paid billions of yen to buy and renovate homes for Ghosn in Rio, Beirut, Paris and Amsterdam, citing unnamed sources. The properties had no business purpose and were not listed as benefits in TSE filings, NHK said. Ghosn, 64, has not been formally charged. The Asahi newspaper reported that he and Kelly had submitted to prosecutors' questions after getting off a plane on Monday afternoon at Tokyo's Haneda Airport. Saikawa confirmed they had been arrested. Ghosn and Kelly have not been seen since, and their exact whereabouts are not known. Suspects are typically taken to the Tokyo Detention Center, which is linked to the Tokyo District Public Prosecutors Office. How did this come to light? Nissan's Saikawa said Ghosn's alleged improprieties came to light through a whistleblower, after which the company began an internal investigation and informed prosecutors. Japanese media reports say the informant is a member of Nissan's legal department. The Asahi reported, without citing sources, that the informant gave the prosecutors information in a plea bargain, implying the person may have provided evidence in exchange for a lighter sentence. How much control did Carlos Ghosn have? After becoming CEO of struggling Nissan in 2001, Ghosn was hailed as the automaker's savior by implementing an aggressive cost-cutting plan.

Nissan's Carlos Ghosn offers to wear electronic ankle tag if released

TOKYO — Ousted Nissan Chairman Carlos Ghosn has offered to wear an electronic ankle tag and hire guards to monitor him in an unusual bid to secure his release on bail after two months of harsh detention in Japan for alleged financial crimes. Ghosn is also willing to remain in Tokyo, where he has leased an apartment, and post stock he owns in Nissan as collateral, his spokeswoman said. A new bail hearing is set for Monday after an earlier request was denied due partly to concerns the French executive was a flight risk. His release would allow Ghosn to meet more frequently with his lawyers and defend himself before the board of Renault, where he remains chairman and CEO, amid calls for his removal and potential moves to restructure the Nissan tie-up. Ghosn denies any wrongdoing as he awaits trial on charges of financial misconduct. "I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself," Ghosn said in a statement on Sunday. "I am not guilty of the charges against me, and I look forward to defending my reputation in the courtroom." Meanwhile, Ghosn's wife, Carole Ghosn, has written to French President Emmanuel Macron to discuss her husband's situation, her public relations representative said. The representative, Devon Spurgeon, confirmed a report in French paper Journal du Dimanche that a letter had been sent to Macron this month, but declined to provide details. France wants a full merger As Ghosn's arrest on Nov. 19 continued to cloud the outlook for Nissan's three-way alliance with France's Renault and Mitsubishi Motors, Nissan said it was not the time to discuss revising the partners' capital ties. Ghosn, who spearheaded Nissan's turnaround two decades ago, had pushed for a deeper tie-up between Nissan and Renault, including possibly a full merger by 2020, despite strong reservations at the Japanese firm. "We are not at the stage for such discussions," Nissan CEO Hiroto Saikawa told reporters on Monday. Saikawa said he had not heard directly about a reported proposal by the French government to integrate the Japanese carmaker's management with Renault. The Nikkei newspaper reported on Sunday that a French government delegation had informed Tokyo that it would seek an integration of Renault and Nissan, most likely under the umbrella of a single holding company. "Since I have not heard this directly, I cannot comment," Saikawa told reporters.

Nissan sees its EV sales surging to 1 million annually by 2022

YOKOHAMA, Japan — Nissan announced plans to sell 1 million electric vehicles (EVs) annually by 2022, a six-fold jump from what it sold last year, and said it had no plans to stop testing its self-driving cars on public roads, calling them safe. Japan's No. 2 automaker and its rivals are planning to crank up development and production of electric cars in response to tightening emissions regulations around the world, even as demand for such vehicles remains limited due to their high cost and limited charging infrastructure. Launched as the world's first mass-market all-battery EV in 2010, Nissan's Leaf compact hatchback is the world's best-selling EV, though sales have been just around 300,000 units in its lifetime. The company now plans to focus its lower-emissions lineup on all-battery and gasoline-hybrid EVs rather than costlier technologies including plug-in hybrids. Nissan said on Friday it would develop eight new all-battery EVs over the next five years, including four models for China. Its luxury Infiniti brand would begin carrying new electric models from 2021, it added. Through 2022, vehicles powered by its "e-Power" gasoline-hybrid technology would likely comprise the majority of Nissan's electric line-up, it said. Such vehicles use gasoline to power the car's motor, requiring a much smaller battery than EVs and therefore are less expensive to produce. "The heart of our strategy in terms of electrification is battery EVs and e-Power technology," Nissan Chief Planning Officer Philippe Klein told reporters at a briefing. Concerns about EV battery costs and components have prompted many automakers to develop a variety of lower emissions technologies, but Klein said that Nissan would largely forego plug-in hybrids and hydrogen fuel cell technologies, given their low cost-performance at the moment. In 2017, Nissan sold 163,000 electric vehicles globally. Nissan and its automaking partners, Renault and Mitsubishi, together plan to launch 17 electric models as part of their strategy to achieve annual vehicle sales totaling 14 million units by 2022, compared with 10.6 million units in 2017. Self-driving tests to continue Automakers and technology companies are facing mounting pressure to prove that their automated driving functions under development are safe to use on public roads following a fatal accident involving a self-driving car operated by Uber Technologies [UBER.UL] in the United States earlier this week.