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New allegations against Ghosn concern payments to Saudi businessman

BEIJING – Fresh misconduct allegations brought by Tokyo prosecutors against ousted Nissan Chairman Carlos Ghosn center on the use of company funds to pay a Saudi businessman who is believed to have helped him out of financial difficulties, two company sources with knowledge of the matter said. Prosecutors arrested Ghosn for a third time on Friday, accusing him of aggravated breach of trust in transferring personal investment losses to the automaker. The prosecutors' statement said they believe that around October 2008, Ghosn was trying to deal with losses on paper of 1.85 billion yen ($16.6 million) incurred on a swap contract he had with a bank which it did not name. A person helped arrange a letter of credit for Ghosn and a company run by the person later received $14.7 million in Nissan funds in four installments between 2009 and 2012, the statement said, adding that the payments were made in Ghosn's and the person's interests. "By doing so, (Ghosn) behaved in a way that breached trust, and inflicted damage on the property of Nissan," the statement said. The statement also said Ghosn had earlier sought to have Nissan shoulder the appraisal losses directly. According to the Nissan sources who have knowledge of the company's probe into its former chief, the person who helped Ghosn is Khaled Al-Juffali, vice chairman of one of Saudi Arabia's largest conglomerates, E. A. Juffali and Brothers, and a member of the board at the Saudi Arabian Monetary Authority. He is also majority owner of a company called Al-Dahana which owns half of a regional joint venture called Nissan Gulf with the other half held by a wholly owned unit of Nissan Motor. Sheikh Khaled Juffali has no comment on this subject, according to an emailed statement from E. A. Juffali and Brothers. Ghosn's Tokyo-based lawyer, Motonari Otsuru, was unavailable for comment on this article, according to a person who answered the phone at his law office. A representative for the Ghosn family declined to comment. Other media have said Ghosn has through a lawyer denied that he shifted losses to Nissan and has told investigators that the four payments were for legitimate business purposes, including a reward for handling problems at Nissan dealers in Saudi Arabia. Tokyo prosecutors declined to comment. Asked about Ghosn's reported comments, a Nissan spokesman said: "We cannot comment on matters related to Ghosn's arrest for breach of trust.

Submit your questions for Autoblog Podcast #305 LIVE featuring Matt Edmonds of the Tire Rack!

We record Episode #305 of the Autoblog Podcast tonight, and we'll be joined by Matt Edmonds of podcast sponsor The Tire Rack, so drop us your questions and comments via the Q&A module below, especially if they have to do with tires and wheels! Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
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Nissan Leaf Nismo RC Concept [w/video]

Nissan took the wraps off its Leaf Nismo RC Concept at the New York Auto Show more than two years ago. As inferred, the vehicle shares many of its pure-EV components with the production Leaf currently sitting in your dealer's showroom. But don't assume the concept is a placid, family friendly, four-place, front-wheel-drive plug-in for grabbing groceries - the RC (as in "Racing Challenge") is a purpose-built, two-seat, rear-wheel-drive prototype race car tuned for the short track.
The RC Concept is fitted with an 80-kW AC synchronous motor driving the rear wheels and drawing power from a 48-module lithium-ion battery. While the motor and battery are nearly identical to the consumer-friendly Leaf, a sleek full carbon-fiber monocoque body shell and a slew of other enhancements mean the RC is 40-percent lighter, a foot shorter in overall height and nearly seven inches wider than its commuter namesake. Nissan says the RC Concept will hit 62 miles per hour in about 6.8 seconds, top out at 93 mph and run for about 20 minutes under race conditions (it will accept an 80-percent charge in 30 minutes with a quick-charger). Understandably, if a zero-emissions motorsport series comes to fruition, the races would be short and nearly silent.
We caught up with the Leaf Nismo RC concept in Southern California, where we were offered the opportunity to zip it around a tight autocross at the former Marine Corps Air Station, El Toro.