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What to expect from the Japanese trial of Nissan and Greg Kelly

TOKYO — The criminal trial against Japanese automaker Nissan and its former executive Greg Kelly will open in Tokyo District Court on Tuesday. ItÂ’s the latest chapter in the unfolding scandal of Carlos Ghosn, a superstar at Nissan until he and Kelly were arrested in late 2018. Five questions and answers about the trial: Q: WHAT ARE THE ALLEGATIONS? A: The charges center around KellyÂ’s role in alleged under-reporting of GhosnÂ’s future compensation by about 9 billion yen ($85 million), a violation of financial laws. Kelly says he is innocent. Nissan, which is also similarly charged, has already acknowledged guilt, made corrections to the compensation documents submitted to the authorities, and has started paying a 2.4 billion yen ($22.6 million) fine. Q: WHAT HAPPENS TO GHOSN? A: Probably nothing. He skipped bail late last year and is now in Lebanon, which has no extradition treaty with Japan. Two Americans, Michael Taylor and his son Peter Taylor are being held in Massachusetts without bail, suspected of having helped Ghosn escape by hiding in a box on a private jet. A U.S. judge recently approved their extradition to Japan. The case is now before the U.S. State Department. Q: HOW DO CRIMINAL TRIALS PROCEED IN JAPAN? A: The trial, before a panel of three judges, is expected to take about a year. There is no jury. Juries are selected only for extremely serious cases in Japan, such as murder. In principle, there are no plea bargains although backroom deals are made all the time. Closed pre-trial sessions are held ahead of the trialÂ’s opening, often for months before the real trial begins. Japan's legal system has come under fire from both within and outside the country as “hostage justice” because suspects often are held for months and interrogated without a lawyer present, often leading to false confessions, according to critics. Q: WHAT ARE KELLYÂ’S CHANCES? A: More than 99% of criminal trials in Japan result in a conviction. Japanese Justice Minister Masako Mori, in an online presentation in English hosted by the Japanese Embassy in the U.S., argued the conviction rate is so high because Japan prosecutes only about a third of the cases that come up, choosing only those that “result in guilty verdicts.” She insisted there is a “presumption of innocence.” She declined comment on KellyÂ’s case.

Nissan CEO plans to deliver 'raw details of the misconduct' to Renault

TOKYO/PARIS — Nissan Motor's CEO plans to meet one-on-one with the deputy CEO of automaking partner Renault in Amsterdam this week, sources told Reuters, amid tensions over the future of the alliance after Chairman Carlos Ghosn's arrest last month. The meeting would be the first face-to-face interaction between Nissan's Hiroto Saikawa and Renault's Thierry Bollore since Ghosn was arrested on Nov. 19 in Tokyo. It would take place alongside regular top-level, monthly talks between the partners and Mitsubishi Motor Corp that will be held over two days from Tuesday, according to one of the sources familiar with the matter. Saikawa, who took over from Ghosn as CEO last year, is planning to discuss at the meeting with Bollore possible changes to the partnership's management and operations with an eye to continuing the alliance, another source who is close to Nissan's management said. The talks in Amsterdam could provide Saikawa with an opportunity to try and convince Renault executives of the gravity of Ghosn's alleged misconduct discovered during an in-house investigation by the Japanese automaker. They are being held a day after Saikawa rebuffed a demand from Renault for an extraordinary shareholder meeting that would have offered the French car maker a chance to weigh in on Ghosn's replacement as chairman and on other Nissan board appointments. Mitsubishi Chairman Osamu Masuko said late on Monday he will attend the Amsterdam meetings via video conference. A Nissan spokesman said Saikawa would attend meetings with alliance partners in Amsterdam from Tuesday, but declined to comment on the possibility of the one-on-one meeting with Bollore. Ghosn was charged last week alongside alleged accomplice Greg Kelly and Nissan itself over the company's failure to declare $43 million in deferred income that Ghosn had arranged to be paid while chairman and CEO. Both men remain in custody. The scandal has shaken the Renault-Nissan-Mitsubishi alliance, with Saikawa calling for changes to weaken Renault's control as he moved to oust Ghosn in the week of his arrest. Renault directors were briefed last week on the Nissan investigation that led to Ghosn's arrest but reiterated their earlier decision to keep him in office as chairman and CEO. But the Renault board has yet to be given direct access to Nissan's findings, which are being closely held by Renault lawyers answering to Ghosn's long-standing chief of staff and head of legal affairs at Renault, Mouna Sepehri.

Nissan reports $4.13B net income for 2012

The news for Nissan is good when it comes to the company's results for the 2012 financial year that ended on March 31. Even though the numbers were down in many of the world's major markets, increased sales in the US, Brazil and the Middle East, ten new models and a strong fourth quarter allowed Nissan to hit its target for the year and notch record sales of 4.914 million units globally. On net revenue of $116 billion, Nissan posted net income of $4.13 billion and an operating profit of $6.31 billion.
There are upward-looking projections for this year, Nissan forecasting a 7.8-percent jump in sales to 5.3 million units, with $117.89 billion in net revenue and $4.42 billion in net income. That net revenue number probably won't actually match what's reported next year, though, because Nissan is changing its accounting method and won't include revenue and operating profit results from its joint venture with China's Dongfeng. Net income doesn't change under the new method, but the adjusted net revenue forecast is $109.16 billion.
There's a press release and two videos below with more details for those of you who go gaga for annual reports.