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Nissan shareholders oust Carlos Ghosn from board of directors

TOKYO — Nissan's shareholders approved on Monday the ouster from the Japanese automaker's board of its former chairman, Carlos Ghosn, who is facing allegations of financial misconduct. The approval, which was expected, was indicated by applause from the more than 4,000 people gathered at a Tokyo hotel for a three-hour extraordinary shareholders' meeting. Other votes had been submitted in advance. Ahead of the vote, Nissan's top executive apologized to shareholders for the scandal at the Japanese automaker and asked them to approve Ghosn's dismissal. Chief Executive Hiroto Saikawa and other Nissan executives bowed deeply in apology to shareholders attending the extraordinary meeting at a Tokyo hotel. Shareholders also approved the appointment of French alliance partner Renault SA's Chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Senard, introduced to shareholders at the meeting's end, thanked them and promised to do his best to keep the automaker's performance on track. "I will dedicate my energy to enhance the future of Nissan," said Senard. The shareholders also gave a green light to removing from the board a former executive direct, Greg Kelly, who has been charged with collaborating with Ghosn in the alleged misconduct. Angry shareholders demanded an explanation for how wrongdoing on an allegedly massive scale had gone unchecked for years. The meeting was closed except to stockholders but livestreamed. One shareholder said Nissan's entire management should resign immediately. Saikawa said he felt his responsibility lay in fixing the shoddy corporate governance at Nissan first, and continuing to lead its operations. Another shareholder asked if Nissan was prepared for a damage lawsuit from shareholders since its stock price has plunged. "I deeply, deeply apologize for all the worries and troubles we have caused," Saikawa said. "This is an unprecedented and unbelievable misconduct by a top executive." He outlined the findings of an internal investigation, such as payments of a consultation fee to Ghosn's sister for 13 years. The investigation has also found too much power had been focused in one person, he said. Ken Miyamoto, 65, a Nissan shareholder, said he was disappointed. "It is really such a pity as he was a brilliant manager," Miyamoto said of Ghosn before heading into the meeting.

Mitsubishi Triton Ralliart hints at performance comeback

Mitsubishi Motors has not had a very good decade. Their lineup has dwindled down to four models and the the company has struggled to stay relevant as a brand as they hemorrhage market share. However, a new Triton Ralliart truck shows some signs of life in a company once rich with enthusiast-oriented offerings. The Mitsubishi Triton Ralliart will participate in the 2022 Asia Cross Country Rally, which takes place primarily in Thailand. The Triton is built there and exported throughout southeast Asia, which happens to be one of the few markets in which Mitsubishi still enjoys decent sales. Though not sold in the U.S., the four-wheel-drive Ranger-sized pickup is available in four-cylinder gas, diesel and turbodiesel configurations, the most powerful of which makes 176 horsepower and 295 pound-feet of torque. Manual and automatic transmissions are available, with the latest versions each offering six speeds. The Triton marks a return for the company's Ralliart banner. Though Mitsubishi had been rally racing since the 1960s, the Ralliart name only made its debut in 1981. The dedicated motorsports arm allowed the company to build and campaign models like the Lancer and Galant VR-4 in international rally races, ultimately leading to a slew of World Rally Championship wins, and an equally impressive string of victories at the Paris-Dakar Rally.  Ralliart folded up in 2010 after the global financial crisis and lay dormant for over a decade. Last year Mitsubishi quietly revived the brand, revealed a concept, released a lineup of accessories for its vehicles (available only in Asia) and hinted at a racing comeback. The Triton is the first Ralliart-branded vehicle since the revival. Mitsubishi didn't reveal what modifications were made to the Triton. One encouraging sign, however, is the fact that the rally team is headed by Hiroshi Masuoka, a long-time Mitsubishi driver who won the Paris-Dakar twice. Masuoka was also a test driver who helped develop the Pajero (known in the U.S. as the Montero). Sadly, the Pajero factory was sold last week to a toilet paper manufacturer, but perhaps Masuoka can recapture a bit of Mitsubishi's past glory with the Triton, even if he's essentially starting from scratch. The Triton effort, and yesterday's announcement that Mitsubishi was donating 1 million euros to aid Ukrainian refugees, suggests Mitsubishi feels it is in a better place financially.

Nissan files civil suit against Ghosn, seeking $91 million in damages

TOKYO — Nissan filed a civil suit Wednesday seeking 10 billion yen ($91 million) in damages from the Japanese automaker's former Chairman Carlos Ghosn. Nissan filed the case in Yokohama District Court to recoup some of the monetary damages suffered, it said, “as a result of years of misconduct and fraudulent activity" by Ghosn. The claim was calculated by adding the costs from what Nissan called Ghosn's “corrupt practices,” such as rent for overseas property, use of corporate jets and payments to Ghosn's sister, as well as costs for the internal investigation into Ghosn's alleged wrongdoings. Representatives of Ghosn said in a statement they couldn't comment as they had yet to see the legal documents. “Nissan's maneuvers continue,” they said, while noting Nissan had claimed larger damages before. Ghosn, who led Nissan for two decades and saved it from near-bankruptcy, was arrested in Japan in November 2018, and charged with underreporting his future compensation and breach of trust in diverting Nissan money for personal gain. He was awaiting trial but skipped bail and showed up in Lebanon late last year. Japan has no extradition treaty with Lebanon, and he's unlikely to be arrested. A date had not been set for his trial, and Ghosn has said he was worried his ordeal would never end and he would not get a fair hearing. The bail conditions also barred him from seeing his wife. He has repeatedly lashed out at Japan's judicial system, where the conviction rate is higher than 99%. Japanese authorities recently issued an arrest warrant for Ghosn and three Americans, accused of helping his escape. Separately, they issued an arrest warrant for Ghosn's wife on suspicion of perjury. Ghosn has repeatedly said he is innocent, saying that the promised compensation had never been decided, and all the payments were for legitimate services. Wednesday's lawsuit by Nissan comes on top of the civil case Nissan filed against Ghosn in the British Virgin Islands in August last year. It alleged unauthorized payments, sought to regain a luxury yacht and pursued other damages, according to Nissan. Yokohama-based Nissan, which makes the Z sportscar, Leaf electric car and Infiniti luxury models, is also facing trial in Japan as a company in relation to Ghosn's scandal. It has indicated it will agree to any penalties. Nissan's reputation has been sorely tarnished over the Ghosn fiasco, and its sales have dropped. Nissan reports financial results Thursday.