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Auditor had questioned Nissan on payments in Ghosn scandal, source says

TOKYO — Nissan's auditor had repeatedly questioned transactions at the heart of allegations of financial misconduct by former chief Carlos Ghosn, but Nissan said they were proper, a person with direct knowledge of the matter said on Wednesday. Ernst & Young ShinNihon LLC questioned Nissan's management several times, chiefly around 2013, about purchases of overseas luxury homes for Ghosn's personal use and of stock-appreciation rights that were conferred on him. But the Japanese automaker said the transactions and financial reporting were appropriate, the source told Reuters on condition of anonymity. The revelation shows Nissan and its auditor were discussing the transactions, in apparent contrast with Nissan's contention that the alleged misreporting of benefits for Ghosn was masterminded by Ghosn and a key lieutenant. A spokesman for EY ShinNihon, the Japanese affiliate of global accounting firm Ernst & Young, said he could not comment on specific cases. A Nissan spokesman declined to comment. Ghosn was arrested on Nov. 19 as he arrived in Japan. Prosecutors accuse him of falsifying Nissan's annual reports to understate by about half his total compensation of some 10 billion yen ($90 million) over several years. The high-profile former executive has denied the allegations, according to Japanese media. Ghosn remains in custody and is unable to speak publicly. He is represented by former prosecutor Motonari Otsuru, according to Japanese media. Otsuru's law firm declined to comment on Wednesday, and Otsuru has not responded to requests for comment. Nissan has largely pinned the blame on Ghosn and Greg Kelly, a former representative director who was arrested along with Ghosn on the same allegations. "As a result of the investigation, we are certain these two are the masterminds," CEO Hiroto Saikawa told a news conference on Nov. 19, referring to Ghosn and Kelly. He declined to say whether others at Nissan were involved in the alleged wrongdoing. An internal investigation is ongoing, and Nissan says it is cooperating with prosecutors. Nissan and Mitsubishi Motors have removed Ghosn as chairman in the wake of his arrest. The French member of the three-firm alliance, Renault, retains him as chairman and CEO.

Renault, Nissan officially reboot their auto alliance for post-Ghosn era

Nissan CEO Makoto Uchida looks on as Renault CEO Luca De Meo and Mitsubishi CEO Takao Kato shake hands during a news conference to unveil new agreement between Nissan and Renault on Monday in London.   LONDON — Automakers Renault and Nissan on Monday formalized their reboot of a relationship that had grown rocky, culminating in the spectacular fall of top executive Carlos Ghosn, who had led successful turnarounds at both companies before his arrest and daring escape. The boards of both companies approved equalizing the stake each automaker holds in the other to 15%, bringing a better balance in the French-Japanese alliance, which also includes smaller Japanese carmaker Mitsubishi Motors Corp. The uneven shareholdings had been viewed at times as a source of conflict. Until now, Renault Group of France owned 43.4% of Nissan Motor Co., while the Japanese automaker owned 15% of Renault. “We have been waiting a long time for this moment,” Renault board Chairman Jean Dominique Senard said at a news conference in London, calling it a “new era." Nissan intends to invest up to 15% in Ampere, RenaultÂ’s electric vehicle and software entity in Europe that Mitsubishi also will consider investing in. The automakers said they will collaborate in markets worldwide, including Latin America, Europe and India. The moves come at a time when the extremely competitive auto industry is undergoing a major shift toward electric vehicles and other environmentally friendly models. The long speculated changes to the carmaker alliance were announced a week ago. Shares equivalent to a 28.4% stake will be transferred to a French trust, according to the companies. Renault, whose top shareholder is the French government, and Nissan agreed on an orderly sale of that stake, although there will be no deadline. Nissan Chief Executive Makoto Uchida vowed to take the alliance to “the next level of transformation” to adapt to a new era. “This is not a choice but a need,” he said. In theory, partnerships are a good way for automakers to cut costs by sharing parts, production and technology, especially when the industry is going through such dramatic change with EVs. That also means that, once formed, ending an alliance can be difficult because the companiesÂ’ development, manufacturing and products get so closely tied together. Still, partnerships can stumble because of the different corporate cultures of the automakers, especially when it involves a meeting of the West and East.

Mitsubishi off-road concepts head to Tokyo Auto Salon

While the focus on this side of the Pacific has been on CES and the Detroit Auto Show, over in Japan they're gearing up for the Tokyo Auto Salon. Most of the other Japanese automakers have already shown us what they have in store for the tuner expo, and now it's Mitsubishi's turn. This year, Mitsubishi will showcase two pairs of custom creations. They're all focused on the great outdoors, but two take more of an adventuring approach while the other two are geared towards camping. Two are based on the Outlander PHEV and the other two on the Delica D5 minivan. The Outdoor Gear concepts feature matte pearl white paintjobs with orange trim, black interiors with orange trim, and mesh fabric seats with grippy suede trim. The Outlander version rides on 20-inch wheels with off-road tires, a spoiler, and a bike rack on the roof. The Delica gets a carbon-style front bumper, LED daytime running lights, brush guards, and 16-inch wheels. The Active Camper concepts feature 20-inch wheels and matte silver paint with a black camo pattern – a treatment which continues inside. Here the Outlander features a new body kit, adjustable suspension, a roof box, and 1,500 watts of auxiliary power. The Delica version features a sportier grille, brush guards, and a convertible cabin space with room for two. They'll be displayed alongside a replica of the Outlander PHEV rally machine which Mitsubishi is fielding at the Baja Portalegre 500. But these are just some of the goodies in store for the Tokyo Auto Salon this year, which promises all the JDM action you could shake a carbon-fiber stick at. The doors open at the Makuhari Messe in Chiba City on Friday and will stay open through the weekend. Featured Gallery Mitsubishi at 2016 Tokyo Auto Salon News Source: Mitsubishi Tokyo Auto Salon Mitsubishi Crossover Minivan/Van Concept Cars Off-Road Vehicles mitsubishi delica