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Money Nissan Punishes More Managers After 10,000-Hour Ghosn Probe

12:28  16 january  2020
12:28  16 january  2020 Source:   msn.com

Ghosn carried spare French passport while out on bail in Japan: NHK

  Ghosn carried spare French passport while out on bail in Japan: NHK Ghosn carried spare French passport while out on bail in Japan: NHKTOKYO (Reuters) - Japanese authorities allowed ousted Nissan boss Carlos Ghosn to carry a spare French passport in a locked case while out on bail, public broadcaster NHK said on Thursday, shedding some light on how he managed a dramatic escape to Lebanon.

Nissan Chairman Carlos Ghosn , one of the auto industry's most high-profile executives, has been arrested in Japan after an internal investigation revealed "significant acts of misconduct" over many years by him and another top executive.

The probe is also looking at what appear to be outsized payments for Ghosn 's bodyguard services in Brazil, one of the sources said. Reuters has reported that Al-Juffali is the person prosecutors believe arranged a letter of credit for Ghosn over his foreign exchange contract after which a company that

a close up of a sign: The Nissan Motor Co. logo sits on display on day two of the 89th Geneva International Motor Show in Geneva, Switzerland, on Wednesday, March 6, 2019. The show near Lake Leman, which opens to the public from March 7 to 17, will be the first gilded showcase of the year for the likes of Bugatti, Koenigsegg, Lamborghini, and Pininfarina, among others.© Bloomberg The Nissan Motor Co. logo sits on display on day two of the 89th Geneva International Motor Show in Geneva, Switzerland, on Wednesday, March 6, 2019. The show near Lake Leman, which opens to the public from March 7 to 17, will be the first gilded showcase of the year for the likes of Bugatti, Koenigsegg, Lamborghini, and Pininfarina, among others.

(Bloomberg) -- Nissan Motor Co. has revealed more details of an exhaustive probe into Carlos Ghosn, a week after its fugitive former leader accused the Japanese carmaker of being behind the plot to have him arrested.

The report on the investigation, submitted to the Tokyo Stock Exchange on Thursday, found that many others were involved in improprieties besides its former chairman, with those involved located both in Japan and overseas. Three people in senior roles were punished for their involvement, though their names, titles and specific steps to discipline them were not revealed.

Carlos Ghosn Has Tales to Tell and Scores to Settle

  Carlos Ghosn Has Tales to Tell and Scores to Settle Carlos Ghosn has spent more than a year trapped in a Japanese legal odyssey that’s transfixed the automotive world and thrown his life into chaos. Now, having pulled off a daring escape from Japan to Lebanon, he’s an international fugitive. But the executive is also free to speak his mind fully, without legal filtering, for the first time since his surprise arrest on the tarmac at Haneda airport back in November 2018. And this much seems likely: The former head of Nissan Motor Co. and Renault SA has stories to tell and scores to settle.At stake is Ghosn’s entire legacy.

The probe is also looking at what appear to be outsized payments for Ghosn 's bodyguard services in Brazil, one of the sources said. Reuters has reported that Al-Juffali is the person prosecutors believe arranged a letter of credit for Ghosn over his foreign exchange contract after which a company that

TOKYO — Carlos Ghosn , one of the world’s most powerful car industry leaders, will be detained for 10 more days as prosecutors investigate accusations of The arrest on Monday came after an internal Nissan inquiry that found Mr. Ghosn and Greg Kelly, a onetime Nissan human resources manager

Nissan was required to submit the report after adjusting its past earnings following the arrest of its former chief executive officer and chairman for financial crimes in November 2018. That triggered turmoil within the automaker’s management ranks and destabilized its relationship with alliance partner Renault SA. Ghosn fled trial in Japan at the end of December, hiding in a black box for musical equipment and making his way to Lebanon via private jets.

The Tokyo Job: Inside Carlos Ghosn’s Escape to Beirut

While the timing of the report has little to do with Ghosn’s escape, it underscores the extent to which Nissan has had to reform its practices in the year after his arrest. Many of the steps outlined in the 33-page document, such as abolishing a CEO reserve fund and the restatement of Ghosn’s income, had already been disclosed or reported.

Who is Carlos Ghosn and why is he an internationally wanted man?

  Who is Carlos Ghosn and why is he an internationally wanted man? Interpol has issued an international notice to Lebanon for the arrest of Carlos Ghosn, the former auto industry executive who became a fugitive after he turned up in Lebanon on Tuesday. Here's what you need to know about him and his daring escape from Japan.A Red Notice is not an arrest warrant. It instead requests a country provisionally arrest an individual pending extradition.

According to Reuters, Nissan 's investigation into Renault Chairman and CEO Carlos Ghosn is expanding. The investigation is looking into alleged misconduct

Ghosn remains in detention after a months-long internal Nissan investigation resulted in allegations that he had under-reported income and made personal use of company funds. Nissan is 43.4 percent-owned by Renault and in turns controls Mitsubishi Motors, the third alliance partner.

The misconduct outlined in the report was not just limited to acts allegedly committed by Ghosn and executive Greg Kelly, but included excess salary paid to Ghosn’s successor, Hiroto Saikawa, who was ousted as CEO in September. The report found six others also received excess compensation via stock appreciation rights, though did not identify them. The amount involved totaled 57.7 million yen (C$684,376.9), though Nissan expects most of that amount to be repaid by March.

“A wide variety of misconducts had been committed over a long period of time,” the report said, noting that “many people were involved and the misconducts were committed not only in Japan but also in foreign countries.” Nissan will decide the punishment for others in due course, it said.

‘Black Box’

The investigation involved more than 10,000 hours of analysis, including the collection of 9 million documents and interviews with more than 70 people within the company. Ghosn and Kelly were not among them, Nissan said, citing the fact that the automaker is a co-defendant of the two former executives in a forthcoming criminal trial.

Carlos Ghosn was reportedly interested in making a Hollywood movie about his life

  Carlos Ghosn was reportedly interested in making a Hollywood movie about his life In December, Ghosn met with John Lesher, the producer best known for "Birdman," in his Japan apartment, the New York Times reported. In the months he was holed up in a stark Japanese apartment awaiting trial for charges of financial wrongdoing, disgraced auto executive Carlos Ghosn was plotting to tell his life on the silver screen.

Ghosn , once the most celebrated executives in the auto industry and the anchor of Nissan ’s alliance with France’s Renault SA (RENA.PA), has TVS did not respond to a request for comment. The probe is also looking at what appear to be outsized payments for Ghosn ’s bodyguard services in Brazil, one

Carlos Ghosn arrived at Nissan in 1999, and was credited with saving the company from financial Mr. Ghosn made sweeping changes at Nissan , closing five domestic factories and cutting 21, 000 He earned a reputation as a hard-nosed manager who drew up rigorous business plans and kept close

The report attacked Ghosn’s “personality cult” and accused him of isolating departments within Nissan that would have been able to discover his misconduct, describing Ghosn as turning them into a “black box.”

The investigation was aided by law firm Latham & Watkins LLP, a company Ghosn last week slammed at his explosive press conference in Beirut. He described the firm as one of the actors “destroying Japan’s reputation on the global stage,” and in a separate statement derided Nissan’s investigation as “fundamentally flawed, biased, and lacking in independence from its inception.”

Read More: Renault-Nissan Marriage Is in Jeopardy After Ghosn’s Escape

“Although Nissan is presenting this improvement report to the stock exchange and promising to rebuild its business and be more transparent, the current movements of Nissan’s management look like the exact opposite,” said Koji Endo, an analyst at SBI Securities Co. in Tokyo. “That’s the biggest problem.”

Among the steps the carmaker will take to improve its corporate governance is abolishing a system of having former directors become advisers and consultants.

This means Saikawa, who was reportedly planning to stay on at Nissan in some capacity after leaving the board at a shareholders’ meeting planned for Feb. 18, is now likely to leave the company entirely. By abolishing the adviser role, Nissan’s new CEO, Makoto Uchida, may be able to act more independently.

Renault director Pierre Fleuriot, set to join Nissan’s board following a shareholders’ vote in February, will also become a member of Nissan’s audit committee, which decides executive pay, Nissan said in a separate statement Thursday.

To contact the reporters on this story: Gearoid Reidy in Tokyo at greidy1@bloomberg.net;Masatsugu Horie in Tokyo at mhorie3@bloomberg.net

To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Reed Stevenson

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

Fugitive tycoon Ghosn: Japan arrest was a plot .
Fugitive tycoon Ghosn: Japan arrest was a plotIn his first appearance since his daring and improbable escape from Japan, Ghosn said during a 2 1/2-hour news conference in Beirut that the decision to flee “was the most difficult of my life.

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