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Added on the 09/04/2019 15:58:00 - Copyright : PRMEDIA
It's a fall from grace as brutal as is it is sudden. Carlos Ghosn, the all-powerful boss of Renault-Nissan-Mitsubishi, arrested as he got off his private jet in Tokyo on suspicion of tax fraud. The boss of the world's biggest auto alliance is due to be out of a job before the end of the week leaving a sometimes uneasy partnership hanging in the balance.
On Thursday, Nissan Motor Co said it would slash 12,500 jobs globally by 2022. Business Insider said Nissan will cut output to rein in costs. The company is suffering from sluggish sales and rising costs. It's trying to recover from a scandal surrounding ousted Chairman Carlos Ghosn. Japan's No. 2 automaker also posted a 98.5% plunge in first-quarter operating profit to $14.80 million. Nissan had flagged a steep drop in profit on Wednesday.
Reuters reports President Emmanuel Macron said on Wednesday France would remain vigilant that Carlos Ghosn’s presumption of innocence and the former Renault-Nissan leaders’ rights to defend himself in a Japanese lawcase are respected. Macron said: “We will be vigilant, just like with all our citizens across the world who have to answer to the law, through consular activity, so that the defendant’s rights and presumption of innocence are respected in that case."
TOKYO -- Japan's markets watchdog will likely recommend that the financial regulator fine Nissan up to 4 billion yen ($37 million) over the alleged underreporting of former Chairman Carlos Ghosn's compensation, a source said. A spokesman for the SESC declined to comment on specific cases, while Nissan was not immediately available for comment. Ghosn was arrested in Tokyo in November over allegations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan.
Carlos Ghosn lost his last remaining board position at Mitsubishi Motors. AutoNews reports that Mitsubishi has severed ties with the disgraced executive accused of financial misconduct. Mitsubishi dismissed Ghosn as its chairman after his arrest in November on charges of financial crimes, which he has denied. Osamu Masuko, Mitsubishi Motors' CEO, stepped in to take over as chairman. Ghosn, who spent 130 days in jail and is now free on bail, has vigorously denied accusations. He is preparing for a trial that will probably begin next year. Ghosn's second pre-trial hearing takes place on Monday.
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