Wednesday, 21 August 2019
Latest news
Main » Japan court docket blocks ex-Nissan boss Ghosn from attending board assembly

Japan court docket blocks ex-Nissan boss Ghosn from attending board assembly

15 March 2019

One of the world's best-known auto executives, Ghosn was sacked as chairman of Nissan, Renault and Mitsubishi, and resigned as chief executive of Renault after his arrest.

"In response to latest press reports, Renault confirms that it is in discussions with its Alliance partners Nissan Motor and Mitsubishi Motor regarding the establishment of a new Alliance body in order to enhance and ensure further collaboration", Renault stated.

"There is nothing to do with the shareholdings and the cross-shareholdings that are still there and still in place", Renault Chairman Jean-Dominique Senard said at a news conference.

Ghosn has accused Nissan executives of having plotted against him for his plan to strengthen relations with Renault, the Japanese automaker.

He has headed Renault, Nissan, and Mitsubishi Motors, three leading carmaking companies. Nissan said Ghosn wielded too much power, creating a lack of oversight and corporate governance.

The new board, which consists of the CEOs of the three company's and Renault's chairman, will meet every month in Paris or Tokyo and oversee various projects, helping to make the companies' operations more efficient, they said.

Nissan has tasked an external committee with helping to improve corporate governance after the arrest and ouster of Ghosn, who faces charges of financial misconduct including understating his compensation by about ¥9 billion over almost a decade.

Ghosn was released on a $9 million bail only last week after more than 100 days in detention.

He is also only allowed restricted access to the use of mobile phones and computers under his bail agreement.

Although removed from his post at Nissan following his arrest on November 19 past year, Ghosn still holds his seat on the automaker's board as a director and he believes it is his duty to attend the board meeting.

Nissan is considering naming Sadayuki Sakakibara, former chairman of the Japan Business Federation and co-chair of a Nissan government committee, as the chief of the board. The court apparently saw his coming in contact with other Nissan officials as a risk.

It is unclear who will become Nissan chairman.

As boss of Renault, he took what many observers at the time thought was a gamble by saving Nissan from the brink of bankruptcy and tying it to the French firm. Renault owns about 40 percent of Nissan, while Nissan holds a stake of 15 percent on Renault.

Senard cemented this idea saying he had no desire to be Nissan's chairman, but would instead be an "natural candidate" for vice chair.

Japan court docket blocks ex-Nissan boss Ghosn from attending board assembly