Nissan Chairman Carlos Ghosn Faces Firing Over Financial Misconduct
- by Claude Bryan
- in Markets
- — Nov 19, 2018
The company said it would brief reporters on Monday night, with Japanese media reporting this would take place at 9 p.m. Tokyo time (1200 GMT) to provide details.
Nissan is to propose dismissing Mr Ghosn and board member Greg Kelly at a board meeting, according to Japan's NHK.
The Tokyo District Public Prosecutors Office declined to comment. Mr Ghosn had already begun shedding some of his responsibilities - he stepped down as chief executive of Nissan past year, and recently offloaded some day to day responsibilities at Renault as well.
Renault shares fell as much as 14.4 per cent in Paris on Monday, the lowest in nearly four years in the wake of the scandal, while Nissan shed 0.45 per cent to ¥1005.5 (Dh32.78) at market close in Japan. Of all these companies, Nissan is already seeking the removal of Ghosn from his post.
Earlier Monday, Japan's Asahi News reported that Brazil-born Ghosn was to be arrested following an alleged violation of Japan's financial instruments and exchange act.
Under his almost two-decade tenure, Nissan moved away from conventional practices in the Japanese auto industry.
The newspaper reported that Ghosn, who is also chairman and chief executive of France's Renault, was suspected of having understated his own income on financial statements and had agreed to voluntarily speak to prosecutors. Shares in Renault plunged 12 per cent in morning trading amid speculation that Mr Ghosn would also have to abandon his job as chief executive of the French manufacturer.
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"Nissan's Chief Executive Officer Hiroto Saikawa will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as Chairman and Representative Director".
Nissan said it has been providing information to the Japanese prosecutors and is cooperating fully with their investigation.
Ghosn said in September that he will continue to pare back his role at the three automakers he brought together, while continuing to head their alliance.
The alliance sold 5.54 million vehicles worldwide in the first six months, up 5 percent from the same period past year, according to data from the three companies.
In June, Renault shareholders approved Ghosn's €7.4 million (US$8.45 million) compensation for 2017.
In the first half of 2018, the alliance formed by Nissan, Renault and Mitsubishi Motors became the world's largest auto seller, outselling Volkswagen. Nissan found itself in the midst of a controversy previous year, when Japan's regulators discovered uncertified inspectors were approving vehicles, leading to a recall of more than 1.2 million cars.
