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Posts Tagged ‘Carlos Ghosn’

Carlos Ghosn Formally Indicted – Could Face 10-Year Sentence

Former Nissan chairman accused of concealing income.

by Paul A. Eisenstein on Dec.10, 2018

Nissan Chairman Carlos Ghosn was still running the show when he appeared at a news conference at the Paris Motor Show in October.

Things went from bad to worse for the long-time head of the Renault-Nissan-Mitsubishi Alliance on Monday, prosecutors in Tokyo formally charging Carlos Ghosn with financial misconduct in a scandal that has rocked the global automotive industry.

Ghosn, along with Nissan board member Greg Kelly, were arrested on November 19th after their corporate jet touched down in the Japanese capital and immediately taken to the Tokyo Detention Centre where they have been held in solitary ever since. Ghosn, in particular, has not been accused of hiding about half of his $88 million income during a five year period beginning in 2010. He may face additional charges related to more recent years, according to Japanese media reports.

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If found guilty, the executive who was given credit for saving a nearly bankrupt Nissan in 1999 could face up to 10 years in prison, a 10 million yen, or $89,000, fine, or both. Nissan, however, could also face potential penalties as high as 700 million yen, or $6.2 million, for failing to catch the alleged scheme.

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Ghosn May Ring in New Year in Japanese Custody

Former Nissan CEO denies any wrongdoing.

by Michael Strong on Dec.04, 2018

Ousted Nissan Chairman Carlos Ghosn may ring in the new year in Japanese custody.

Ousted Nissan Chairman Carlos Ghosn may be arrested again by Japanese authorities as part of their ongoing investigation into charges of alleged financial misconduct by the former company executive and a colleague.

Ghosn was initially expected to be released on Dec. 10, after having his release delayed two times already. Japanese law allows investigators to arrest a suspect again if new criminal charges are filed, which is exactly what is expected to happen with Ghosn.

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He could be detained until the end of the year. Japanese prosecutors are expected to file charges that Ghosn’s total compensation for 2016 and 2017 exceeded the cap set by the company’s shareholders, according to an Automotive News report. (more…)

Ghosn Scandal Could Fracture Renault-Nissan Alliance

Handling of allegations against Ghosn raising questions.

by Paul A. Eisenstein on Nov.23, 2018

Carlos Ghosn was formally ousted as Nissan Chairman by the automaker's board on Thursday.

With relatively little debate, Nissan’s board voted to oust Chairman Carlos Ghosn on a Thursday afternoon emergency meeting at its headquarters in Yokohama, the latest move in a scandal that could see the man credited with saving the company remain in Japanese police custody for another week or more.

The 64-year-old Ghosn, who helped save the Japanese automaker in 1999 after it received a massive capital infusion from French carmaker Renault SA, was arrested on Monday upon returning to Japan and accused of both under-reporting his income by as much as $45 million, while also misusing company assets. Japanese media on Wednesday reported the Brazilian-born executive would remain in detention in Tokyo until prosecutors decide whether to bring a formal indictment.

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The arrest follows what Nissan CEO Hirota Saikawa described as a months-long investigation triggered by a “whistleblower.” But there are some questioning exactly what the case really involves, with the board of Nissan’s French alliance partner Renault SA notably choosing not to oust Ghosn as its own CEO while waiting for clear evidence. Several sources NBCNews.com spoke to went further, questioning why Ghosn was even arrested.

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Future of Alliance with Nissan/Renault the Big Question as Zetsche Prepares to End Role as Daimler CEO

Zetche and Nissan/Renault’s Ghosn insist there is more to come during Paris new conference.

by Paul A. Eisenstein on Oct.03, 2018

Zetsche and Ghosn first met when the German exec was working at Freightliner and the Brazilian-born Ghosn worked for Michelin.

Since launching the first in a broad series of joint ventures nine years ago, Daimler AG and the Nissan/Renault/Mitsubishi Alliance have generated what they claim to be billions of dollars in “synergies” that have allowed them to expand their product lines and grow into new markets.

But in recent months, the future of that partnership has come under question. The last major new project was announced three years ago. And now, with Daimler Chief Executive Dieter Zetsche planning to relinquish the CEO title next year, that has raised new questions about whether his successor, Ola Kallenius, would keep the alliance going.

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“Without the chemistry between us, maybe this wouldn’t have happened,” said Zetsche, during a joint news conference with Nissan/Renault/Mitsubishi Alliance chief Carlos Ghosn. But considering the results the partnership has generated, “I don’t see from my perspective why the momentum in this relationship should change.”

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Ghosn Dismisses Speculation of a Renault Takeover of Alliance

Complex ownership structure, that includes French government, makes it difficult.

by Michael Strong on Jun.26, 2018

Renault-Nissan-Mitsubishi Alliance chief Carlos Ghosn recently reiterated there is "zero chance" of Renault taking over Nissan and Mitsubishi.

The question of what company in the three-legged stool that is Renault Nissan Mitsubishi might acquire the other two has been broached a few times since Mitsubishi was added. The issue is apparently important enough for Carlos Ghosn, who heads up the three companies, to address recently.

“Anybody who will ask Nissan and Mitsubishi to become wholly owned subsidiaries of Renault has zero chance of getting a result,” Ghosn told shareholders of Mitsubishi Motors at a meeting las week.

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Ghosn is CEO of Renault as well and chairman of Nissan. He recently turned over the role of CEO there to Hiroto Saikawa. The simple reason for encouraging the automakers to work together but remain autonomous is simple: You don’t fix what isn’t broken. (more…)

Renault-Nissan-Mitsubishi Take Global Sales Lead

VW slips to second, Toyota to third.

by Paul A. Eisenstein on Jan.30, 2018

Carlos Ghosn, shown at the debut of the latest Maxima, has turned the Renault-Nissan-Mitsubishi Alliance into a global juggernaut.

The global auto industry has a new king-of-the-hill, the Renault-Nissan Alliance, which got a helping hand with the inclusion of the long-troubled Japanese automaker Mitsubishi.

Combined together, the three members of the Franco-Japanese alliance sold 10.61 million vehicles during 2017, narrowly topping Germany’s Volkswagen AG. Toyota, which had led the sales charts for much of the past decade before itself being toppled by VW last year, slipped into third.

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“This evolution reflects the breadth and depth of our model range, our global market presence and the customer appeal of our vehicle technologies,” said Carlos Ghosn, the chairman and CEO of the Renault-Nissan-Mitsubishi Alliance and CEO of both Renault and Mitsubishi.

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Renault-Nissan-Mitsubishi Alliance Creates $1 Bil Venture Fund

“We can’t everything ourselves,” says Ghosn.

by Paul A. Eisenstein on Jan.10, 2018

The new fund is expected to invest about $200 million annually in new technology and services.

The Renault-Nissan- Mitsubishi Alliance will invest around $1 billion over the next five years to help it fund start-ups and other small tech companies that can help it bring to market electrified, connected and autonomous vehicle technologies, Alliance CEO Carlos Ghosn announced Tuesday.

The corporate venture capital, or CVC, fund is intended not only to give the Franco-Japanese alliance access to potentially breakthrough technology but to help it make decisions more quickly than is normally the case for a big corporation, Ghosn said during a news conference at the Consumer Electronics Show in Las Vegas.

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“We can do everything ourselves,” explained the Brazilian-born executive. “We have to get access to people who think about things in different ways.”

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Renault-Nissan’s Ghosn Raises Caution Flag for U.S. Auto Market

Exec expects NAFTA to survive, despite threats from Trump.

by Paul A. Eisenstein on Sep.28, 2017

Carlos Ghosn relinquished his title as Nissan CEO this year to focus more on Mitsubishi.

After months of decline, September could bring some good news for U.S. automakers, with a modest upturn in new vehicle sales. But don’t expect that upturn to last long, warns Carlos Ghosn, CEO of the Renault-Nissan Alliance.

The Brazilian-born executive said that sales in the U.S. market are likely to remain “stable,” meaning no growth. On the other hand, he told CNBC he doesn’t expect the serious downturn that some observers have begun to worry about after months of weak sales.

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Beyond the Headlines!

Asked if there’s an opportunity for the American market to grow, following three record years of sales, Ghosn said, “I’m not planning on that,” adding that, “For the next six years we’re seeing a stable U.S. market (but) we don’t see growth in the U.S.”

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Ghosn Rules Out Full Nissan-Mitsubishi Merger

Mitsu needs to “reform itself.”

by Paul A. Eisenstein on Apr.28, 2017

The Mitsubishi Eclipse Cross is expected to translate into a new production crossover.

While Nissan has taken a controlling stake in long-troubled Mitsubishi and replaced most of the smaller maker’s key managers, don’t expect to see a full merger of the two companies.

Instead, expect to see the two companies expand their ties – which is likely to mean more platform sharing, as well as the joint development and use of electrified powertrain technology.

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“Full merger is not on the table. We want Mitsubishi to reform itself,” said Carlos Ghosn, the Nissan Chairman who recently took on that same post at the smaller company.

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Major Management Changes Coming at Nissan

Nakamura retires, Albaisa gets promoted, BMW’s Habib to take on Infiniti styling.

by Paul A. Eisenstein on Mar.14, 2017

Nissan's Shiro Nakamura helped build the maker's reputation for strong designs.

More big managements changes are in the works at Nissan Motors Corp., barely three weeks after Carlos Ghosn relinquished his title as CEO of the Japanese automaker.

The latest wave impacts Nissan at a variety of senior levels, both at its headquarters in Japan and in the critical U.S. market. That starts with the announcement that Shiro Nakamura, the well-respected Nissan Chief Creative Officer, will be retiring. He will be replaced be Alfonso Albaisa, who had been overseeing design at the maker’s Infiniti division. In turn, Albaisa will be replaced by former BMW Design director Karim Habib.

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Still other major management shifts come as Nissan moves to cement its control over Mitsubishi, the long-troubled Japanese automaker that was rescued by a Nissan bailout late last year. Four more Nissan executives will move over to the smaller maker starting in April.

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