Thursday, 21 March, 2019


With Ghosn gone, Nissan, Renault and Mitsubishi form new board

Court denies Ghosn's request to attend Nissan board meeting Court rejects Carlos Ghosn's request to attend Nissan board meeting - Autoblog
Conrad Doyle | 12 March, 2019, 19:10

The court's decision came as French automaker Renault SA, Nissan's top shareholder, confirmed it was in talks with Nissan Motor and Mitsubishi Motors about setting up a new alliance body to improve their collaboration.

Renault, hoping to placate Nissan after the Ghosn fallout, has also agreed to let Nissan's Special Committee, a panel of outsiders, select a replacement for Ghosn as Nissan chairman.

This is a "new start" for the alliance, insisted the Frenchman.

That would replace Dutch-based companies now linking Nissan and Renault and, separately, Nissan and Mitsubishi Motors, the people said.

However, the Japanese firm has outperformed Renault recently and many Nissan executives were unhappy with the French company's dominance within the alliance.

"It is extremely disappointing that a long-trusted co-worker of my father's would slander him by claiming falsely that my father does not love and respect Japan", the children - Caroline, Nadine, Maya and Anthony Ghosn - said in a statement signed by all four.

Ghosn, who was released on bail last week from the Tokyo Detention House after more than 100 days, had requested permission from the Tokyo District Court to attend Tuesday's Nissan board meeting.

Senard also said he would not seek to be chairman of Nissan, but instead was a "natural candidate" to be vice-chairman.

His downfall was plotted due to "opposition and anxiety" over the plan to bring Nissan and Renault closer together, Ghosn alleged. Nissan opposed his attendance out of concern that the meeting would not run smoothly, he told reporters in an exchange that was aired on TV. Smaller Renault bought 43 percent of Nissan ahead of the 1999 rescue. The court rejected his request, citing the risk of evidence being destroyed if Ghosn communicated with Nissan executives, according to some reports in the Japanese media.

Although he was nearly immediately fired as the head of the company when the allegations surfaced, he is still a board member until April 8, when an extraordinary meeting of shareholders is likely to remove him.

Nissan removed Ghosn as chief shortly after his shock arrest in November, but he can not be officially removed from his seat on the board without an extraordinary shareholders' meeting - expected to take place on April 8.

Under the terms of his release, he is forbidden from contacting people who could be involved in his case, including Nissan executives likely to attend board meetings, such as CEO Hiroto Saikawa.

The prosecutors subsequently arrested him again on two additional counts of financial misconduct, including for allegedly understating his income on another occasion and an alleged incident of aggravated breach of trust involving the transfer of private investment losses to Nissan during the global financial crisis in 2008.

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