Nissan Chairman Carlos Ghosn reportedly arrested over financial misdealing

Renault shares PLUNGE as chief Carlos Ghosn 'faces arrest in Japan'

In the five-year period, the prosecutors believe Ghosn actually received a total of almost 10 billion yen in compensation but Nissan's annual securities reports show that his remuneration amounted to about 4.98 billion yen.

It said an investigation found that Ghosn and another board member had been under-reporting Ghosn's compensation.

Based on a whistleblower report, Nissan Motor Co., Ltd. (Nissan) has been conducting an internal investigation over the past several months regarding misconduct involving the company's Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly. "The question is, Who will run this leviathan, which he calls the Renault-Nissan Alliance, after the 60-year-old retires, or if, God forbid, something happens to him?"

Nissan is getting ready to oust Ghosn and Kelly at a board meeting, with the automaker to hold a press briefing in Tokyo later today.

"Beyond being sorry I feel great disappointment, frustration, despair, indignation and resentment", Saikawa said, apologizing for a full 7 minutes at the outset of the news conference.

According to a statement released by the automaker, Nissan is also setting out to remove Kelly, Nissan's Representative Director, who is said to have "deep involvement" with the scheme. Neither automaker has publicly spoken about the future of his roles.

Le Maire said that he had ordered an inquiry into Ghosn's tax affairs immediately after learning of his arrest in Japan but that it showed up "nothing in particular about his tax situation".

He is accused of under-reporting his earnings and misusing company money. Nissan's German-listed securities plunged 12 percent.

Renault shares fell as much as 15 per cent in Paris on Monday, the lowest in nearly four years in the wake of the scandal, while Nissan global depository receipts dropped more than 11 per cent.

The companies in the alliance own parts of each other and share investments in new technologies, among other things. He was in that post till past year.

The Tokyo prosecutor's office had no comment on reports it was questioning Ghosn, who also heads an alliance of Renault, Nissan and Mitsubishi.

Ghosn is credited with transforming the loss-making Nissan into a modern company and pulling it back from the brink.

Ghosn, 64, was born in Brazil of Lebanese descent, and educated at elite colleges in France, where he started in industry at tyremaker Michelin.

In addition, he is chairman and chief executive of the Renault-Nissan-Mitsubishi Motors strategic alliance.

Renault shareholders in 2016 voted against Ghosn's pay package as too generous, but the board ignored the move. Mitsubishi and Renault have also not commented, neither has Ghosn's side.

Nissan forecast a flat year in 2018 for the Middle East auto market, as still-slow economic growth and the introduction of Value-Added Tax has taken a toll on consumption, the company's regional director said in June. But he was expected to remain chief executive of Renault and to continue in overall charge of the Alliance for the next few years.

The company said it passed its findings on to Japanese prosecutors.

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