Published: Sat, December 15, 2018
Markets | By Otis Pena

France plans Renault CEO hunt as board frays over Ghosn, sources say

France plans Renault CEO hunt as board frays over Ghosn, sources say

As the preliminary findings presented by the Ethics and Compliance Committee at Renault's board meeting did not furnish any proof of financial misconduct against Ghosn, the board of directors chose to let Ghosn continue as the group's chairman. Prosecutors say Ghosn and Kelly are flight risks.

In addition, Renault's lawyers provided the Board of Directors of Renault with a report on the presentation made to them by Nissan's lawyers concerning the investigation they carried out at Nissan.

He has also been dismissed as chairman of Mitsubishi, another partner in the Renault-Nissan alliance.

In the afternoon, Nissan faced a setback in its battle to secure the contents of a beachfront apartment in Rio that Ghosn used when he ran the company and which it says may contain evidence of wrongdoing.

Renault's latest findings stand in stark contrast to the unfolding events at Nissan. He stands accused of under-reporting his income by around £34 million (Rs 304 crore) over five years, and misusing Nissan company assets. He has been removed as chairman of Nissan and alliance partner Mitsubishi Motors Corp., and remains in a Tokyo jail as Japanese prosecutors push ahead with a criminal investigation that has shaken the global vehicle industry. "Nissan remains steadfast in its commitment to the Alliance and will continue to support its partners in the best interests of shareholders, customers and employees".

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Ghosn's compensation. The company has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with its investigation.

Ghosn and Kelly are suspected of violating the Financial Instruments and Exchange Act by underreporting Ghosn's compensation.

Renault owns 43.4 per cent of Nissan, whose reciprocal 15 per cent stake in its French parent carries no voting rights.

Renault, along with the stakeholding French government, has previously claimed that Nissan denied the firm access to more detailed allegations against Ghosn.

Meanwhile, Nissan's external board members met Thursday but failed to reach an agreement on who will replace Ghosn as chairman at the Japanese company, a person familiar with the matter said.

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