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Archive for the ‘Renault’ Category

Renault Nissan Mitsubishi Alliance Reconfigures Board of Directors

Ghosn denied board meeting appearance by judge.

by on Mar.12, 2019

The leaders of Renault, Nissan and Mitsubishi celebrate the reconfiguration of the Alliance's board of directors.

Former Renault-Nissan-Mitsubishi Chairman Carlos Ghosn may be free from jail, the leaders of the three-headed monster don’t want him free to exercise any more influence over the company in his role on the board of directors.

Fortunately, a Tokyo court gave them what they wanted, banning the former boss from taking part in the meeting of the board of the directors.

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“Mr. Ghosn is disappointed that the Court denied his request to attend the Nissan Board of Directors meeting,” according to a statement issued by a spokesman.  (more…)

Ghosn Released on Bail

Prosecutors lose appeal nearly four months after exec’s arrest.

by on Mar.06, 2019

Carlos Ghosn was released from a Tokyo detention center after the appeal to deny him bail was denied.

Nearly four months after he was unceremoniously yanked off a private jet after landing at Tokyo’s Haneda Airport, former Nissan Chairman Carlos Ghosn was escorted out of the Tokyo Detention Center on Wednesday, looking gaunt and wearing both a surgical mask and cap.

The executive was freed a day after a Tokyo District Court ordered him released on 1 billion yen, or $8.9 million, bail. Prosecutors had previously blocked the release of the Brazilian-born executive but lost an appeal of the release order this time.

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“I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations,” Ghosn, who will turn 65 on Saturday, said in a statement issued shortly before his release. (more…)

Tokyo Court Grants Ghosn Bail – But Move Under Appeal

Former Nissan chief could soon leave detention for first time in nearly four months.

by on Mar.05, 2019

Carlos Ghosn was a traditional fixture at the Geneva Motor Show but is still behind bars as the 2019 event gets underway.

A Japanese court has finally approved bail for former Nissan Chairman Carlos Ghosn, potentially opening the door for him to step out of the Tokyo Detention Center for the first time since his arrest on charges of corruption on November 19.

But the release of the 64-year-old executive was delayed pending an appeal by prosecutors who had repeatedly blocked Ghosn’s bid for bail, alleging he was a flight risk and that he might use his freedom to tamper with evidence.

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This marked the third bid for Ghosn’s release and comes just weeks after the once high-flying executive changed his legal team, turning to Junichiro Hironaka, a lawyer renowned for his ability to clear defendants in a country where prosecutors win over 90% of their cases. Hironaka had proposed to the Tokyo District Court ways to ensure Ghosn would comply with the requirements set by the court.

(more…)

Ghosn’s Lawyer Blasts Japanese Prosecutors, Nissan

“This should have been dealt with as an internal matter,” says lawyer known as “The Razor.”

by on Feb.20, 2019

Former Nissan Renault CEO Carlos Ghosn's new lawyer is ready to shake up his defense efforts.

Ousted Nissan Chairman Carlos Ghosn’s new lawyer hasn’t wasted any time going on the offensive, calling out not only the automaker that has accused the former exec of financial misdeeds, but also the prosecutors who have refused to release Ghosn on bail after three months in detention.

The 64-year-old Ghosn was arrested on Nov. 19, shortly after his corporate jet landed at Tokyo’s Haneda Airport. He has been charged with several crimes, including the concealment of about $88 million in income. The allegations arose out of an internal investigation Nissan said was triggered by a whistleblower.

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“This should been dealt with as an internal matter,” Junichiro Hironaka said at a Wednesday media briefing in Tokyo. Hironaka is known as “the Razor” for his ability to help high-profile clients win acquittal in a country where prosecutors routinely win convictions in over 90% of their cases. (more…)

Renault-Nissan-Mitsubishi Alliance Partnering With Google

Move marks beginning of post-Ghosn era.

by on Feb.18, 2019

The Renault-Nissan-Mitsubishi Alliance is making plans with Waymo to find ways to exploit the ever-changing mobility world.

The Renault-Nissan-Mitsubishi Alliance, which is preparing to hang together in the post-Ghosn era, plans to join Google’s camp for developing autonomous taxis and other services using self-driving vehicles.

The automakers intend to work with Waymo, a Google spinoff that is among the leaders in technology for self-driving cars. The companies are in the final phase of talks, and plan to announce the arrangement as early as spring, according to a Japanese news service.

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The partnership would unite a car alliance whose global sales totaled 10.8 million automobiles in 2018 with a developer whose self-driving vehicles have traveled more than 10 million miles on U.S. public roads as of October. Waymo has forged similar deals with Fiat Chrysler Automobiles and Jaguar Land Rover, but the Nissan-Renault-Mitsubishi alliance boasts greater scale. (more…)

Shake-Up and Setback for Ghosn

Former Nissan chief cuts legal team; likely to lose Renault payout.

by on Feb.13, 2019

Carlos Ghosn fired his legal team, replacing them with a lawyer known as "the razor."

Carlos Ghosn, the former Nissan chairman facing charges of financial corruption, has shaken up his legal team in an effort to reverse a series of setbacks that have resulted in his being held in solitary confinement in a Tokyo prison since last November.

Ghosn is replacing his lawyers with a new team led by a high-profile defense attorney known in Japan as “the razor,” for his ability to win acquittals in a number of high-profile cases. That’s relatively rare in Japan where prosecutors claim conviction rates of more than 90%.

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Separately, Renault is ready to scrap about $34 million in deferred pay and severance Ghosn stood to collect after tendering his resignation last month. Nissan’s French alliance partner is also expected to drop a two-year non-compete clause, which would free up Ghosn to join another automaker once released from Japanese prison, Reuters news service reported. (more…)

Ghosn Reimbursing Renault €50,000 for Wedding Expenses

Former CEO said he didn't know Renault paid for Versailles chateau.

by on Feb.08, 2019

Carlos Ghosn is reimbursing Renault €50,000 for expenses related to his 2016 wedding.

Former Renault-Nissan-Mitsubishi Chairman and CEO Carlos Ghosn is reimbursing Renault €50,000 for a bill the automaker incurred for the use of a chateau at the Palace of Versailles for Ghosn’s lavish wedding in 2016.

Ghosn, who is being detained in Japan and being investigated by French automaker Renault for financial misdeeds, said he was unaware that use of the facility was paid for by Renault. He believed the use of the chateau was part of Renault’s donation to the estate.

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French newspaper Le Figaro reported that Versailles allowed Ghosn to host his 2016 wedding reception on the palace grounds in exchange for Renault’s €2.3 billion donation.  (more…)

“Plot and Treason” Brought Down Ghosn, Jailed Execs Claims

Former Nissan chairman said claims were concocted for “purpose of getting rid of me.”

by on Jan.30, 2019

Former Renault-Nissan Chief Carlos Ghosn said his arrest and detention is due to "plot and treason."

“Plot and treason get the blame” for the arrest of Nissan’s former chairman Carlos Ghosn, the 64-year-old executive said during his first public comments since being dragged off his corporate jet on Nov. 19.

Ghosn has been held in solitary confinement ever since and looked gaunt during a court hearing earlier this month. Japanese prosecutors have successfully argued against bail for the exec, even though co-defendant Greg Kelly was released on Christmas Day.

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Until now, Ghosn has only been allowed to meet with his lawyers, embassy officials and prosecutors who were interrogating him daily and trying to get him to sign a confession written in Japanese, a language Ghosn does not speak. (more…)

VW Grabs Global Sales Crown – Barely

Renault-Nissan-Mitsubishi Alliance dominates light vehicle segment.

by on Jan.30, 2019

All hail the king! Volkswagen claimed the global sales crown for 2018, but just barely over Renault-Nissan-Mitsubishi.

For the fifth year in a row, Volkswagen Group can again claim king-of-the-hill status as the world’s top-selling automaker.

But there’s an asterisk on the sales charts. For the second year running, the Renault-Nissan-Mitsubishi Alliance narrowly nudged by its German rival to claim leadership in the light-duty vehicle market. Toyota again had to settle into third place, while General Motors slipped into a distant fourth.

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Volkswagen was able to gain the crown by factoring in its strong light truck sales which helped it reach sales of 10.83 million vehicles in 2018, a 0.9% year-over-year jump. Excluding heavy trucks sold by its MAN and Scania subsidiaries, VW sold 10.6 million vehicles. (more…)

Nissan Troubles Escalate As SEC Launches Pay Probe

France says Ghosn shouldn’t get “exorbitant” payout.

by on Jan.28, 2019

Carlos Ghosn, former CEO of the Renault-Nissan-Mitsubishi Alliance, and his case in Japan has triggered an investigation by the SEC in the U.S.

Nissan says it is facing a probe by the SEC looking into the accuracy of its executive pay disclosures, a probe stemming from the arrest of former Nissan Motor Co. Chairman Carlos Ghosn last November in Japan.

The former executive has been held since Nov. 19, in the Tokyo Detention Center on multiple charges, including allegations that he failed to disclose about $88 million in income. Nissan has also been charged by Japanese prosecutors in connection with the alleged scheme.

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“We have received an inquiry and are cooperating fully,” the automaker said in a statement e-mailed to TheDetroitBureau.com that added, “We cannot provide further details.” (more…)