Economy

Ghosn hit with more charges as Renault audit finds no fraud

Ghosn hit with more charges as Renault audit finds no fraud”

The 64-year-old was charged on Friday with aggravated breach of trust for temporarily transferring personal investment losses to Nissan in 2008, and for understating his compensation for three fiscal years through March 2018, according to the Tokyo District Court. His lawyers said Tuesday that he's been granted a bigger room and what they called western-style bed.

As part of the scheme, he is accused of also using company funds to repay a Saudi acquaintance who put up collateral for the contracts.

Ghosn has said he is innocent of all the allegations against him.

A member of Ghosn's Japan-based legal team told Reuters that they would apply for bail after Ghosn's current detention period ends on Friday, but that his release would come next Tuesday at the earliest, should the court accept the application.

The arrest and detention of Ghosn, once among the most celebrated executives in Japan, has sparked worldwide criticism of Japan's justice system, which effectively allows suspects to be held indefinitely and questioned without a lawyer present. The prosecutors haven't officially charged him over these allegations.

"I recently learned that my husband is suffering from a high fever at the detention center in Tokyo, but my information is limited to news reports as no one in his family has been allowed to contact him since November 19", the statement by Ghosn's wife Carole said. For example, his retirement payments were reviewed by legal experts inside Nissan as well as independent lawyers, and showed no intention of breaking the law.

Following the latest indictment, Ghosn's defense counsel filed a request to the court to seek his release on bail.

In a career spanning decades, during which he won praise for turning around a struggling Nissan, he said he had "always acted with integrity" and had never before been accused of any wrongdoing.

From the start of the meeting, it has been reiterated that the Board remains steadfast to their alliance partnership with Mitsubishi and Renault as well.

Nissan last weekend put two executives close to Ghosn on leave of absence, suggesting that the internal investigation into the alleged misconduct could be spreading.

Its aim was to create synergy between the two automakers.

Ghosn, who has been Renault CEO since 2005, has been languishing in a Tokyo detention centre for more than 50 days as he fights multiple allegations of financial misconduct.

The French government has stood by Ghosn so far, saying he must benefit from the presumption of innocence.

The boards of Nissan and its French 43.4 percent owner, Renault SA, met on Thursday for an update on the Ghosn investigations, with Nissan later saying in a statement it remained committed to the alliance that has strained ties between the two automakers.



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