Published: Sun, January 13, 2019
Money | By Ralph Mccoy

Ex-Nissan chairman Ghosn charged with breach of trust

Ex-Nissan chairman Ghosn charged with breach of trust

In a court hearing earlier this week, he said he had been unfairly detained on "meritless and unsubstantiated accusations".

Following the indictments, his defense team requested an end to his detention.

With the latest move, Ghosn and Kelly have been indicted for all the cases for which they were arrested.

Otsuru earlier this week said Ghosn would likely be held until the trial which could begin in about six months.

"As I have repeatedly and recently made clear to the company, I look forward to continuing to assist Nissan in its investigations". "We are fearful and very anxious his recovery will be complicated while he continues to endure such harsh conditions and unfair treatment", it said.

Ghosn's wife said Thursday that she is "fearful and very worried" for his health after he developed a fever in jail.

A doctor is attending to the 64-year-old, who is exhausted from the long detention and interrogations, said his lawyer Motonari Otsuru.

Ghosn has strongly denied the allegations against him.

Ghosn, who holds Brazilian, French and Lebanese citizenship, has been kept at the Tokyo Detention House facility since his arrest on November 19.

Suspects in Japan are routinely held for months until trials start.

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The maximum penalty for the falsifying financial reports and breach of trust is 15 years in prison, a 10 million yen ($89,000) fine, or both.

With each allegation against Ghosn, prosecutors can seek up to 22 days of detention to investigate the claims - the period for the aggravated breach of trust allegation expired Friday.

The Yomiuri Shimbun said US$100 million was paid to sales agents in five Middle Eastern countries from Ghosn's special "CEO reserve".

He is accused of passing off a series of personal investment losses incurred by him in the wake of the 2008 financial crisis to Nissan's books, but according to his lawyers, those actions were approved by the company's management.

Kelly has also denied wrongdoing, saying he will restore his name in court.

Nissan and Renault stay together The legal woes have strained the partnership between Nissan and Renault, the French auto maker that owns over 40 per cent of Nissan.

One of the most recognisable foreign executives in Japan, Ghosn was led into Tokyo District Court in handcuffs and with a rope around his waist and was noticeably thinner.

His arrest came after a months-long investigation by Nissan into his conduct, a probe that was largely kept from its French partner.

In a LinkedIn post https://bit.ly/2RsrNwQ on Friday, Munoz said, "I am proud to have played a role in achieving 74 percent growth in North America, gaining market dominance in Mexico, getting China market share on the growth path, and helping the Renault-Nissan-Mitsubishi Alliance become the highest volume group in the world".

He becomes the latest executive casualty since Nissan in November removed Ghosn as chairman and fired representative director Greg Kelly.

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