Published: Tue, March 12, 2019
Money | By Ralph Mccoy

Court rejects Ghosn's request to attend Nissan board meeting

Court rejects Ghosn's request to attend Nissan board meeting

"In response to recent press reports, Renault confirms that it is in discussions with its Alliance partners Nissan Motor Co., Ltd. and Mitsubishi Motor Co., Ltd. regarding the establishment of a new Alliance body in order to enhance and ensure further collaboration", Renault said in a statement.

"The proposed arrangement will have no impact on the existence of the (alliance agreement) and the cross-shareholding structure, which will both remain in place", Renault said.

Renault, hoping to placate Nissan after the Ghosn fallout, has also agreed to let Nissan's Special Committee, a panel of outsiders, select a replacement for Ghosn as Nissan chairman.

"We are fostering a new start of the alliance".

Some at Nissan had been unhappy with Ghosn's push for a deeper tie-up with Renault, which was seen as possibly including a full merger.

Previously, the decision-making was up to the head of the Renault-Nissan joint venture board, which was headed by an executive from Renault, meaning Nissan did not have ultimate power to control alliance policies, according to Nissan.

"I wonder if Mr. Ghosn has ever had any love or sense of attachment to Nissan as a company", Saikawa said. The new board, consisting of those four executives, will meet every month in Paris or Tokyo and oversee various projects, helping to make the companies' operations more efficient, they said.

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Senard also said he would not seek to be chairman of Nissan, but instead was a "natural candidate" to be vice-chairman.

A Japanese court has rejected a request by former Nissan chairman Carlos Ghosn, released on bail last week, to attend the Japanese automaker's board meeting on Tuesday.

His downfall was plotted due to "opposition and anxiety" over the plan to bring Nissan and Renault closer together, Ghosn alleged.

"Our future lies in the efficiency of this alliance", he told reporters at Nissan's headquarters in Yokohama. Nissan owns 15 percent of Renault, and a 34 percent stake in Mitsubishi Motors.

Senard declined to comment on the allegations against Ghosn, saying that by principle he considers people innocent until a legal verdict is handed down. He wished to attend the meeting, but the bail conditions require having the court's permission, so his attorney lodged the request on Friday.

The prosecutors subsequently arrested him again on two additional counts of financial misconduct, including for allegedly understating his income on another occasion and an alleged incident of aggravated breach of trust involving the transfer of private investment losses to Nissan during the global financial crisis in 2008.

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