Published: Fri, March 15, 2019
Money | By Ralph Mccoy

Nissan asking shareholders to vote to oust Ghosn as director | AP business

Nissan asking shareholders to vote to oust Ghosn as director | AP business

Nissan has tasked an external committee with helping to improve corporate governance after the arrest and ouster of Ghosn, who faces charges of financial misconduct including understating his compensation by about ¥9 billion over almost a decade.

The court's decision came as French automaker Renault SA (PA:), Nissan's top shareholder, confirmed it was in talks with Nissan Motor and Mitsubishi Motors about setting up a new alliance body to improve their collaboration.

Key executives at Nissan and Mitsubishi have stepped down as the vehicle alliance looks to overhaul its management team amid the scandal surrounding Carlos Ghosn.

Under the terms of his bail - which include giving up his three passports and having no smartphone access to the internet - he needed the court's approval to attend.

Senard said he is not seeking to become Nissan's chairman and fill the vacuum left by Ghosn, who was ousted following his arrest in November.

Although Ghosn has been dismissed as chairman at Nissan, he remains on the board.

The notice, signed by Nissan President Hiroto Saikawa, will be sent out Thursday, Nissan Motor Co. said. He had made use of his position as head of the company to transfer losses arising from his personal investment upon carmaker Nissan, though he has denied all such charges.

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If found guilty, Ghosn, widely recognized as the brains and brawn behind Nissan's rapid turnaround from near bankruptcy since 1999, could be facing up to 15 years in jail.

The notice did not give specifics, but sources familiar with the investigation have pointed to fancy homes in Lebanon and Brazil, as well as expensive furnishings such as a chandelier.

"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. Mr Ghosn, 65, who was released on bail last week after 108 days...

But his bail conditions prevent him from contact with anyone else involved in his case - including Saikawa, who also attended Tuesday's meeting.

Senard told reporters that Ghosn is presumed innocent until proven otherwise.

Mr Ghosn also handpicked former Nissan executives Mitsuhiko Yamashita and Vincent Cobee to help him rebuild Mitsubishi after its fuel-efficiency scandal.

Ghosn owns more than 3 million Nissan shares, or somewhat less than 0.1 percent of total shares, according to the most recent disclosure.

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