Automobile Industry

Renault-Nissan Chairman Carlos Ghosn Arrested Over Financial Violations

Carlos Ghosn Asserted

After the arrest announcement, Nissan is considering to remove Ghosn from his post of Nissan Chairman.

Carlos Ghosn, the Chairman and CEO of the Renault-Nissan Alliance, has been arrested over the serious corruption charges in Japan. After the arrest announcement, Nissan is considering to remove Ghosn from his post of Nissan Chairman. He has been alleged for using company money for personal use and said to commit other serious act of misconduct.

The Japanese carmaker had been investigating improper practices and financial violations by Ghosn and Grey Kelly from the past several months. Grey Kelly is the Representative Director of Nissan Motor Corporation.

In an official statement, Nissan said – “The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation.”

According to Bloomberg, Carlos Ghosn has been withdrawing a total salary $17 million (which is around Rs 122 crore) per year. The breakup includes $8.5 million by Renault, $6.5 million by Nissan and $2 million by Mitsubishi. With the Carlos Ghosn arrest, Renault’s shares are reported fell up to 14% on 19th November, 2018.

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