Saturday , May 8 2021

Ghosn was released from all sides, the Renault-Nissan alliance was pitched

The French government has also freed Carlos Ghosn, still in custody in Japan on Tuesday on suspicion of wrongdoing, and who suddenly fell to make the car kingdom he built by marrying Renault, Nissan and Mitsubishi Motors.

French Economy Minister Bruno Le Maire on Tuesday urged Renault, whose state holds 15%, to immediately put in place an interim government because "Mr Ghosn was prevented from running the company today". Renault's board of directors is scheduled to meet at night.

Nissan's board of directors will vote on the dismissal of its president on Thursday morning. Mitsubishi Motors (MMC) also intends to "stop quickly".

Released from all sides, Carlos Ghosn, who is considered 64 years old as one of the strongest industrial captains in the world, is still being held in Tokyo, where he was arrested Monday from his private jet. The leader of the world's largest car group received a visit by the French ambassador "under consular protection".

Japanese prosecutors accused the Franco-Lebanese-Brazilian of having "conspired to minimize compensation five times between June 2011 and June 2015", stating only 4.9 billion yen (around 37 million euros at current prices)) against nearly 10 billion yen during the period that is.

In an unusually brutal press conference, Nissan Chief Executive Hiroto Saikawa also said on Monday "there are many other types of abuse, such as the use of company property for personal gain," he said. found after several months of internal investigation.

According to local media, Nissan's subsidiaries finance the purchase of luxury homes in four countries, properties where Mr. Ghosn went free as he pleased. In addition, according to the NHK public channel, he allegedly pocketed the amount announced on behalf of the other directors.

The boss's remuneration is as strong as the secret has caused a lot of controversy, while his lifestyle has also been able to invite comments, such as his wedding reception with arrogance at the Palace of Versailles in 2016.

Carlos Ghosn receives around 15 million euros per year for various positions, a very high number for a European or Japanese industrialist, even though it is far from a large salary paid for example in finance in the United States.

– Fragile balance –

Beyond Mr. personal fortune Ghosn, that is the entire Renault-Nissan-Mitsubishi Motors alliance, which regulates the fragile balance, which comes after this lightning.

One only needs to hear harsh words from the boss of Nissan, Mr. Saikawa, against the person who became his mentor, and a highly respected figure in Japan: "This is a problem that so much authority has been given to one person," he said, denouncing "the dark side of the Ghosn era".

"In the end, it's only a matter of money," a Nissan official said at the Yomiuri daily. "He asked his subordinates to fulfill difficult goals, but he himself still received high salaries even when Nissan's activities did not go well," the paper added.

The case emerged as the CEO of all 10.6 million vehicles working to make the "irreversible" link between Renault and Nissan, commented in a note by Kentaro Harada, an analyst at SMBC Nikko Securities.

"We cannot rule out the possibility that the alliance will weaken." "Whether this changes the balance of power (between France and Japan) is the main problem," he said.

The Standard and Poor's rating agency also announced on Tuesday that it plans to reduce Nissan's long-term debt rating, mainly because of doubts about marriage to three.

Shares of Japanese carmakers experienced Tuesday in Tokyo, closing 5.45% for Nissan and 6.84% for MMC.

In Paris, the Renault title continued to weaken at midday, down slightly more than 2% after already releasing 8.43% on Monday.

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