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    Thread: Carlos Ghosn, Chairman of Renault-Nissan Jailed Over Misconduct

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      Carlos Ghosn, Chairman of Renault-Nissan Jailed Over Misconduct

      Tokyo District Prosecutors arrested Ghosn on November 19, 2018, for questioning over allegations of false accounting. Ghosn was taken away for interrogation upon re-entry into Japan on a business jet at Haneda Airport at 4:30pm November 19. On the same day, Nissan chief executive Hiroto Saikawa announced at a press conference that Ghosn had been dismissed and would be stripped of executive rights at a meeting to be held November 22. Saikawa stressed that the dismissal was the result of an internal inquiry by Nissan.


      Nissan publicly acknowledged that Ghosn and director Greg Kelly under-reported their compensation (a violation of securities law) and used company assets for personal use. Citing unnamed sources, The Nikkei reported that Nissan established a Dutch subsidiary for the purpose of venture capital investments; this subsidiary, at Kelly's direction, purchased luxury residential properties in Rio de Janeiro and Beirut (Ghosn's hometowns), which Ghosn was allowed to use at no cost.
      More on this story at: https://in.news.yahoo.com/explainer-...--finance.html

      From being a highly respected man for changing the fortunes of Nissan to getting arrested for fraud... Quite a steep fall!...
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      This was pretty predictable
      How a behemoth legend like Nissan fell so badly over the last few years for no apparent reason points towards such scenarios of internal politics and fraud at work

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      I was so surprised at this news. I mean, why do something this stupid and dumb. Also, the speed with which Nissan got rid of him though points to some definite internal politics at play...
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      Quote Originally Posted by KRRaj View Post
      I was so surprised at this news. I mean, why do something this stupid and dumb. Also, the speed with which Nissan got rid of him though points to some definite internal politics at play...
      I to could be a simple case of minimizing damage. Also, the rule is, that as long you are not caught it is fine, but once you are then it is curtains.
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      Quote Originally Posted by kkn13 View Post
      This was pretty predictable
      How a behemoth legend like Nissan fell so badly over the last few years for no apparent reason points towards such scenarios of internal politics and fraud at work
      In India Nissan is non existent like Fiat but in other countries it is pretty good.

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      Quote Originally Posted by Skynet View Post
      On the same day, Nissan chief executive Hiroto Saikawa
      Nissan takes a decision and moves the top most executive in hours of reporting a breach - whereas in India, ICICI lady like people can drag such frauds for months and years with board fully supporting them.

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      Quote Originally Posted by rksingh1 View Post
      Nissan takes a decision and moves the top most executive in hours of reporting a breach - whereas in India, ICICI lady like people can drag such frauds for months and years with board fully supporting them.
      In case of Nissan-Renault it is much more than simple financial irregularities. It is more to do with corporate tussle and trying to prepare background to regain control by Nissan.

      Some old articles which might help you understand a bit.

      https://www.businessinsider.com/r-ex...h-2015-11?IR=T
      https://asia.nikkei.com/Business/Com...executive-says

      Once they got opportunity, Nissan acted swiftly and harshly having Carlos arrested at the Airport by law enforcement agencies. It is not that Japanese do not commit frauds, there has been a list of various frauds/scams committed by large Japanese companies, lying and giving sub-standard products to their customers, both domestic as well as international.

      In case of Chanda Kochchar, she had full support of the board of ICICI Bank, which she had helped build over couple of decades.

      Things are not black or white in corporate world, but there are various hues and shades as well.

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      Quote Originally Posted by KimiRaikkonen View Post
      In India Nissan is non existent like Fiat but in other countries it is pretty good.
      Even abroad, its taken quite a hit off late, which is why the Renault-Nissan-Mitsubishi thing even happened not that it helped any of them

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