Nissan ousts its Chairman for Financial Misconduct

The Orchestrator of Grand alliance between Nissan-Renault-Mitsubishi has been ousted for financial misconduct. Carlos Ghosn, who was identified as one of the top 10 business people in the World outside the US, had to step down as Chairman of Nissan.

Triggered by a Whistleblower report an investigation found that Mr. Ghosn not only used company assets for personal gain but also under-reported his earnings to Japanese authorities by about $60.9 million for last few years.

Renault has refused to take any action against its leader, as it has not found any evidence of the alleged misconduct. However, they have appointed Thierry Bollore as their COO, while Mr. Ghosn is temporarily not able to serve the board.

The allegations come to fore at a point where the discussions are going on towards a merger of Renault and Nissan, the two big auto giants and a dispute was possibly brewing between Mr. Ghosn and Mr. Hiroto Saikawa. While the talks are in negotiation, Japanese and French governments seem to focus on stability in the alliance.

 

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