Nissan Chairman Carlos Ghosn Arrested & Fired!

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darylzero
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The auto giant said in a statement Monday that “over many years” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report.

USA Today

CNBC


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Jesda
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Dattebayo
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I just read this on Twitter. What do you all think this is going to affect, anyway?

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Woodnutz78
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^Literal LOL on that one!

Regarding Dattebayo's question - I'd imagine it all depends on who takes his place. In my response in an adjacent thread regarding Greg's front-page article, I noted what I've seen at my company. The person at the top can drive sweeping changes or simply proceed with business as usual. Now, with him already previously stepping down as CEO, maybe that lessens impact, but again, it depends on that individual.

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darylzero
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Jesda wrote:
Mon Nov 19, 2018 6:41 am
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LOL :rotfl

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float_6969
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Jesda nailed it. That's EXACTLY how I felt when I heard. Now lets see if they get somebody with balls in there so Nissan can start making exciting cars again..

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Could definitely be the end of the Nissan/Renault merger as well.

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I actually want to see some Nissans with actual automatic transmissions and not those crappy CVTs that everyone dislikes.

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Japan is wallowing over this. This morning NHK International devoted a half hour to this including a revelation that NISSAN had authorized 3 Billion Yen for executive pay but records could only verify that 2 Billion had actually been paid out and that the location of the missing 1 Billion Yen was being investigated.

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Dattebayo
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I still feel like the general milquetoast of the universe has worked it's way into the company, and changing out one or two guys (even at the top) isn't going to help. Call me the pessimist...

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RicerX
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PapaSmurf2k3 wrote:
Wed Nov 21, 2018 12:51 pm
Could definitely be the end of the Nissan/Renault merger as well.
I agree fully here. Ghosn was the lynch pin in all three pieces of the alliance. The French government is having a s*** fit over this whole thing because I believe Ghosn is the only guy who was holding it all together, and they may lose everything.

If you look at where Nissan is now, they don't gain anything from the alliance. Their annual profit (profit... not revenue) is in the billions. They don't need any of Renault's infrastructure. They don't need any of Renault's capital. They don't have a single car that uses any Renault architecture. The only thing they gain is having the French government have a final say in anything they do. It's likely time for some addition by subtraction. Renault needs Nissan and Nissan doesn't need Renault.

At minimum, this gives Nissan the leverage to force a restructuring of the alliance, and the optimist in me sees Nissan gaining full control of its direction as a company, and perhaps we'll see some positive changes on that front.

At any rate, the structure of the Renault-Nissan alliance is about to get a hard look from a far more objective viewpoint. I believe Ghosn's involvement contained roots equally emotional and practical.

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Nissan plans to file damages suit against Carlos Ghosn over misuse of funds, source says
Reuters

Nissan Motor Co. plans to file a civil suit against ousted Chairman Carlos Ghosn to claim damages resulting from the alleged misuse of company funds, a person with knowledge of the issue said, adding to the high-profile executive’s legal headaches.

Ghosn, who remains chairman and chief executive of Nissan’s French partner Renault SA, has already been charged with three counts of financial misconduct and has been held at a detention center in Tokyo for nearly two months.

On Tuesday, a Tokyo court denied his request for release on bail, raising the possibility that he may remain in custody for months before his trial begins...

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I also read something the other day that said Japan is known for basically never letting anyone out on bail for big things like this. The prosocutors also are allowed to interrogate him without his lawyer present while he's in jail for a certain amount of time.

Remind me to never piss off the Japanese.

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Hopefully, they don't replace him with a "Ghosn" goon. I think Nissan needs a change of direction that includes fun in their formula.

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Ghosn sent $100 mil. to 5 Middle Eastern countries

The special investigation squad of the Tokyo District Public Prosecutors Office is examining this flow of money and has requested assistance from investigative authorities in those nations. This money includes a total of $14.7 million (about ¥1.6 billion) sent from Nissan funds to Ghosn’s acquaintance in Saudi Arabia.

According to sources, the money came from confidential funds called “CEO reserves.” Ghosn apparently ordered his subordinates to establish the fund in around December 2008, when he was Nissan’s chief executive officer. Money from this fund could be disbursed at Ghosn’s discretion.

Of the about $100 million, $14.7 million (about ¥1.6 billion) went to Saudi Arabia, $35 million (about ¥3.9 billion) went to Oman, $20.4 million (about ¥2.2 billion) to Lebanon, $25.6 million (about ¥2.8 billion) to the UAE and $2.5 million (about ¥300 million) to Qatar. This money was sent to Ghosn’s Saudi acquaintance starting from 2009 and to the four other nations from 2011, according to the sources.

Full story here.

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float_6969
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I'm hearing a lot about this just being a witch hunt to get Ghosen out, but there seems to be a lot of legitimately shady stuff they're finding too. I also understood that Nissan was going to get hit with fines for this as well. I wonder if the witch hunt angle has an validity to it?

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so... does this mean we will get the twin turbo z now?

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I'll bet this means a whole lot of NOTHING for a while now. I'll bet Nissan will be in a bit of a holding pattern until the dust from this settles.

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DizzyKitty wrote:
Fri Feb 22, 2019 9:19 pm
so... does this mean we will get the twin turbo z now?
I hope so. Also, does this also gives us a proper NISMO branding (instead of no go and all show) and a newer GTR (presumably R36)?


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