Archive for the ‘Renault’ Category

Ghosn’s Lawyer Blasts Japanese Prosecutors, Nissan

“This should have been dealt with as an internal matter,” says lawyer known as “The Razor.”

by on Feb.20, 2019

Former Nissan Renault CEO Carlos Ghosn's new lawyer is ready to shake up his defense efforts.

Ousted Nissan Chairman Carlos Ghosn’s new lawyer hasn’t wasted any time going on the offensive, calling out not only the automaker that has accused the former exec of financial misdeeds, but also the prosecutors who have refused to release Ghosn on bail after three months in detention.

The 64-year-old Ghosn was arrested on Nov. 19, shortly after his corporate jet landed at Tokyo’s Haneda Airport. He has been charged with several crimes, including the concealment of about $88 million in income. The allegations arose out of an internal investigation Nissan said was triggered by a whistleblower.

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“This should been dealt with as an internal matter,” Junichiro Hironaka said at a Wednesday media briefing in Tokyo. Hironaka is known as “the Razor” for his ability to help high-profile clients win acquittal in a country where prosecutors routinely win convictions in over 90% of their cases. (more…)

Renault-Nissan-Mitsubishi Alliance Partnering With Google

Move marks beginning of post-Ghosn era.

by on Feb.18, 2019

The Renault-Nissan-Mitsubishi Alliance is making plans with Waymo to find ways to exploit the ever-changing mobility world.

The Renault-Nissan-Mitsubishi Alliance, which is preparing to hang together in the post-Ghosn era, plans to join Google’s camp for developing autonomous taxis and other services using self-driving vehicles.

The automakers intend to work with Waymo, a Google spinoff that is among the leaders in technology for self-driving cars. The companies are in the final phase of talks, and plan to announce the arrangement as early as spring, according to a Japanese news service.

Global News!

The partnership would unite a car alliance whose global sales totaled 10.8 million automobiles in 2018 with a developer whose self-driving vehicles have traveled more than 10 million miles on U.S. public roads as of October. Waymo has forged similar deals with Fiat Chrysler Automobiles and Jaguar Land Rover, but the Nissan-Renault-Mitsubishi alliance boasts greater scale. (more…)

Shake-Up and Setback for Ghosn

Former Nissan chief cuts legal team; likely to lose Renault payout.

by on Feb.13, 2019

Carlos Ghosn fired his legal team, replacing them with a lawyer known as "the razor."

Carlos Ghosn, the former Nissan chairman facing charges of financial corruption, has shaken up his legal team in an effort to reverse a series of setbacks that have resulted in his being held in solitary confinement in a Tokyo prison since last November.

Ghosn is replacing his lawyers with a new team led by a high-profile defense attorney known in Japan as “the razor,” for his ability to win acquittals in a number of high-profile cases. That’s relatively rare in Japan where prosecutors claim conviction rates of more than 90%.

News You Can Trust!

Separately, Renault is ready to scrap about $34 million in deferred pay and severance Ghosn stood to collect after tendering his resignation last month. Nissan’s French alliance partner is also expected to drop a two-year non-compete clause, which would free up Ghosn to join another automaker once released from Japanese prison, Reuters news service reported. (more…)

Ghosn Reimbursing Renault €50,000 for Wedding Expenses

Former CEO said he didn't know Renault paid for Versailles chateau.

by on Feb.08, 2019

Carlos Ghosn is reimbursing Renault €50,000 for expenses related to his 2016 wedding.

Former Renault-Nissan-Mitsubishi Chairman and CEO Carlos Ghosn is reimbursing Renault €50,000 for a bill the automaker incurred for the use of a chateau at the Palace of Versailles for Ghosn’s lavish wedding in 2016.

Ghosn, who is being detained in Japan and being investigated by French automaker Renault for financial misdeeds, said he was unaware that use of the facility was paid for by Renault. He believed the use of the chateau was part of Renault’s donation to the estate.

Global News!

French newspaper Le Figaro reported that Versailles allowed Ghosn to host his 2016 wedding reception on the palace grounds in exchange for Renault’s €2.3 billion donation.  (more…)

“Plot and Treason” Brought Down Ghosn, Jailed Execs Claims

Former Nissan chairman said claims were concocted for “purpose of getting rid of me.”

by on Jan.30, 2019

Former Renault-Nissan Chief Carlos Ghosn said his arrest and detention is due to "plot and treason."

“Plot and treason get the blame” for the arrest of Nissan’s former chairman Carlos Ghosn, the 64-year-old executive said during his first public comments since being dragged off his corporate jet on Nov. 19.

Ghosn has been held in solitary confinement ever since and looked gaunt during a court hearing earlier this month. Japanese prosecutors have successfully argued against bail for the exec, even though co-defendant Greg Kelly was released on Christmas Day.

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Until now, Ghosn has only been allowed to meet with his lawyers, embassy officials and prosecutors who were interrogating him daily and trying to get him to sign a confession written in Japanese, a language Ghosn does not speak. (more…)

VW Grabs Global Sales Crown – Barely

Renault-Nissan-Mitsubishi Alliance dominates light vehicle segment.

by on Jan.30, 2019

All hail the king! Volkswagen claimed the global sales crown for 2018, but just barely over Renault-Nissan-Mitsubishi.

For the fifth year in a row, Volkswagen Group can again claim king-of-the-hill status as the world’s top-selling automaker.

But there’s an asterisk on the sales charts. For the second year running, the Renault-Nissan-Mitsubishi Alliance narrowly nudged by its German rival to claim leadership in the light-duty vehicle market. Toyota again had to settle into third place, while General Motors slipped into a distant fourth.

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Volkswagen was able to gain the crown by factoring in its strong light truck sales which helped it reach sales of 10.83 million vehicles in 2018, a 0.9% year-over-year jump. Excluding heavy trucks sold by its MAN and Scania subsidiaries, VW sold 10.6 million vehicles. (more…)

Nissan Troubles Escalate As SEC Launches Pay Probe

France says Ghosn shouldn’t get “exorbitant” payout.

by on Jan.28, 2019

Carlos Ghosn, former CEO of the Renault-Nissan-Mitsubishi Alliance, and his case in Japan has triggered an investigation by the SEC in the U.S.

Nissan says it is facing a probe by the SEC looking into the accuracy of its executive pay disclosures, a probe stemming from the arrest of former Nissan Motor Co. Chairman Carlos Ghosn last November in Japan.

The former executive has been held since Nov. 19, in the Tokyo Detention Center on multiple charges, including allegations that he failed to disclose about $88 million in income. Nissan has also been charged by Japanese prosecutors in connection with the alleged scheme.

Global News!

“We have received an inquiry and are cooperating fully,” the automaker said in a statement e-mailed to bingdb.info that added, “We cannot provide further details.” (more…)

Nissan CEO Saikawa to Resign to Improve Alliance

No timetable set for his departure.

by on Jan.25, 2019

Nissan CEO Hiroto Saikawa plans to resign in the near future to ease the tensions between Renault and Nissan.

Nissan CEO Hiroto Saikawa plans to step down from his post now that Carlos Ghosn has resigned as chairman and CEO of Renault. The move is designed to make the transition into the next phase of the partnership between Nissan and Renault easier.

Ghosn, who has been in jail on financial corruption charges, resigned two days ago after the French government began to apply pressure to Renault’s governing board to replace him. In the wake of his arrest last November, Ghosn was fired from his position as chairman of Nissan and Mitsubishi.

The Last Word!

Saikawa, a former Ghosn protégé, is thought to have played a critical role in bringing the charges leveled against Ghosn to authorities, hoping to use the case to leverage greater autonomy from Renault, as bingdb.info previously reported. The French company holds a controlling 43.4% stake in its alliance partner and has been exploring the idea of merging the two manufacturers entirely. (more…)

Renault Replaces Ghosn as He Languishes in Tokyo Jail

But Ghosn could get millions – when freed – for leaving company voluntarily.

by on Jan.24, 2019

Jean-Dominique Senard, left, and Thierry Bollore are Renault's new chairman and CEO respectively.

Renault has moved ahead and named both a new chairman and a new CEO, replacing Carlos Ghosn who continues to be held in a Tokyo jail on financial corruption charges.

Jean-Dominique Senard will serve as the French automaker’s new chairman, while Thierry Bollore, a long-time lieutenant of Ghosn’s will become its new CEO. The appointments came just hours after Ghosn formally tendered his resignation as Renault’s chief. Renault and its top shareholder, the French government, had, until recently, stood behind Ghosn despite his arrest in Japan, but the latest move reflects the likelihood the 64-year-old executive won’t be released anytime soon.

Global News!

Ghosn was arrested on Nov. 19, shortly after his corporate jet touched down at Tokyo’s Haneda Airport. He has been accused of multiple crimes, including concealing as much as $88 million in income. But he could stand to earn millions more as a result of his decision to voluntarily resign from Renault, according a Bloomberg report. (more…)

Ghosn Denied Bail, Now in 3rd Month of Detention

Court offers no explanation; family plans appeal.

by on Jan.22, 2019

Carlos Ghosn's bid to secure bail failed. He remains in Japanese custody.

More than two months after he was whisked off a corporate jet and taken to a detention center in Tokyo, former Nissan Chairman Carlos Ghosn will remain in custody as he faces multiple charges of corruption, a Japanese court has ruled.

The 64-year-old executive offered to wear an ankle monitor, hire security guards and take other steps if released on bail, but the Tokyo District Court went along with prosecutors who demanded that Ghosn remain in custody. His family now plans an appeal.

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There is a growing likelihood that the once high-flying executive could remain in custody until his trial begins, something that may not happen for six months or more, according to his lawyer, former Japanese prosecutor Motonari Ohtsuru. The court offered no explanation for its decision on Monday but at a previous hearing on Jan. 8, it indicated concerns that Ghosn might try to flee the country or take steps to destroy evidence. (more…)

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