Mitsubishi revokes Carlos Ghosn as president and Nissan wants to revise its alliance with Renault – 26/11/2018

The fact that Carlos Ghosn hid his revenue from the Japanese treasury was an earthquake for the Nissan-Renault-Mitsubishi group. You are filing in jail for not filing income for $ 44 million over five years, Nissan Motor Co. has sacked him from the presidency last week. Mitsubishi did the same thing on Monday. And now, the Japanese Nissan blurs its intention to revise its alliance with the French firm.

The board of directors of Japanese automaker Mitsubishi Motors (which makes an alliance with Renault and Nissan) decided on Monday to send Carlos Ghosn to the presidency of the group after his arrest last week, citing as his motive lack of confidence.

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Prosecutors arrested Ghosn on November 19 on suspicion of not reporting income. Nissan Motor Co. also revealed that an internal investigation had revealed that the businessman had misused the funds and badets of the company.

Mitsubishi, meanwhile, said that current CEO Osamu Masuko will badume the duties of Acting President and CEO until a shareholders' meeting. He also noted that Ghosn had lost confidence in him and that it would be difficult for him to continue to sit on the presidency.

Masuko told the press that the decision of the board of directors It was unanimous.

Seven of the eight members of the board of directors of Mitsubishi Motors Corp. attended the meeting on Monday, said the automaker.

Renault has not yet decided what Ghosn would do, pending an internal audit.

The arrest of Ghosn in Tokyo represents a vertiginous fall for a leader who dominated the Japanese car industry for two decades and led Nissan's alliance with French Renault SA.

Ghosn also led the annexation of Mitsubishi to the alliance. Nissan acquired 34% of Mitsubishi's shares in 2016 after the smaller builder was involved in an inspection report scandal.

The Japanese press, citing unnamed sources, said Ghosn and Greg Kelly, a leader arrested for collaborating with Ghosn, maintain their innocence.

Neither of the two directors was officially charged. According to Japanese law, they can detain a suspect up to three weeks without any charge being withheld.

At the same time, Nissan Motor CEO Hiroto Saikawa hinted on Monday that he intends to review the alliance with the French Renault, a week after the arrest of the president of the two companies, Ghosn.

Saikawa announced this position at a meeting with company employees, some present and others linked by videoconference, according to the Japanese Kyodo News Agency, citing the manufacturer 's sources.

According to Kyodo's version, Saikawa thinks that the current alliance with Renault "This is not between equals."

Renault has the right to vote on Nissan Motor's board of directors, but the Japanese company does not have it in the French group.

Saikawa is the character who took the lead at Nissan after the arrest of Ghosn and his subsequent departure as president of Nissan Motor Thursday.

Source: EFE and AP