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Japanese authorities have not disclosed the name of the distributor, but an investigation by Renault and Nissan revealed that payments made under Mr Ghosn would have been paid to Suhail Bahwan Automobiles, Nissan's exclusive distributor in the Sultanate, according to knowledgeable people. According to their findings, some of these transfers were intended for a yacht and a start-up run by Ghosn's son.
"The new charges are more substantial and more serious," said Stephen Givens, a law professor at Sophia University in Tokyo. "Things could change for Ghosn's prospects if it turned out that he was actually hijacking Nissan's money."
Ghosn Defiant
For its part, Ghosn continues to deny all accusations of wrongdoing in financial order. In a statement, he said his latest arrest was "scandalous and arbitrary" and that he "will not be broken". In an interview with French television just before his arrest, the former Renault CEO, a French citizen, called on the government of President Emmanuel Macron to "defend me and preserve my rights".
Ghosn has hoisted itself to the top of the auto industry thanks to its Nissan turnaround, which had already been abandoned in the early 2000s under the weight of heavy losses. He built one of the largest automotive alliances in the sector, which includes Renault and Mitsubishi Motors. Until last year, he was a business personality from Davos Man admired for his knowledge of five languages, his cosmopolitan education in Lebanon and Brazil, as well as for his gold-plated professional relationships.
In Lebanon, where he invests in real estate and vineyards, Ghosn still has many defenders in the country, where his image has been the subject of national postal stamps. "It's a plot and I felt like they wanted to be replaced by another," said Racha Nbadif, a private school administrator. "I'm still very proud of him."
At his next trial in Japan, Ghosn's past victories will no longer matter, as prosecutors will present evidence detailing his commercial relations with two important Middle Eastern trading partners: Khaled Juffali, son of 39; a powerful business family and president of one of the largest Saudi conglomerates; and Omani billionaire Suhail Bahwan, who is Nissan's sole distributor in the sultanate.
In both cases, prosecutors accused Mr. Ghosn of aggravated breach of trust and legal jargon for abusing the corporate position of a company for personal purposes under Japanese company law.
In December, in the Juffali case, prosecutors alleged that Mr. Ghosn had wrongfully transferred the losses related to personal investments to the Japanese manufacturer. A key derivatives transaction that a Ghosn-related company has with a Japanese bank is a major problem. It collapsed as the yen skyrocketed during the 2008 financial crisis, charging Ghosn $ 16.7 million in unrealized losses and prompting the lender to demand more collateral.
Saudi connection
Prosecutors allege that Mr. Ghosn first transferred his position to Nissan, then that the investment was transferred to the books of his affiliate, Juffali having provided a letter of credit to satisfy the bank. Prosecutors are also considering payments of $ 14.7 million paid by Nissan to companies controlled by Juffali.
Ghosn and Juffali, who have not been charged with any crime, deny any wrongdoing. "The 14.7 million dollars in Nissan payments over the last 14 years have been for legitimate business goals to support and promote Nissan's business strategy in Saudi Arabia, including the reimbursement of business expenses," according to a statement released on Monday. January on behalf of the Khaled group. Juffali Company by his public relations firm based in New York.
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