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PARIS (Reuters) – Renault has announced that it will block the Nissan alliance partner's reforms following the scandal Carlos Ghosn, unless it is represented in the new board committees of ############################################################################## Administration, announced a source close to the French manufacturer.
Renault, which owns 43.4% of Nissan's capital, has informed its Japanese subsidiary, in a letter signed by its chairman, Jean-Dominique Senard, of its intention to abstain during the shareholders' vote on these projects, the Financial Times reported on Sunday.
An abstention from Renault would effectively block reforms, which require the adoption of a two-thirds majority.
A spokeswoman for Renault did not immediately respond to calls and messages requesting comments. A Nissan spokesperson could not be reached after hours in Japan.
Senard's letter was motivated by concerns over Renault's under-representation in Nissan's new board committees following the arrest in November of former chairman Carlos Ghosn, who is currently awaiting trial at Japan for charges of financial misconduct that he denies.
"This is not a final abstention, and Renault's position may still change," said a Renault source. "As things stand, Renault is not badured of adequate representation of its committees as Nissan's largest shareholder."
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