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Carlos Ghosn, the former president of Nissan, denied on Wednesday that he passed on his losses to the automaker. This was the first formal comment from the executive who was arrested on numerous charges of financial mischief.
Mr. Ghosn acknowledged consulting with Nissan on the guarantees related to the contract, but did not transfer the losses to the automaker, said Motonari Otsuru, a lawyer representing the former president. Mr. Otsuru, the former director of the same department of the Tokyo prosecutor's office who is currently investigating Mr. Ghosn, spoke with Bloomberg News after meeting with the arrested official.
Local media reported on Tuesday that Ghosn may have transferred 1.7 billion yen (54.7 million dirhams) of losses related to private investments related to a derivative contract with the company in 2008.
This is the first defense attempt of 64-year-old Mr Ghosn after the automaker said it abused the company's funds for personal gain and underestimated income. He was arrested in Tokyo on November 19 and the Japanese media have since published details of alleged violations almost daily.
Ghosn, who has made no public statements since his detention, denies having committed wrongdoing in connection with the allegations, the broadcaster NHK reported Sunday.
The Nissan auditor has repeatedly questioned transactions at the heart of allegations of financial misconduct of Mr. Ghosn, but Nissan said they were appropriate, said Wednesday a person with direct knowledge of the case.
Ernst & Young ShinNihon repeatedly asked Nissan's management, mainly around 2013, about the purchase of luxury residences abroad for personal use and share appreciation rights that had been granted to him. conferred, said Reuters.
But the automaker said the transactions and financial reports were appropriate, the source said.
The revelation shows that Nissan and its listener were discussing the transactions, which is in stark contrast to Nissan's claim that the alleged erroneous indication of benefits for Mr. Ghosn was directed by him and a key lieutenant.
A spokesman for EY ShinNihon, the Japanese subsidiary of global accounting firm Ernst & Young, said he could not comment on specific cases. A spokesman for Nissan declined to comment.
Nissan largely blamed Mr. Ghosn and Greg Kelly, a former director who was arrested with Mr. Ghosn for the same allegations.
Nissan and Mitsubishi Motors removed Mr. Ghosn from his position as president following his arrest. The French member of the alliance of three companies, Renault, retains him as president and CEO.
Jamie Rosenwald, who manages the $ 4 billion hedge fund, Dalton Investments, said the shareholders were mistreated after Nissan's Nissan Ghosn overturned Nissan.
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Rosenwald, who has been investing in Japanese equities since 1972 and has been campaigning for the country's companies to better treat investors, Bloomberg said, said Ghosn's arrest and dismissal was a "coup de palate". By Nissan and the shareholders were ignored.
"Japan Inc is fighting against Renault's desire to take full control of Nissan," said Rosenwald. "If a" true "Renault owner existed instead of being an" SOE ", he would immediately call a special meeting of shareholders and throw out the entire Nissan dashboard."
Mr. Rosenwald has already been involved with special interests in Japan. Before the financial crisis, he had failed in two attempts to privatize Japanese companies. Last March, he urged Shinsei Bank to buy back 200 billion yen in shares, a decision that put him in a conflict with the Japanese government, Shinsei's main stockholder.
About Nissan, Rosenwald said he had no doubt that Ghosn's arrest and dismissal was related to the Japanese automaker's attempts to merge with the organization of its largest shareholder, Renault , which Nissan management has denied. The US investor claims not to own shares of Nissan, but to follow the events from the point of view of corporate governance.
The board of directors of Mitsubishi Motors Corp., of which Mr. Ghosn was also chairman, on Monday ousted the 64-year-old French-Brazilian executive, following Nissan's decision to do so last week. Mr. Rosenwald stated that Mitsubishi and Nissan's decision to remove Mr. Ghosn from their respective positions was taken without regard to investors.
"Nissan shareholders were saved by Ghosn's stock in 1999-2000," he said. "And they are now ignored in the fight."
The US investor has asked the French government, which holds 15% stake in Renault, to intervene to protect the interests of shareholders. French Finance Minister Bruno Le Maire on Sunday called the alliance "indispensable" and said he wanted to strengthen it.
"I'm sure Japan Inc would like Nissan to buy Renault to be able to separate," said Rosenwald, "but it's really not the duty of the President of France, or at least the Minister of Finance." to: "Defend the shareholders?"
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