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YOKOHAMA – A thorough and thorough explanation of Nissan Motor Co.'s internal investigation has helped dispel any lingering support for Carlos Ghosn at a special board meeting on November 22.
The board unanimously agreed to fire Mr. Ghosn as president and representative of the automaker for financial misconduct, which was explained in detail at the meeting held at Nissan's Yokohama headquarters.
"All participants were dismayed" at the end of the explanation, said a source.
The meeting started at 16:30. and lasted about four hours.
Ghosn and Greg Kelly, another board representative, were arrested on November 19, suspected of underreporting Ghosn's income over a five-year period.
Seven members of the board of directors took part in the meeting, including two from Renault SA, a Nissan partner, who participated from France via videoconference, according to sources close to Nissan.
Much of the meeting was aimed at gaining a better understanding of the two directors of the French manufacturer, who had received little information about the internal investigation in Japan.
The person in charge of the investigation provided the explanation, while President Hiroto Saikawa, who had convened the meeting, sometimes gave additional details.
Directors learned that Ghosn had used Nissan funds for personal gain, including the purchase of high-end multi-billion-dollar yen properties in foreign countries.
The explanation also indicated that Mr. Ghosn paid about $ 100,000 (about 11.3 million yen) per year to his elder sister under a consultancy contract, although she did not do any real work for the society.
Some participants asked questions to confirm the details of Ghosn's alleged misdeeds. However, the discussions were never complicated and no word was spoken for the defense of Ghosn or Kelly, the sources said.
Once the discussions were over, the seven directors had to indicate whether they "agreed" or "disagreed" with each proposal, including removing Ghosn to the presidency and depriving Ghosn and Kelly of their right to represent the company.
All proposals received unanimous approval.
"At regular board meetings, we do not require every participant to agree to the proposals," said a Nissan executive.
The seven directors also discussed the wording of the decisions to be issued after the meeting.
According to one source, the results of the carefully planned extraordinary meeting were exactly what President Saikawa had wanted.
"(The next president) will be a Japanese chosen at a meeting of the board of directors held in December," added the executive.
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