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REPORT – In this photo of February 16, 2016, the president and CEO of Renault and Carlos Ghosn of Nissan Motor Co. pose during the presentation in Monaco. Nissan Motor Co. says an internal investigation revealed that its president Ghosn had underreported his income and would be fired. (AP Photo / Lionel Cironneau / File) The Associated Press
By YURI KAGEYAMA, AP Business Writer
TOKYO (AP) – Nissan Motor Co. chairman, Carlos Ghosn, is to be fired after an internal investigation revealed that an internal investigation had revealed that he had under-reported his income from several million dollars and that he had committed other "serious mistakes".
According to the Japanese TV channel NHK, Ghosn was arrested on Monday after being voluntarily submitted to interrogation by Tokyo prosecutors. The prosecutor's office has not confirmed this.
The Yokohama-based company, one of the world's biggest automakers, said the violations had been uncovered during a multi-month investigation at the instigation of a whistleblower. Ghosn, 64, also reportedly used the company's assets personally, he added.
Nissan said it was providing information to prosecutors and cooperating with their investigation. The allegations also concern a representative of Nissan director Greg Kelly, he said.
Together, the two countries under-reported their revenues of 5 billion yen ($ 44 million), reported the Japanese service Kyodo News.
Nissan CEO Hiroto Saikawa had planned to propose to his board to admit that Ghosn and Kelly were both dismissed, the company said in a statement.
"Nissan deeply apologizes for raising strong concerns among our shareholders and stakeholders, and we will continue to work to identify our governance and compliance issues and take appropriate action," he said. he declares.
The Nissan-Renault-Mitsubishi Group is one of the largest automotive alliances in the world, with around 10 million vehicles sold each year. Before joining Renault, Ghosn worked for Michelin North America.
Shares of Renault SA in France fell by 14% on Monday morning. The news of Ghosn's problems was announced after the closing of the Japanese markets for the day.
The charges are seriously undermining at a time when Nissan and Mitsubishi Motor Co. continue to overcome the scandals surrounding their quality test reports.
Mr. Ghosn allegedly contributed to Nissan's remarkable restructuring over the past two decades, resurrecting the Japanese automaker who had nearly gone bankrupt after sending it to Renault.
General Manager of Nissan from 2001 to April 2017, he became General Manager of Renault in 2005 and simultaneously directed the two main car manufacturers. In 2016, Ghosn became the president of Mitsubishi Motors.
Over the last two decades, it has maintained an unusually high profile in a country where foreign leaders of large Japanese corporations are still relatively rare.
Ghosn appeared on magazine covers dressed in kimono, wishing to renew the Nissan brand. He was widely praised by the Japanese industry for its much-needed cost reductions and increased efficiency at a time when Nissan needed a fresh start.
Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama
On Instagram at https://www.instagram.com/yurikageyama/?hl=en
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, disseminated, rewritten or redistributed.
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