TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Nissan board spent 4 hours convincing Renault directors on Ghosn’s dismissal

  • News Desk

    The Japan News/ANN

Tokyo, Japan   /   Sun, November 25, 2018   /   11:21 am
Nissan board spent 4 hours convincing Renault directors on Ghosn’s dismissal Newspapers feature articles on Carlos Ghosn, chairman of the alliance between Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp., in Yokohama, Kanagawa Prefecture, Japan, on Tuesday. France is seeking an interim leader for Renault SA, distancing itself from Ghosn after he was arrested in Japan on allegations of financial misconduct. (Bloomberg/Akio Kon)

The Yomiuri Shimbun Nissan Motor Co.’s board of directors spent most of about four hours at Thursday’s extraordinary meeting convincing two directors from France’s Renault SA to agree with the dismissal of Carlos Ghosn from the posts of representative director and chairman, according to sources.

The meeting was held in the aftermath of Ghosn’s arrest on suspicion of falsifying his remuneration on the company’s securities reports.

The meeting started at 4:30 p.m. on Thursday with five Japanese directors including President Hiroto Saikawa in an executive boardroom near the top of the company’s 22-story headquarters building in Yokohama, while Bernard Rey and Jean-Baptiste Duzan from Renault participated by teleconference from Paris.

Rey and Duzan asked questions one after another, asking for more information and facts, including questions about judicial procedures in Japan.

In France, the media has been speculating that there was a possible “conspiracy” to allow Nissan to dispel Ghosn, who is said to have spearheaded the merger of Nissan and Renault.

Nissan was concerned that if the two directors opposed Ghosn’s dismissal, it could spread an impression that the company had entrapped Ghosn.

Read also: Nissan’s Ghosn arrested over financial law violation

Yet the mood changed at the meeting as the methods of the alleged misconduct, such as significantly understating his remuneration on securities reports and misusing company funds for personal purposes were explained in detail.

“Only a handful of persons went to get a vein of gold. I can’t imagine it’s possible to do these things,” said one of the Japanese directors who was very surprised at the details, which were beyond their imagination.

When Saikawa proceeded with a vote for dismissing Ghosn, the two from Renault said, “Agree,” which resulted in the board’s unanimous decision on the dismissal.

After the board meeting, a Nissan executive explained that the two directors “were convinced that it is not a conspiracy. They clearly chose to agree,” expressing a relieved look.


This article appeared on The Japan News newspaper website, which is a member of Asia News Network and a media partner of The Jakarta Post

Topics :