Archive for the ‘Renault’ Category

Nissan Shoots Down Renault Merger Proposal

Companies enduring tension-filled time.

by on Apr.29, 2019

New Renault Chairman Jean-Dominique Senard and CEO Thierry Bollore proposed a merger between Renault and Nissan that was shot down.

After months of dancing around the possibility of Nissan Motor and Renault SA merging in some form, Nissan rejected Renault’s offer enter in to merger talks.

Renault’s proposal is that the two companies would form a holding company, and each company would own about a 50% stake. Each company would have equal board representation, according to Bloomberg News. The new company would be headquartered on neutral ground outside France or Japan, potentially Singapore.

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Nissan CEO Hiroto Saikawa told Renault CEO Thierry Bollore and Chairman Jean-Dominique Senard, Nissan wasn’t interested in a full merger at this point, the Financial Times reported. Saikawa has been beating the drum for Nissan to gain more control in the current partnership. (more…)

Ghosn Released on $4.5M Bail; Court Limits Contact with Wife

Appeal of bail by prosecutors fails.

by on Apr.25, 2019

Carlos Ghosn's been released after posting $4.5 million bail. Aside from his previous bail conditions, he can only speak with his wife, Carole, with court permission.

Former Nissan Chairman Carlos Ghosn has been released from a Japanese detention center – again – after posting $4.5 million bail. His release, which was appealed by prosecutors, came with conditions, the most noteworthy being he must limit with his wife, Carole.

Ghosn was arrested the first time last November and released more than three months later on $9 million bail and some conditions. Prosecutors brought new charges against the former Nissan chief and he was jailed again.

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He maintains he is innocent of all charges, including producing a video reiterating his innocence, blaming his arrest on Nissan executives. He also blamed the current executive team, led by CEO Hiroto Saikawa, on the falling profits the company is experiencing. He called the current leadership “sickening.” (more…)

Macron, Abe Discuss Japan’s Investigation of Carlos Ghosn

Ghosn's wife pushed Macron to talk with Abe about the case.

by on Apr.23, 2019

Former Renault CEO Carlos Ghosn, left, and French President Emmanuel Macron, center, tour Renault's plant in northern France.

A day after former Renault Nissan chief Carlos Ghosn was slapped with a new charge by Japanese prosecutors, the leaders of the two countries the automakers claim as home discussed the ongoing investigation.

French President Emmanuel Macron and Japan’s Prime Minister Shinzo Abe discussed the future of the now-shaky Alliance as well as the aforementioned Ghosn.

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“This industrial partnership has shown its resilience,” a French presidency official said in a statement. “It is now up to the industry leaders in charge to make the alliance even more solid so that it can face up to the technological disruptions underway in the auto industry.”  (more…)

Former Nissan Chief Ghosn Smacked With New Charge in Japan

New allegations likely mean extended detention term.

by on Apr.22, 2019

Former Nissan Chairman Carlos Ghosn has been hit with a new charge by Japanese prosecutors.

On the day jailed former Nissan Chairman Carlos Ghosn’s was supposed to be released, Japanese prosecutors brought a new charge against him virtually assuring he would remain in custody for the near future.

The authorities added a fourth charge after finding out that payments made to Nissan by a supplier were allegedly redirected to Ghosn for his “personal enrichment.” Ghosn was already released once on $9 million bail last month. Whether or not he will be released on bail again is up in the air.

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“Such misconduct is completely unacceptable, and Nissan is requesting appropriately strict penalties,” the automaker said in a statement. Ghosn faces three other charges, including allegedly understating his income and allegedly transferring personal investment losses to Nissan. (more…)

Tokyo Court Extends Ghosn’s Detention by Eight Days

More time was expected, although shorter than predicted.

by on Apr.12, 2019

Former Nissan Chairman Carlos Ghosn accused former colleagues of backstabbing in a video made just before his re-arrest last week.

Former Nissan CEO Carlos Ghosn will be spending more time in jail than originally proscribed by the Tokyo District Court. In a move surprising no one, the court extended Ghosn’s detention period to April 22.

He was initially set to be released on Sunday, but was expected to be detained another 10 days so the judge’s move to limit it to eight is a bright spot for the former auto executive.

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The move gives prosecutors eight more days to bring formal charges against the former Nissan Motor Co boss or let him go. Ghosn’s detention period during his initial arrest last November was extended several times at the request of prosecutors. (more…)

Ghosn Accuses Colleagues of Conspiracy, Backstabbing in Video

Former Chairman says Nissan officials afraid of next phase of alliance.

by on Apr.09, 2019

Former Nissan Chairman Carlos Ghosn accused former colleagues of backstabbing in a video made just before his re-arrest last week.

In his first public statement since his initial arrest in November, former Renault-Nissan Alliance chief Carlos Ghosn tersely and forcefully accused “backstabbing” former colleagues of conspiring to get him fired from his job as Nissan chairman and threatening the Japanese automaker’s future.

Ghosn, clad in a black suit and white shirt, levied the charges in a video made shown to reporters in Tokyo Monday after he was re-arrested last week on new allegations that he used $5 million in company funds for his own benefit.

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The former executive had been out on $9 million bail for 30 days, and recorded the video the day before he went back to jail. Nissan Motor Co. chairman also said in the video that rivals focused on derailing a closer alliance between the automaker and French partner Renault were to blame for his current problems.  (more…)

Former Nissan Boss Ghosn Expected to Be Back in Jail for at Least 10 Days

Japanese prosecutors have shown skill at extending his detention, however.

by on Apr.05, 2019

Carlos Ghosn was taken into custody again in Japan after new charges were filed against him by prosecutors.

Carlos Ghosn, the former Nissan boss who was rearrested for the fourth time on Thursday on charges of financial corruption will be detained at the Tokyo Detention Center until at least April 14, a court in the capital city ruled Friday morning.

As they did when Ghosn was first arrested Nov. 19, prosecutors can readily seek a 10-day extension and they have already proved adept at stringing things out even longer, Ghosn spending a total of 108 days in solitary confinement before finally winning bail on March 6. Among other things, authorities could arrest Ghosn for a fifth time on new or revised charges.

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Prosecutors based the latest arrest on allegations that $5 million a Nissan subsidiary had intended for a dealership in Oman was instead diverted to a company controlled by Ghosn. Prior arrests have outlined claims that the executive, among other things, hid nearly $90 million in income. (more…)

Fiat Chrysler Attracting Another French Suitor: Renault

Peugeot family expressed interest recently.

by on Mar.29, 2019

Could another sign change be in Fiat Chrysler's future?

Fiat Chrysler Automobiles N.V. is apparently being pursued by not one, but now possibly two French automakers.

Reports have the Agnelli clan turning down an overture from Peugeot but Renault S.A., which also is still trying to re-organize its alliance with Nissan in the wake of Carlos Ghosn’s legal troubles and abrupt ouster, is also interested in pursuing a tie with FCA, according to an article Financial Times.

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A deal could give FCA better options to solve its problems with technology where it lags larger rivals and help strengthen its position in Asia. The prospect of becoming part of an $80 billion global group could be tempting for FCA Chairman John Elkann. (more…)

Renault Nissan Mitsubishi Alliance Reconfigures Board of Directors

Ghosn denied board meeting appearance by judge.

by on Mar.12, 2019

The leaders of Renault, Nissan and Mitsubishi celebrate the reconfiguration of the Alliance's board of directors.

Former Renault-Nissan-Mitsubishi Chairman Carlos Ghosn may be free from jail, the leaders of the three-headed monster don’t want him free to exercise any more influence over the company in his role on the board of directors.

Fortunately, a Tokyo court gave them what they wanted, banning the former boss from taking part in the meeting of the board of the directors.

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“Mr. Ghosn is disappointed that the Court denied his request to attend the Nissan Board of Directors meeting,” according to a statement issued by a spokesman.  (more…)

Ghosn Released on Bail

Prosecutors lose appeal nearly four months after exec’s arrest.

by on Mar.06, 2019

Carlos Ghosn was released from a Tokyo detention center after the appeal to deny him bail was denied.

Nearly four months after he was unceremoniously yanked off a private jet after landing at Tokyo’s Haneda Airport, former Nissan Chairman Carlos Ghosn was escorted out of the Tokyo Detention Center on Wednesday, looking gaunt and wearing both a surgical mask and cap.

The executive was freed a day after a Tokyo District Court ordered him released on 1 billion yen, or $8.9 million, bail. Prosecutors had previously blocked the release of the Brazilian-born executive but lost an appeal of the release order this time.

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“I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations,” Ghosn, who will turn 65 on Saturday, said in a statement issued shortly before his release. (more…)

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