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MarketScreener Homepage  >  Equities  >  Tokyo  >  Nissan Motor Co Ltd    7201   JP3672400003

NISSAN MOTOR CO LTD

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Nissan Motor : files complaint against ex-boss Carlos Ghosn for 'misuse of funds'

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01/12/2019 | 02:08pm EDT

The Japanese automaker has accused the once-praised former executive of misusing a “significant amount of the company’s funds.” Nissan’s criminal complaint followed fresh charges against Ghosn from Tokyo prosecutors.Japanese automaker Nissan on Friday said it filed its own criminal complaint against its former chairman Carlos Ghosn for the "misuse of a significant amount of the company's funds."

Ghosn has been arrested and charged by Japanese prosecutors with financial misconduct. On Friday, Tokyo prosecutors added a new indictment to the growing list of charges brought against the once-lauded executive.

Until the recent charges against him, Ghosn served as a top executive for Renault, Nissan and Mitsubishi. He was considered a key figure in establishing and then maintaining the alliance.

Latest developments:

Prosecutors filed two new charges against Ghosn: one for aggravated breach of trust for temporarily transferring personal investment losses to Nissan in 2008 and the other for understating compensation for three years through to 2018. Nissan called for "strict penalties" when filing its complaint, which was "based on the same violation" of aggravated breach of trust. Prosecutors also filed an indictment against Nissan's former Representative Director Greg Kelly for underreporting Ghosn's income for three years through to 2018. Kelly's lawyer said the latest indictment "comes as no surprise" and only appears to extend the time period from a previous indictment.

Read more: Who's the man who could bring down Japan's auto industry?

From top businessman to jail

Ghosn, a Brazilian-born businessman who made his name in France, was once hailed for spearheading Renault's profitability post-privatization as well as bringing Nissan from the brink of bankruptcy in the late 1990s.

In the years after, he was described as one of the world's most powerful businessmen. In 2008, one of the key years in the Japanese investigation, Ghosn was named chairman and chief executive of Nissan. A year later, he went on to the same roles at Renault.

In 2016, he became chairman of Mitsubishi after Nissan acquired a controlling stake in the Japanese company. All three companies would form an alliance together by 2017, creating one of the world's largest auto groups.

In November, Ghosn was arrested for misuse of funds and breach of trust. He was subsequently forced to step down from his role at Nissan. Earlier this week, he made his first courtroom appearance, saying he was "wrongly accused and unfairly detained."

He remains in jail pending trial. Ghosn continues to be Renault's chief executive despite being stripped of his role at Nissan, although COO Thierry Bollore was appointed interim deputy CEO of the French automaker with the "same powers."

Every evening, DW's editors send out a selection of the day's hard news and quality feature journalism. You can sign up to receive it directly here.

ls/msh (Reuters, dpa)

(c) 2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
NISSAN MOTOR CO LTD -0.41% 761.2 End-of-day quote.-11.09%
RENAULT 0.07% 54.5 Real-time Quote.-0.09%
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Financials (JPY)
Sales 2020 11 317 B
EBIT 2020 -
Net income 2020 285 B
Debt 2020 6 713 B
Yield 2020 5,76%
P/E ratio 2020 10,72
P/E ratio 2021 7,83
EV / Sales 2020 0,88x
EV / Sales 2021 0,86x
Capitalization 3 226 B
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Mean consensus HOLD
Number of Analysts 21
Average target price 844  JPY
Spread / Average Target 10%
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Managers
NameTitle
Hiroto Saikawa Vice Chairman, President & Chief Executive Officer
Hiroshi Karube Chief Financial Officer
Takao Asami Senior Managing Executive Officer & Head-Research
Anthony Thomas Chief Information Officer & Corporate VP
Carlos Ghosn Bichara Director
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