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

NISSAN MOTOR CO LTD (7201)
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Nissan blamed Ghosn probe for CEO no-show in Amsterdam - sources

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12/07/2018 | 11:53am CET

PARIS/TOKYO (Reuters) - Nissan told Renault its Chief Executive Hiroto Saikawa was unable to attend an Amsterdam meeting because he was assisting Tokyo prosecutors investigating alleged misconduct led by Carlos Ghosn, chairman of the carmakers' alliance, sources with knowledge of the matter told Reuters.

Renault was informed by a Nissan representative this week that "Saikawa was unable to come to Amsterdam because of the Japanese judicial investigation", one of the people said.

The Nov. 29 meeting, which Saikawa joined by teleconference, failed to name an interim alliance boss. Ghosn's earlier arrest and ouster as Nissan chairman triggered a push by Saikawa to weaken Renault's control of the partnership.

The message to Renault did not specify whether Saikawa was barred from travelling, had agreed to remain in the country or had a scheduling conflict with voluntary meetings with investigators.

A Renault spokesman declined to comment. A Nissan spokesman was unavailable outside Japanese business hours.

Ghosn remains in detention after a months-long internal Nissan investigation resulted in allegations that he had under-reported income and made personal use of company funds. Nissan is 43.4 percent-owned by Renault and in turns controls Mitsubishi Motors, the third alliance partner.

Saikawa's signature appears on some compensation documents examined by prosecutors, but it is unclear whether he was aware of their content, Japanese media including the Asahi newspaper reported, citing sources close the investigation.

Prosecutors plan to indict Ghosn, alleged co-conspirator Greg Kelly and Nissan on Monday, rival daily Nikkei reported.

(Reporting by Laurence Frost and Tim Kelly; Additional reporting by Gilles Guillaume and Linda Sieg; Editing by Mark Potter)

By Laurence Frost and Tim Kelly

Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI MOTORS CORPORATION -1.05% 657 End-of-day quote.-20.36%
NIKKEI 225 -1.81% 21118.43 Real-time Quote.-5.53%
NISSAN MOTOR CO LTD -0.22% 927.9 End-of-day quote.-17.88%
RENAULT -0.46% 54.41 Real-time Quote.-35.16%
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Financials (JPY)
Sales 2019 11 752 B
EBIT 2019 -
Net income 2019 527 B
Debt 2019 6 573 B
Yield 2019 6,13%
P/E ratio 2019 6,88
P/E ratio 2020 6,29
EV / Sales 2019 0,89x
EV / Sales 2020 0,87x
Capitalization 3 916 B
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Mean consensus HOLD
Number of Analysts 20
Average target price 1 107  JPY
Spread / Average Target 19%
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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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