Nissan considers ousting Carlos Ghosn for financial misconduct

Nissan considers ousting Carlos Ghosn for financial misconduct

Ghosn voluntarily went with Tokyo prosecutors, who are set to arrest him after questioning, the newspaper said.

Nissan said that since the misconduct "constitutes clear violations of the duty of care as directors", Hiroto Saikawa, the firm's chief executive officer, will propose that Nissan Board of Directors promptly remove both Ghosn and Kelly from their roles with the company. A representative for the Tokyo prosecutors said they don't comment on individual cases.

Mr Ghosn, a foreign top executive in Japan, has been credited in the past as having turned Nissan around from near bankruptcy.

Mr Ghosn joined Nissan in 1999 after Renault bought a controlling stake and became its CEO in 2001, remaining in that post until previous year.

Renault shares plunged 12 percent in late morning trading in Paris on the shock news, which emerged after the end of the Tokyo session. The companies have worked as an alliance for nearly a two decades and Brazilian-born Mr Ghosn has led a dramatic turnaround at Nissan over the last two decades, rescuing it from near-bankruptcy.

Nissan Motor said on Monday (Nov 19) it was moving to terminate Carlos Ghosn from his chairman's post after he was accused of "significant acts of misconduct", including underreporting his salary.

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In a statement that came as a bombshell to investors, the global vehicle industry and politicians in Tokyo and Paris, Nissan said that it would ask its directors to sack Mr Ghosn as chairman.

"Saikawa will also propose the removal of Greg Kelly from his position as representative director". Ghosn is also chairman and chief executive of France's Renault.

Nissan said it was providing information to the prosecutors and co-operating with their investigation.

He concurrently became president of Renault in 2005 and led the move to partner with Mitsubishi Motors Corp.in 2016 after that automaker was found to have falsified fuel-efficiency data. He said in September that he will continue to pare back his roles at the three individual companies, while continuing to head their alliance.

Express.co.uk has contacted press offices for both Renault and Nissan for comment. But plans for an orderly succession - and potentially the entire future of the rather unwieldy Renault-Nissan-Mitsubishi structure - may well have been thrown wide open.

In June, Renault shareholders approved Ghosn's €7.4 million (US$8.45 million) compensation for 2017. In addition to this, he received €9.2m in his final year as Nissan chief executive.

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