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France steps up Ghosn probe into misuse of funds at Renault

EPA-EFE/ETIENNE LAURENT
Nissan Chairman Carlos Ghosn waits for French President Emmanuel Macron (not pictured) for a visit of the Renault factory in Maubeuge, northeastern France, 08 November 2018 (reissued 26 November 2018). Media reports on 26 November 2018 state the board of Mitsubishi Motors has sacked Ghosn from his position as chairman over his alleged financial misconduct. Ghosn, CEO of the Renault-Nissan-Mitsubishi Alliance, was earlier sacked from his position as Nissan chairman 22 November 2018.

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French prosecutors have stepped up their investigation into alleged misuse of funds at Renault by former boss Carlos Ghosn. A judge had  been assigned to the case to launch a formal investigation, prosecutors announced.
The French inquiry intends to determine who is at fault for a string of alleged financial violations between 2009 and 2020, in particular when Ghosn was at the helm of the Renault-Nissan alliance.
The prosecutor’s office announced the inquiry on Wednesday. It focuses on activities at Renault and Nissan under Ghosn’s watch. The information about his activities is provided by Japanese authorities and by Renault after Ghosn’s 2018 arrest.
Ghosn was arrested in Japan in 2018, but fled to Lebanon amid a trial for alleged financial misconduct. He is accused for underreporting his income for years. He has denied the allegations, and has since launched court cases against the companies, arguing he was fired unlawfully.
Nissan suffered a lot since the scandal, as it has been accused of falsifying Ghosn’s pay in financial statements. The company fired him as chairman, and has since had difficulties getting back on track.
The French inquiry is also focusing on several million euros of questionable expenses paid by Renault-Nissan holding RNBV, which are suspected to have been for Ghosn’s personal use.

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