As peers fly to Davos, Ghosn bids for bail
Ousted chair was summit celeb, now languishes in Tokyo prison
PARIS— At this time of year, Carlos Ghosn would normally be hobnobbing with the global elite at the World Economic Forum in Davos. Instead, he’s languishing in a Tokyo prison.
Now, the ousted Nissan Motor Co. chair is making a last-ditch effort to win release on bail by pledging to remain in Japan before his trial for alleged financial misconduct. He’s even offered to wear an electronic tracker and be monitored by private security guards, both at his own expense.
“I will reside in Japan and respect any and all bail conditions the court concludes are warranted,” Ghosn, 64, said in a statement. “I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself.”
Ghosn has been in custody since Nov. 19, accused of financial crimes that could put him behind bars for decades. The auto titan has been indicted for understating his income at Nissan by tens of millions of dollars and transferring personal trading losses to the carmaker. Nissan also claims that Ghosn misused company funds, including for homes from Brazil to Lebanon, and hired his sister on an advisory contract. Ghosn has denied wrongdoing.
His downfall, as sudden as it was unexpected, has roiled the two-decade alliance between Nissan and France’s Renault SA, which he dominated as board chair of both companies and of the entity that governs their partnership. France’s finance minister and Nissan CEO Hiroto Saikawa were both quick to downplay a report in the Nikkei newspaper over the weekend that the French side was planning to put the two carmakers under one holding structure.
During two decades astride the global auto industry, Ghosn became one of the most celebrated corporate chieftains of his generation. He was seen as the quintessential Davos figure, someone on the A-list of the global economic summit in the Swiss ski resort. The annual event kicks off Tuesday.
While Nissan fired Ghosn almost immediately, he still retains his posts at Renault and at the alliance — though probably not for much longer. Michelin’s chief executive officer JeanDominique Senard is expected to join Renault’s leadership, people familiar with the matter have told Bloomberg News.
Renault’s executive board may meet on Wednesday and name Senard non-executive board chair and head of the alliance, and at the same time appoint Thierry Bollore as Renault’s CEO, Le Figaro reported Sunday.
Bollore is currently acting as CEO on an interim basis.
Tensions are simmering on both sides of the alliance be- cause of its lopsided structure. While Nissan has outgrown Renault in sales and profits, the Japanese company has far less influence. It owns 15 per cent of Renault, which in turn has 43 per cent of Nissan. France is Renault’s most powerful shareholder, with a 15 per cent stake, extra voting rights and two seats on the board. Mitsubishi Motors Corp. was added to the alliance in 2016.
A delegation including Martin Vial, a Renault director designated by the French state, visited Japanese officials including Saikawa in Tokyo last week. According to people close to the delegation, the discussions focused on possible ways and ideas to cement the Renault-Nissan alliance, with the creation of a single holding company for both carmakers being one of the options.