Nissan ex-chair Ghosn set on restoring reputation
Carlos Ghosn, the former auto industry superstar whose career screeched to a halt with his arrest three years ago, isn't about to settle into quiet retirement.
The former head of the NissanRenault alliance fled to Lebanon in late 2019, while out on bail facing financial misconduct charges in Japan. In a recent interview with The Associated Press, Ghosn was confident, energized and determined to fight to restore his reputation. "I'm going to be there. I'm going to defend my rights as long as I have the energy to do it," Ghosn, 67, said via Zoom from his home in Beirut. His story is "far from finished," he said.
Ghosn fled from Japan while hiding in a big cargo box on a private jet. The French, Brazilian-born Ghosn took refuge in Lebanon, his ancestral homeland, which has no extradition treaty with Japan.
Ghosn said he is trying to get Interpol to drop its red flag, which requests police worldwide to seek out and arrest persons wanted for prosecution or to serve a sentence. He's eager to be able to travel outside of Lebanon, but the process is likely to be bureaucratic and long.
Japanese prosecutors say they are still intent on pursuing him on allegations of under-reporting his compensation and of breach of trust in misusing Nissan money for personal gain - charges he denies.
Japan has extradition treaties with the U.S. and South Korea and prosecutors said they would seek help from other countries, including Brazil and France, if Ghosn travels there. Apart from the main case in Japan, Ghosn is under investigation in France and is being sued by Nissan Motor Co. in Japan for alleged financial damages. Tokyo prosecutors have refused to send his files to Lebanon for the criminal case to be tried there.
Nissan's French alliance partner Renault sent Ghosn to Japan in 1999 to steer a turnaround when the Japanese automaker was on the verge of collapse. Under Ghosn, Nissan became more profitable than Renault. The partnership expanded to include smaller rival Mitsubishi Motors Corp. and other automakers. Nissan owns 15% of Renault, which owns a much bigger 43% of Nissan. The government of France owns 15% of Renault.
Analysts estimate the damage suffered by the Nissan-Renault alliance over the Ghosn scandal at billions of dollars in capital value, sales and brand image. Nissan expects to eke out a profit this fiscal year after losing money for the last two years.
Aaron Ho, analyst at New Yorkbased CFRA Research, believes Nissan has fallen behind in an intensely competitive industry because of the Ghosn scandal.
"Before Nissan resolves its internal issues over corporate power and puts its resources back into making tangible progress which takes a lot of time, and a lot of time has been wasted to create values for its end demand, we are not optimistic," he said. Ghosn asserts the case against him was concocted in a power struggle within Nissan's boardroom. He said he wants to show "a conspiracy" by Nissan officials who, worried about a takeover-like merger by Renault, got Japanese authorities to pursue a criminal case against him.
"The only way I can qualify them are: Thugs, inside Nissan," he said. Nissan, which has denounced Ghosn, does not comment on the Ghosn case.
Testimony at the trial of Greg Kelly, a former top executive at Nissan Motor Co. who was arrested at the same time as Ghosn, has shown that Nissan officials did seek out prosecutors.