Authorities showed up at Ghosn’s Tokyo apartment shortly before 6 a.m. Thursday to detain him, cutting short the freedom he enjoyed since his March 6 release on bail. Prosecutors said he used company money funneled through an intermediary for personal purposes, the most serious charges yet against the global auto titan, who once led Nissan, Renault SA and Mitsubishi Motors Corp. at the same time.
“The chance for Ghosn to come out clean is getting slimmer and slimmer,” said Tatsuo Yoshida, an analyst at Sawakami Asset Management Inc. “It looks like Renault is now on the same page with Nissan. They want to make sure management and governance restructuring won’t be delayed by any unexpected development.”Ghosn was arrested again because he’s a flight risk and could destroy evidence, Shin Kukimoto, deputy chief prosecutor at the Tokyo District Public Prosecutors Office, said at a briefing.
The payments in Oman were to Suhail Bahwan Automobiles LLC, which is Nissan’s exclusive distributor in the sultanate, people with knowledge of the matter have said. The automaker first flagged the payments to Renault along with discounts on vehicles to Oman dealerships that the Japanese company suspected as being inflated, according to one of the people.
A Paris-based spokeswoman for the Ghosn family denied any wrongdoing by Ghosn and said reports of Oman payments, use of the airplanes and the startup are part of a smear campaign to make the former executive look greedy. “Nissan’s internal investigation has uncovered substantial evidence of blatantly unethical conduct,” Nicholas Maxfield, a spokesman for the Yokohama-based automaker, said in an email. “Further discoveries related to Ghosn’s misconduct continue to emerge.”Under the Japanese legal process, prosecutors have 48 hours to detain suspects, after which they can make a 10-day detention request. That can be extended another 10 days by filing a second request to the court.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: The curious duality of SA’s first business quarterThe Johannesburg Stock Exchange is up as the curtain closes on the first quarter of 2019, which will cheer the bruised bank accounts of SA’s investors. It’s been a rising quarter, but also, weirdly, a bit of a calamity. Welcome to the strange world of the JSE, circa 2019.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Rico: Cartoon Friday
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: The tricky question of what economists should be able to predictIf economists ought to have been able to predict the 2008 'great recession', should they not also have been able to predict that the S&P 500 stock index would quadruple in value over the following decade? Nobel laureate Robert J. Shiller discussed predictions and the surprising emergence of new narratives.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Debt, State Firms Are Risks to South Africa Rating, Moody’s SaysSouth Africa may struggle to hang on to its sole investment-grade credit rating if economic growth persists at weak levels and if government debt and risk from state-owned companies rises, Moody’s Investors Service said.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: Lyft and Uber listings approach ‘peak venture capital’Over the next week, ride-hailing company Lyft will list on the Nasdaq exchange in New York, and it will break many records, including being the biggest money-losing startup. Later in 2019, Lyft’s larger rival Uber will re-break those records. The question is whether investors will, or should, go along for the ride.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tuesday April 2: Five Things You Need to Know to Start Your DayEurope is questioning Chinese trade in the wake of Xi’s visit, U.S. stocks rallied after stronger factory data out of China and the U.K. Parliament fails to find a Plan B for Brexit. Here are some of the things people in markets are talking about.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Moody’s Hands S. Africa’s Ramaphosa Lifeline as Markets RallyIt was case of speaking softly and carrying a big stick. Moody’s Investors Service’s brief comment on South Africa’s credit rating sparked the rand’s strongest rally in five months on Monday and drove government bond yields to the lowest since May.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Moody’s stands pat and SA’s economy breaths a sigh of relief – for nowIt all depends if they are in a good moody, or a bad moody, said Rico’s cartoon in Friday. Turns out they were in a good moody. AngeloCoppolaSA
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: Born free, taxed to deathTax rates have become a hot topic recently because of scandals surrounding former Head of South African Revenue Services Tom Moyane and suggestions of an imminent tax revolt by Western Cape premier Helen Zille. International comparisons show South Africa is highly taxed compared to other countries in the world – but how bad is it?
Source: dailymaverick - 🏆 3. / 84 Read more »