Renault, Nissan hold board meetings before expected new Ghosn indictment, report says

Ghosn attends an event at the Paris Auto Show on Oct. 1 2018. Regis Duvignau  Reuters

Ghosn attends an event at the Paris Auto Show on Oct. 1 2018. Regis Duvignau Reuters

Prosecutors in Japan have indicted former Nissan Motor Chairman Carlos Ghosn on two new charges of financial misconduct, hours before his latest detention period was due to expire.

If and when Ghosn will be out on bail, his movements are likely to be restricted to his home or a hotel, and he'll need a court permission to leave the country, legal experts have said.

A doctor is attending to the 64-year-old, who is exhausted from the long detention and interrogations, said his lawyer Motonari Otsuru.

He was already facing a first charge for allegedly under-reporting his compensation over five years to the tune of five billion yen (R644m) in official documents to shareholders.

The special investigation squad of the Tokyo District Public Prosecutors Office also indicted Ghosn, 64, the same day on an additional charge of hiding some of his executive pay for the past three years in violation of the Financial Instruments and Exchange Law.

He faces a combined maximum sentence of 15 years in prison if found guilty of the charges.

Directors gave no hint in their statement of any deliberations into Ghosn's future at Renault.

Ghosn's lawyers dispute those claims.

Ghosn's prolonged detention has put the spotlight on Japan's justice system, which has come in for some global criticism. The open hearing on Tuesday, which drew worldwide attention, was his first public appearance since his arrest on November 19.

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Ghosn's defence team had made the bid for his release on the basis that one of the charges against him, an alleged breach of trust of the company, was null and void. Nissan said it regretted any concern caused to its stakeholders. The sum of remuneration that was allegedly underreported from fiscal 2010 totals around 9.1 billion yen ($83 million).

The automotive heavyweight was served with a fresh arrest warrant for allegedly under-reporting 9 billion yen (83 million USA dollars) of his remuneration during the three years through March 2018.

"I look forward to continuing to assist Nissan in its investigations", Munoz said in the post. The contract was transferred back to the management firm in February 2009 after the Saudi businessman, Khaled Al-Juffali, guaranteed credit.

Ghosn has strongly denied the allegations against him. Ghosn said the contracts were transferred back to him and that Nissan did not incur a loss.

Kelly and Nissan were not charged with breach of trust.

On Wednesday, the Tokyo District Court rejected a request filed by Ghosn's defense counsel to end his detention following his arrest on allegations of financial misconduct.

Following his arrest, Nissan and Mitsubishi removed Mr Ghosn as chairman. Unless the defendant seeks bail, the detention is often renewed repeatedly.

At his dramatic court appearance on Tuesday, Ghosn appeared to have lost a lot of weight in detention but otherwise seemed in good health.

In the wake of Ghosn's arrest, the automaker is also planning to terminate other agreements under which it had been providing residences to Ghosn, a person with knowledge of the issue told Reuters, including the lease agreement on an apartment in Amsterdam. He is said to be suffering from spinal stenosis.

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