Facts point to legal violations by ousted Ghosn — Nissan panel

Facts point to legal violations by ousted Ghosn — Nissan panel

Facts point to legal violations by ousted Ghosn — Nissan panel

The partnership this month agreed to a new governance structure created to streamline operational decisions, with Senard placed as the chairman of the alliance.

A spokesman for Ghosn said the allegations in the report "will be revealed for what they are: part of an unsubstantiated smear campaign against Carlos Ghosn to prevent the integration of the Alliance and hide Nissan's deteriorating performance".

The group issued 38 recommendations to bolster Nissan's governance, including the barring of people serving in executive positions at Renault or junior partner Mitsubishi Motors Corp from top executive positions at the Japanese vehicle maker.

The seven-person body suggested abolishing the position of chairman vacated by Ghosn, with an external administrator running meetings of the board, where independent members would hold the majority.

He did not specifically address his responsibility in the scandal, but has previously said that top management, including himself, were responsible for the weak governance that led to the misconduct.

The Italian-American automaker is often cited as a possible merger candidate for European carmakers, with the latest reports saying France's Renault may join Peugeot as an aspiring FCA partner.

The committee said in its report: "There are facts sufficient to suspect violations of laws and regulations, violation of internal rules and private use of company funds and expenses.by Mr Ghosn".

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Seiichiro Nishioka, a former judge and the co-chair of the governance committee, said the investigation found that the problems were caused by what he called misconduct by an individual manager involving pursuit of personal gain and were different from past wrongdoing at some other Japanese companies such as accounting fraud.

However, before FCA could be partnered with Renault, the Renault-Nissan alliance, which has been strained by the Ghosn affair. "Three is to pay the fines", he told reporters at the Geneva Motor Show earlier this month. He has denied the charges.

Mr Nishioka also told the briefing that the capital structure between Nissan and Renault was a matter for the companies, and it was not appropriate for the committee to get involved.

French automaker, Renault SA, had been seeking options to restart their merger talks with Japanese automaker Nissan Motor Co. within 12 months following departure of its much-renowned Chairman Carlos Ghosn over financial misconducts and after which, they would be setting their sights on a bid to purchase Fiat Chrysler Automobiles NV, a Financial Times report revealed on Wednesday, the 27th of March 2019.

Nissan CEO Hiroto Saikawa (picture) said yesterday he wasn't aware of the talks about possible bid for FCA. The newspaper added former Renault CEO and chairman of the Renault-Nissan-Mitsubishi Alliance, Carlos Ghosn, held talks with FCA about a merger three years ago. The French government is the top stakeholder in Renault.

Governance experts say Nissan lagged behind other major Japanese companies, including rival Toyota Motor Corp, in governance measures such as having outside board directors and instituting checks on compensation. Two directors, including one outside director, formerly served senior vice-president roles at Renault.

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