SoylentNews is people
SoylentNews
Prosecutors set to indict Ghosn and Nissan as CEO's role in focus: sources
Tokyo prosecutors are due to indict ousted Nissan Motor Chairman Carlos Ghosn as well as the automaker itself on Monday, sources said, intensifying scrutiny of CEO Hiroto Saikawa's role in the financial misconduct scandal.
Ghosn was arrested on Nov. 19 on suspicion of conspiring to understate his compensation by about half of the actual 10 billion yen ($88 million) over five years from 2010. Nissan has said the misconduct was masterminded by the once-celebrated executive with the help of former Representative Director Greg Kelly.
Tokyo authorities plan to re-arrest the two executives, the sources said, declining to be named as they were not authorized to speak with media. Media reports have said the fresh crime was for three additional years of under-reported income. The two would then remain in custody without bail. Nissan itself is also likely to be indicted for making false statements in an annual report, they said. A separate source said there were concerns running through the company that Chief Executive Hiroto Saikawa and others may also be indicted.
Earlier, Nissan sought to block Carlos Ghosn from accessing his company-owned apartment in Rio de Janeiro, fearing that he would remove or destroy evidence related to his misconduct.
(Score: 0) by Anonymous Coward on Monday December 10 2018, @03:47PM (5 children)
Ghosn saved Nissan from bankruptcy, but he also replaced the culture with modern European business theory. Among other things, the official language at Nissan was changed to a language foreign to Japan and France, English.
I would not be surprised if the powerful and connected took great offense at this, and have orchestrated the accusations of financial irregularities to re-Japanify the company.
(Score: 2) by bob_super on Monday December 10 2018, @05:37PM (3 children)
The name of the chairman does not change the controlling stake owned by Renault.
(Score: 0) by Anonymous Coward on Monday December 10 2018, @05:45PM (2 children)
No, but if your execs are at risk of arbitrary detention, you may want to get rid of your Japanese subsidiary quickly.
(Score: 2) by bob_super on Monday December 10 2018, @06:06PM (1 child)
"Oh no, we might get caught if we keep doing something illegal! Let's commit suicide!"
(Score: 0) by Anonymous Coward on Tuesday December 11 2018, @07:37AM
* The irony is that suicide is both illegal and something you'll be caught having done.
(Score: 2) by VLM on Tuesday December 11 2018, @01:00PM
Usually the Japanese govt cooperates very closely with Japanese industry in situations like this; obviously he must have some something to offend someone in the Japanese equivalent of the deep state. I haven't found anything obvious in the financial news, yet.
Your theory about culture is not totally unrealistic but in practice they seem to get more wound up about financial issues.
(Score: 0) by Anonymous Coward on Monday December 10 2018, @04:31PM (3 children)
how much money someone makes is none of the governments fucking business. if i had $88 million the tax agency wouldn't even exist.
(Score: 0) by Anonymous Coward on Monday December 10 2018, @04:52PM
Famous last words
(Score: 1, Insightful) by Anonymous Coward on Monday December 10 2018, @09:05PM (1 child)
>how much money someone makes is none of the governments fucking business.
Actually it does matter. 'Winner takes all' (and CEO's like this playing this game) causes a lot of social disorder, unrest and poverty that the government ends up having to pay for.
Japan (and some other socialist countries) take more effort than the USA to ensure that pay is equitably distributed among those who produce the wealth. This reduces poverty, and ensures that whole impoverished underclasses and ghettos don't exist in Japan (which pretty much they don't) in the way they do in the USA. This used to be the way it was in the USA by the way too back in the 50s and 60s, and arguably the middle class was much better off then than it is now..
It is absolutely the government's business.
(Score: 3, Insightful) by PartTimeZombie on Monday December 10 2018, @09:26PM
While your comment is +1 Insightful, you really shouldn't feed the trolls.
is only one step away from OMG! VOLUNTARY CONTRACTS ONLY!!11!! and MEN WITH GUNS!!11!!
and other such childish libertarian nonsense.
(Score: 2) by Phoenix666 on Monday December 10 2018, @05:44PM (1 child)
Ghosn pushed the Nissan Leaf very hard, which its buyers have been quite happy with. Tesla has gotten most of the limelight in pushing the conversion to electric cars, but Nissan's Leaf has been an important component of the argument that EVs can work for the everyman since long before Tesla brought its Model 3 to market. It would be a pity in all this business with Ghosn if the Leaf were to be cut and the company to retrench in ICEs.
Otherwise, corrupt CEO gets taken down, which is awesome. Should happen to more of his ilk.
Washington DC delenda est.
(Score: 2) by PartTimeZombie on Monday December 10 2018, @09:29PM
The Nissan Leaf is very popular around my way also.
Surely they've invested huge amount of money tooling up to produce them, so wouldn't want to back out of that? Assuming Nissan makes money selling them of course.
(Score: 2) by Rosco P. Coltrane on Monday December 10 2018, @11:59PM
I'm shocked!