Nissan ousts chairman Carlos Ghosn over financial misconduct ‘claims’

Bruno Le Maire and Renault CEO Carlos Ghosn wait for French President Emmanuel Macron for a visit of the Renault factory in Maubeuge

Japanese prosecutors also said they had already raided Nissan's Yokohama headquarters, near Tokyo, as part of their investigation.

Nissan's chairman is to be fired after the firm said an internal probe found he under-reported his income by millions of pounds and engaged in other "significant misconduct".

Le Maire said he would contact his Japanese counterpart over the matter, and reiterated that France's priority was to ensure the stability of the Renault company.

Nissan was not available for comment on the reports when contacted by Bloomberg News, and attempts to obtain comment from Ghosn or his representatives were unsuccessful. Over the ensuing three decades, he earned nicknames for cutting costs at Nissan and its subsidiaries and served as a visionary for the Renault-Nissan-Mitsubishi Alliance.

The extent of the misconduct allegations, or the arrest charges, were unclear as of Monday morning. Nissan's investigators have also uncovered "numerous other significant acts of misconduct", including Ghosn's personal use of company assets.

Ghosn had been criticized for his salary of about $9 million ー exorbitant by Japanese standards.

New Amazon HQ split between New York, Washington suburbs
In a press release, the organization suggested that some of the subsidies going to Amazon have not been disclosed by the company. This summer, he announced a new philanthropic fund that will create a network of tuition-free preschools.

Known as "Le Cost Killer" for overseeing turnarounds including cuts at Renault, Mr Ghosn has remained popular in Japan despite the massive job cuts that he brought and recent controversy over his lucrative pay package.

Mr Ghosn officially still leads the Renault-Nissan-Mitsubishi alliance as chief executive and chairman.

It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly.

He said that because of the continuing investigation, he could not disclose many details.

Under Japanese law, a suspect can be detained by prosecutors for up to 20 days before being charged or released.

The French automaker announced it would be holding a board meeting later on Tuesday to discuss interim management while Ghosn is detained.

Saudi-led airstrike kills 7 in contested Yemen port city
Military sources confirmed that the Saudi-led alliance had targeted the rebels with multiple air strikes . After 12 days of clashes, Hodeida was "quiet" and its port was "operating", Gargash tweeted.

Earlier Monday, Japan's Asahi News reported that Brazil-born Ghosn was to be arrested following an alleged violation of Japan's financial instruments and exchange act.

According to NHK and the Kyodo News Service, Ghosn made almost 10 billion yen ($89 million) over five years through March 2015, including salary and other income from the company, but reported as if he only made 5 billion yen ($44 million), or half of what he had received.

The French state, which owns 15% of the group, sought to reassure the markets and employees on Tuesday.

He is credited with saving Nissan from bankruptcy through measures including closing plants and restructuring, and he has instant name recognition in Japan, where he is a rare high-profile foreign executive. That Franco-Japanese axis, which also now includes Mitsubishi, is one of the world's biggest carmakers.

He joined Nissan in 1999 after Renault bought a controlling stake and became its CEO from 2001 until 2017.

French President Emmanuel Macron listens to Carlos Ghosn, the CEO of French auto maker Renault, left, at the Renault stand during an official visit at the Paris Motor Show, in Paris, France, Oct. 3, 2018.

Ankara calls for worldwide inquiry in Khashoggi killing
There has been a lot of backlash against Saudi Arabia in the past month, but one voice that was all too quiet was the White House. John Abizaid as the United States' next ambassador to Saudi Arabia , a position that's been vacant for almost two years.

Related news:

Hot News

isis-killer-beheading-video-story-top Celtics struggle offensively in 98-86 loss to Jazz
Nov 19, 2018 - 10:18
The Celtics never led during the second quarter and were behind by as many as 12 before getting within 50-45 by the break. By the time the game was over, Utah had scored nine points in the final quarter and 22 points in the second half.

isis-killer-beheading-video-story-top Ranveer-Deepika new wedding pictures emerge online
Nov 19, 2018 - 09:10
Famed Indian designer Sabyasachi Mukherjee uploaded the picture on Instagram where the bride and groom are clad in his creations. She tied her hair in a top bun with centre-parted and what caught our attention is her hands and feet filled with Mehendi .

isis-killer-beheading-video-story-top Trump says he has finished answering Mueller probe questions
Nov 19, 2018 - 02:08
PHOTO: Former FBI Director Robert Mueller at an installation ceremony at FBI Headquarters in Washington , D.C., October 28, 2013. Trump said his lawyers will review the answers before they're sent to Mueller. "My lawyers don't write the answers".

isis-killer-beheading-video-story-top Some Google Pixel 3 XL devices have buzzing and distorted speakers
Nov 19, 2018 - 01:43
According to Google, most phone cameras that don't use multiple frames begin to struggle around 30 lux of brightness. You'll be able to save $150 on the Pixel 3 and $200 on the Pixel 3 XL - the promotion runs through November 25th.

isis-killer-beheading-video-story-top Twitter Is Outraged At Stacey Abrams Conceding A Stolen Election
Nov 19, 2018 - 01:01
The organization will file a federal lawsuit to challenge the "gross mismanagement" of the elections in Georgia, she said. She repeatedly criticized Kemp, who she said had been "deliberate and intentional in his actions" to suppress voters.

isis-killer-beheading-video-story-top Hailey Baldwin Just Made Her Marriage Instagram Official With a Name Change
Nov 18, 2018 - 23:53
Nona Melkoni, who said she had dinner next to them at Joan's on Third in Studio City, California, back in October. Soon after, a source shared with ET that 'The two kept their marriage a secret from many people .

isis-killer-beheading-video-story-top Ben Stokes channels inner 'Watto' after horrendous DRS review against Sri Lanka
Nov 18, 2018 - 21:34
Karunaratne made a dogged 57 and it was his fourth-wicket stand of 77 with the experienced Mathews that revived Sri Lanka's chase. After Rashid, Curran combined with Jack Leach and then James Anderson to lift England's score to a decent 285.

isis-killer-beheading-video-story-top House Republicans Choose Rep. Kevin McCarthy as Minority Leader
Nov 16, 2018 - 19:00
Ryan should bear the blame for election losses last week because voters felt that Republicans didn't live up to their promises. Pelosi has plenty of supporters who say Democrats owe much of their success to her. "We knew history was against it", he said.

isis-killer-beheading-video-story-top Judge orders White House to restore CNN reporter’s pass
Nov 16, 2018 - 18:29
Further hearings will take place in the coming weeks, and Kelly has yet to rule on whether Trump is violating any amendments. Speaking outside the court, Mr Acosta said: "I want to thank all of my colleagues, the press, who supported us this week".

isis-killer-beheading-video-story-top Longtime Clinton Adviser Guarantees Hillary Will Run in 2020
Nov 16, 2018 - 17:43
Following the midterm elections of 2018, voters have now shifted their attention to the much anticipated 2020 U.S. Mike Bloomberg will support her rather than run, and Joe Biden will never be able to take her on.

isis-killer-beheading-video-story-top Android Use "Purely On Merit": Facebook After Reports Of Snub To Apple
Nov 16, 2018 - 17:18
Soros and his foundations, which I lead-an effort which has contributed to death threats and the delivery of a pipe bomb to Mr. The wake of the Cambridge Analytica scandal was still fresh, and the comment reportedly angered Zuckerberg.

isis-killer-beheading-video-story-top Djokovic through after dismantling Zverev, Cilic still in hunt
Nov 16, 2018 - 17:17
He has won many Masters 1000 events already, I think three in his career, which is quite impressive. Novak Djokovic reacts after beating John Isner to claim a record-equalling sixth ATP Finals title.

Elton John Stars In This Year's John Lewis Christmas Advert
Nov 15, 2018 - 17:17
John Lewis's 2018 Christmas advert tells the story of Sir Elton John being gifted a piano as a young boy. There are few things that mark the beginning of the festive season like the John Lewis Christmas ad.

isis-killer-beheading-video-story-top Ranveer, Deepika finally tie the knot in Italy
Nov 15, 2018 - 16:18
The 27-year-old golfer updated her Twitter account name to #Ladkiwale, and also added the hashtag to her Instagram bio. This is what happened, "Shubha Mudgal was performing a thumri when Deepika Padukone got emotional and was in tears".

isis-killer-beheading-video-story-top Saudi Prosecutor Says 5 Suspects Should Be Executed
Nov 15, 2018 - 15:56
Khashoggi, a frequent contributor to The Washington Post , was killed on October 2 inside the Saudi consulate in Istanbul. On Wednesday, Turkish Foreign Minister Mevlut Cavusoglu called for an global investigation into the case.