Amid Ghosn scam and pay scandal, how Nissan CEO went from defiant to fired

In the wake of the Ghosn saga, which exposed the company’s shortcomings when it came to policing executive pay, Nissan drew a line in the sand

International News: Hiroto Saikawa’s tone bordered on defiant Sunday when discussing his future as chief executive officer of Nissan Motor Co. He accepted responsibility for the Carlos Ghosn scandals and said he’d resign after a successor was found, but he wasn’t taking the fall for a burgeoning controversy over his pay.

That strategy blew up 24 hours later when the embattled carmaker’s board pushed him out –- citing his excess compensation. Saikawa’s last day will be September 16, and the board is taking a look at a pool of about 10 candidates for the job.

The end of Saikawa’s four-decade career came in a conference room at Nissan’s Yokohama headquarters, about 17 miles (27 kilometers) south of Tokyo, where board members met for more than five hours –- with some joining by video from overseas, according to people familiar with the matter. Nissan declined to comment on board discussions and declined to make Saikawa available for comment.

Alliance partner Renault SA was represented by Chairman Jean-Dominique Senard and Chief Executive Officer Thierry Bollore. During the meeting, directors said they weren’t happy with the slow progress in finding Saikawa’s replacement, and voiced they wanted that process to be accelerated, according to the people, who asked not to be identified discussing a private matter. Saikawa said at press conference in January that he would “pass the baton” to new leaders as soon as possible….

Ex Nissan boss Ghosn gets $4.5m bail, may soon walk out of detention centre

The former Nissan boss could soon walk out of his Tokyo detention centre to prepare his defence against multiple charges of financial misconduct.

Companies News: A Japanese court granted Carlos Ghosn bail Thursday, meaning the former Nissan boss could soon walk out of his Tokyo detention centre to prepare his defence against multiple charges of financial misconduct.

The Tokyo District Court set bail at 500 million yen ($4.5 million) as the 65-year-old auto sector legend faces four charges ranging from concealing part of his salary from shareholders to syphoning off Nissan funds for his personal use. Prosecutors are likely to appeal the court’s decision, delaying his immediate release but public broadcaster NHK said he could walk out of his detention centre “as early as Thursday”.

Ghosn denies all the charges, with a spokesperson for the executive saying on Monday he would “vigorously defend himself against these baseless accusations and fully expects to be vindicated”. The spokesperson said carlos Ghosn was being detained “under cruel and unjust conditions, in violation of his human rights, in an effort by prosecutors to coerce a confession from him”.

On Monday, he was hit with what experts have described as the most serious charges yet as prosecutors accused him of syphoning off $5 million of Nissan cash transferred from the company to a dealership in Oman. He also faces two charges of deferring some $80 million of his salary and hiding this in official documents to shareholders and seeking to shift personal investment losses to the firm during the 2008 financial crisis.

Ghosn has already been granted bail once, posting $9 million and vowing not to leave Japan and to live in a small court-appointed apartment in central Tokyo — a far cry from his former luxury suite…

I’m innocent, ready for defence: Former Nissan CEO Ghosn after winning bail

Ghosn contends he is innocent of falsifying financial reports because the compensation he is alleged to have under-reported was never paid or decided upon

Former Nissan Chairman Carlos Ghosn may leave detention as early as Wednesday, after a Tokyo court approved his release on 1 billion yen ($8.9 million) bail, rejecting an appeal by prosecutors. He said in a statement, “I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations.”

Ghosn’s lawyer in Japan, Junichiro Hironaka, said the legal team offered conditions for his release, such as a surveillance camera at the doorway and a promise not to use the internet. He is allowed to make voice calls, but he cannot travel abroad.The former head of the Renault-Nissan-Mitsubishi Motors alliance has been detained since November and is charged with falsifying financial reports and breach of trust.|International News 

The former head of the Renault-Nissan-Mitsubishi Motors alliance has been detained since November and is charged with falsifying financial reports and breach of trust. Jean-ves Le Borgne, Ghosn’s French lawyer, cautioned that prosecutors still had leeway to file new charges.

Suspects in Japan are kept detained for months, especially those who insist on innocence like Carlos Ghosn. Some legal experts, including Hironaka, have criticised the system as “hostage justice,” saying the long detentions tend to encourage false confessions. Prosecutors say suspects may tamper with evidence and shouldn’t be released. Two previous requests for Ghosn to be released on bail were denied. Ghosn contends he is innocent of falsifying financial reports because the compensation he is alleged to have under-reported was never paid or decided upon. 

Third time lucky: Ex-Nissan chief Ghosn wins bail after 3 months in jail

Under his bail terms, Ghosn is banned from leaving Japan and must adhere to conditions aimed at preventing him from fleeing or destroying evidence

international news: Former auto industry titan Carlos Ghosn moved a step closer to freedom Tuesday as a Tokyo court unexpectedly granted him bail after more than three months in a detention cell. It was the latest twist in a case that has kept Japan and the business world gripped since the tycoon’s shock arrest on November 19 over suspicions of financial misconduct.

The court set bail at one billion yen (USD 9 million), but prosecutors are likely to appeal the decision and could even file additional allegations against the 64-year-old to keep him from leaving detention. Under his bail terms, Ghosn is banned from leaving Japan and must adhere to conditions aimed at preventing him from fleeing or destroying evidence.

The shock decision came a day after Ghosn’s new lead defence lawyer, Junichiro Hironaka, told reporters he had filed a “convincing” application for bail that contained fresh elements. Hironaka, who has a reputation for securing acquittals for high-profile clients in a country where almost all court cases end in conviction, offered greater surveillance of Ghosn and a limit on his electronic communications.

The court has previously said Ghosn’s continued detention was justified because he posed a flight risk and could seek to tamper with evidence. It had already rejected two official bail bids and other attempts to win freedom…Read More