Ghosn scandal, day 2: Toxic perks, and a chart that got me fired

(c) Bertel Schmitt

On day two of the Yokohama palace rebellion, Carlos Ghosn and his confidante Greg Kelly are still in jail. No new facts have been revealed, but there is a torrent of leaks. The Kyodo wire (via Japan Times) says that Ghosn used houses owned by Nissan in the Netherlands and three other countries, “without reporting that benefit as part of his income,” bolstering yesterday’s suspicion that the “significant acts of misconduct” come down to simple perks that came with the many jobs of Ghosn. [Continue Reading]

Ghosn behind bars: A rather messy putsch

(c) Bertel Schmitt

Today, Renault-Nissan-Mitsubishi’s multi-role top executive Carlos Ghosn descended  in his private jet into Tokyo’s Haneda airport for a routine visit at Nissan’s headquarters in Yokohama, 20 minutes further south. This time, the reception was less deferential than usual. Ghosn and his close confidante Greg Kelly found themselves behind bars. The two were arrested by Tokyo prosecutors for alleged financial misconduct at Nissan Motor.

Nissan swiftly issued a press release, saying that “based on a whistleblower report,” Nissan had conducted an internal investigation, which came to the conclusion that  “over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation.”

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