Renault Big Cheese suspected of tax dodging

This video says about itself:

Nissan accuses Chairman Carlos Ghosn of serious misconduct

19 November 2018

CNBC’s Phil LeBeau reports on the arrest of Nissan Chairman Carlos Ghosn being arrested after committing numerous misconduct.

Translated from Dutch NOS TV today:

Car industry big boss suspected of tax evasion

Carlos Ghosn, CEO of the French car manufacturer Renault and the Japanese car manufacturers Nissan and Mitsubishi, is suspected of tax evasion. This appears from an internal investigation by Nissan, which announced today that Ghosn has to leave.

In a statement, Nissan writes that the company has conducted an internal investigation into Ghosn. This showed that the top boss cheated for years with his tax returns. An arrest warrant has been issued against him in Japan.

Several Japanese media report that the CEO has already been arrested and that he is questioned.

According to Nissan, the investigation revealed that the 64-year-old Ghosn had claimed to his accountancy to get a much lower salary than he actually had for years. According to Nissan, Ghosn has concealed hundreds of millions of yens of income. He is said to also have committed other violations, such as the personal use of company property.

Due to the reporting on Ghosn, the shares of Renault plummeted by more than 12 percent this morning.

Ghosn has been the Nissan CEO since 1999 and since 2005 also the Renault CEO. Under his leadership, Nissan, Renault and Mitsubishi formed a partnership, where he became chairman of the board. This year his contract with Renault was renewed for four years until 2022.

Ghosn ‘is no longer capable of leading Renault’ after arrest in Japan, says French finance minister: here.