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What Caused Carlos Ghosn's Fall?



A few hours after the spectacular arrest of Carlos Ghosn at Haneda Airport, following the operation cameras, the Tokyo court's attorneys confirmed Tuesday morning that they were doing well. The chairman of Nissan and Greg Kelly's board is one of the best hands of the Japanese manufacturer. Accused of boss, who is also chairman and chief executive officer of Renault, and head of Mitsubishi's board of directors, said that between 2011 and 2015 nearly half of his income was hidden from the Japanese financial authorities. According to them, only 4.9 billion yen (39 million euros) would have been said, while in fact they would receive almost double the amount.

After one night worries about these revelations due to the impact of Nissan and Mitsubishi on health, traders have been selling bulk since the opening of the Tokyo Stock Exchange for the shares of the two manufacturers. After the Japanese market was closed, the Nissan premium fell 5.45% and Mitsubishi dropped 6.84%. In Paris a day before the action, which lost 8.4% of its value in a few hours.

Towards other revelations?

If the arrest of Carlos Ghosn does not interfere with the immediate control of the two groups, which have no constructed leadership teams and on Thursday dismisses Carlos Ghosn's responsibility, investors appear to be new revelations and the deterioration of the image of the two companies, especially the Japanese market.

In the morning, the Japanese media competitor was seeking to abolish the lifestyle of the 64-year-old French-Lebanese brazilian boss. Nikkei and NHK's TV daily have ensured that one of Nissan's subsidiaries has paid millions of dollars in Carlos Ghosn, Beirut, Rio de Janeiro, Paris and Amsterdam in recent years. The media questioned the economic legitimacy of such investments and Greg Kelly's role as the lieutenant of the big boss in these transactions.

Severity of treatment

While multiplying these examples, which are effectively at odds with the Japanese industry leaders' discretion and official asceticism, Japanese "revelations" of the past hours are clearly unlawful in the face of illegal practices. "The group acquires ownership rights and makes it available to executives if it can prove that it is economically justified," says a large multinational legal expert.

In Tokyo, Stephen Givens, a lawyer, was particularly astonished by the severity of Carlos Ghosn's treatment in the past hours. "If we keep the information available on Tuesday, the prosecution criticizes him primarily because he understands a part of his income, but all his remuneration is public and accessible." What did he care? "He wondered," Who made a mistake? Nissan's tax and legal team could not find this information. It's very strange, "the council says, wondering who should see Carlos Ghosn. He notes that the leadership has maintained more complex contacts with the Japanese administration over the years and was very concerned about the balance between power between Renault and Nissan.

At the headquarters of the manufacturer at Yokohama, foreign leaders are in any case paralyzing the news and struggling in a simple court case. "It's a ghost," he said on Tuesday morning, one of the foreign employees and arrived as part of an effort to internationalize the group … Carlos Ghosn.

Yann Rousseau

It corresponds to Tokyo

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