Nissan's Ghosn to be arrested in Japan for alleged financial violations: Asahi

TOKYO (Reuters) – Nissan Motor Co Ltd Chairman (7201.T) Carlos Ghosn is to be arrested by Tokyo prosecutors for alleged financial violations in Japan, the Asahi newspaper reported on Monday.

The newspaper reported on its website that Ghosn, who is also chairman and chief executive of France’s Renault (RENA.PA), was suspected of having understated his own income on financial statements and had agreed to voluntarily speak to prosecutors.

A Nissan spokesman said the company was making checks on the report. Spokesmen for Renault and the Renault-Nissan-Mitsubishi alliance did not immediately return calls and messages seeking comment.

Public broadcaster NHK reported that Ghosn was being questioned for suspected financial violations.

The Tokyo District Public Prosecutors Office declined to comment.

Renault shares fell sharply in Paris, and were down 5.5 percent in early session trading, among the worst performing stocks in Europe .

Ghosn, a rare foreign top executive in Japan, is well regarded for having turned Nissan around from near bankruptcy.

Brazilian-born, of Lebanese descent and a French citizen, he began his career at Michelin in France, moving on to Renault. He joined Nissan in 1999 after Renault bought a controlling stake and became its CEO in 2001.

Source: Read Full Article