Nissan board votes to oust arrested CEO

Nissan board votes to oust arrested CEO

Nissan board votes to oust arrested CEO

"Saikawa is in a position to represent anti-Ghosn sentiment that's been building up for years within Nissan".

Tokyo prosecutors allege that the total undeclared amount could have been as high as $71m over an eight-year period, which equates to around ¥2 billion yen per year, according to NHK.

In the wake of Ghosn's spectacular downfall, French and Japanese government ministers have reaffirmed support for the Renault-Nissan alliance, which was enlarged to include Mitsubishi in 2016.

Nissan's board voted unanimously to oust Ghosn, who was arrested on Monday over allegations of financial misconduct including under-reporting of his remuneration and personal use of company assets.

Exactly how that might occur is unclear, but the idea of an outright merger between Renault and Nissan a deal Ghosn had advocated for over opposition from Saikawa and others is nearly certainly dead. The probe also implicated Kelly, with both men having been arrested in Japan.

The Japanese automaker also vowed to "study the creation of a special committee to appropriately take advice from an independent third party regarding the governance management system and better governance of director compensation".

The accusations Mr Ghosn is under arrest on suspicion of fraud.

Deputy chief prosecutor Shin Kukimoto said the Ghosn case was "one of the most serious types of crime" under Japan's Financial Instruments Act, and that Ghosn could face up to 10 years in jail. But Ghosn's former protege has been the most outspoken in his dismissal of his boss, saying the findings leave no conclusion other than to dismiss the star executive.

Ties and strings are removed to prevent suicide attempts, and former guards and lawyers said Ghosn was nearly certain to be held in a cramped cell on his own.

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