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You can find the current article at its original source at https://www.theguardian.com/business/live/2018/nov/22/carlos-ghosn-nissan-board-meeting-misconduct-business-live
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| Nissan board meets to sack Carlos Ghosn over 'serious misconduct' - business live | Nissan board meets to sack Carlos Ghosn over 'serious misconduct' - business live |
| (35 minutes later) | |
| Japanese broadcaster NHK are reporting that Ghosn is accused of instructing an aide to make a $1.5m payment for his home in Lebanon to be refurbished: | |
| Informed sources say Ghosn allegedly sent an email telling an executive, who is a close aide, to arrange a payment for the Lebanon house. | |
| Sources say about $9m was spent to purchase it and about $6m went for renovations. | |
| That house is one of the four which Nissan allegedly funded, at a cost of $17.8m. | |
| Carlos Ghosn has reportedly hired a former Tokyo prosecutor to defend him. | |
| Bloomberg has more details: | |
| Motonari Otsuru oversaw high-profile probes against Livedoor founder Takafumi Horie and Kanebo during his tenure as a prosecutor. | |
| Ghosn will need a hot-shot lawyer; Tokyo prosecutors are now saying that his alleged actions would constitute a “heavy crime,’’ more serious than insider trading. | |
| JUST IN: Tokyo prosecutors say Nissan chief Carlos Ghosn's actions would constitute heavy crime https://t.co/G3gEY6kZQI pic.twitter.com/tTMD7FoD8Y | |
| Shin Kukimoto, deputy public prosecutor at the Tokyo District Public Prosecutors Office, is discussing Carlos Ghosn’s arrest right now. | Shin Kukimoto, deputy public prosecutor at the Tokyo District Public Prosecutors Office, is discussing Carlos Ghosn’s arrest right now. |
| Kukimoto told reporters that Ghosn is being held at the Tokyo Detention Centre and that the Tokyo District Court on Wednesday. | Kukimoto told reporters that Ghosn is being held at the Tokyo Detention Centre and that the Tokyo District Court on Wednesday. |
| Kukimoto also confirmed that the Tokyo District Court decided yesterday to extend Ghohn’s detention for another 10 days. | Kukimoto also confirmed that the Tokyo District Court decided yesterday to extend Ghohn’s detention for another 10 days. |
| But, prosecutors won’t say whether Ghosn has admitted any of the charges | But, prosecutors won’t say whether Ghosn has admitted any of the charges |
| Why isn’t #CarlosGhosn talking?- Tokyo court approved detention of Ghosn for 10 days - Tokyo prosecutor cannot comment on whether Ghosn has admitted to allegations Watch our continued coverage on #SquawkBoxEurope on @CNBCi now. @cherykang remains on the ground in Japan! | Why isn’t #CarlosGhosn talking?- Tokyo court approved detention of Ghosn for 10 days - Tokyo prosecutor cannot comment on whether Ghosn has admitted to allegations Watch our continued coverage on #SquawkBoxEurope on @CNBCi now. @cherykang remains on the ground in Japan! |
| Japan is gripped by the fall from grace of one of their most successful and popular (until this week anyway) bosses. | Japan is gripped by the fall from grace of one of their most successful and popular (until this week anyway) bosses. |
| The Japan Times noted that Nissan’s Hiroto Saikawa had blamed Ghosn’s alleged wrongdoing on a regime “in which all power at Nissan was concentrated in the hands of Ghosn for an extended period.” | The Japan Times noted that Nissan’s Hiroto Saikawa had blamed Ghosn’s alleged wrongdoing on a regime “in which all power at Nissan was concentrated in the hands of Ghosn for an extended period.” |
| The newspaper added: | The newspaper added: |
| “If that is the case, it is Nissan itself that allowed such opaque ways of management at the company for nearly 20 years, and the automaker will not escape blame for its poor governance, which could result in damaging the interests of its stakeholders.” | “If that is the case, it is Nissan itself that allowed such opaque ways of management at the company for nearly 20 years, and the automaker will not escape blame for its poor governance, which could result in damaging the interests of its stakeholders.” |
| The Yomiuri Shimbun said Nissan’s prospects “have become ever more unclear” as a result of Ghosn arrest. “Nissan must strive to improve its organisation through such means as repairing its corporate governance, so it can hasten to restore trust,” it said. | The Yomiuri Shimbun said Nissan’s prospects “have become ever more unclear” as a result of Ghosn arrest. “Nissan must strive to improve its organisation through such means as repairing its corporate governance, so it can hasten to restore trust,” it said. |
| The Asahi Shimbun described this week’s events as “stunning” and urged Nissan to fully disclose the results of its internal investigation into Ghosn and Greg Kelly. | The Asahi Shimbun described this week’s events as “stunning” and urged Nissan to fully disclose the results of its internal investigation into Ghosn and Greg Kelly. |
| “The company is in danger of falling into dysfunction unless it does its best to disclose whatever it can to its shareholders and comes up with measures to deal with the current crisis.” | “The company is in danger of falling into dysfunction unless it does its best to disclose whatever it can to its shareholders and comes up with measures to deal with the current crisis.” |
| The Mainichi Shimbun said the allegations against Ghosn, if proved true, amounted to “a serious act of betrayal” and “the distorted product of a long-term dictatorship”. It added: | The Mainichi Shimbun said the allegations against Ghosn, if proved true, amounted to “a serious act of betrayal” and “the distorted product of a long-term dictatorship”. It added: |
| “The carmaker must undergo a fundamental review of its management in a bid to win back the trust of shareholders and the market.” | “The carmaker must undergo a fundamental review of its management in a bid to win back the trust of shareholders and the market.” |
| Carlos Ghosn’s fate will be decided by seven Nissan board members, on a simple majority vote. | Carlos Ghosn’s fate will be decided by seven Nissan board members, on a simple majority vote. |
| And following CEO Hiroto Saikawa’s savage denunciation on Monday, it would be a major shock if the board didn’t dismiss their chairman today. | And following CEO Hiroto Saikawa’s savage denunciation on Monday, it would be a major shock if the board didn’t dismiss their chairman today. |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| The eyes of the auto industry are focused on Japan today, as the board of Nissan meets to decide whether to dismiss chairman and CEO Carlos Ghosn. | The eyes of the auto industry are focused on Japan today, as the board of Nissan meets to decide whether to dismiss chairman and CEO Carlos Ghosn. |
| The Japanese carmaker was plunged into crisis this week when Ghosn was arrested, follow an internal inquiry into alleged “serious misconduct” by the man who had led the company for almost 20 years. | The Japanese carmaker was plunged into crisis this week when Ghosn was arrested, follow an internal inquiry into alleged “serious misconduct” by the man who had led the company for almost 20 years. |
| Ghosn is accused of misreporting his salary and misusing company assets -- including using huge luxury homes in Rio de Janeiro, Paris, Amsterdam and Beirut bought using company funds. | Ghosn is accused of misreporting his salary and misusing company assets -- including using huge luxury homes in Rio de Janeiro, Paris, Amsterdam and Beirut bought using company funds. |
| Senior executive Greg Kelly, who was also arrested this week, could be fired today too; Nissan claim he was one of the ‘masterminds’ behind Ghosn’s alleged misdeeds. | Senior executive Greg Kelly, who was also arrested this week, could be fired today too; Nissan claim he was one of the ‘masterminds’ behind Ghosn’s alleged misdeeds. |
| The meeting was due to start a few minutes ago, so we should have a result soon. | The meeting was due to start a few minutes ago, so we should have a result soon. |
| Nissan’s CEO, Hiroto Saikawa, has already savaged Ghosn’s legacy. On Monday he told reporters he felt “indignation and resentment” over his mentor’s conduct. | Nissan’s CEO, Hiroto Saikawa, has already savaged Ghosn’s legacy. On Monday he told reporters he felt “indignation and resentment” over his mentor’s conduct. |
| And rather than hail Ghosn’s achievements, Saikawa argued that his long tenure appeared to have had a “negative impact” on day-to-day operations. | And rather than hail Ghosn’s achievements, Saikawa argued that his long tenure appeared to have had a “negative impact” on day-to-day operations. |
| As AFP put it: | As AFP put it: |
| Ghosn’s fate appears all but sealed after his hand-picked replacement as CEO, Hiroto Saikawa, launched an astonishing broadside at his mentor following his arrest Monday at a Tokyo airport as he landed in his private jet. | Ghosn’s fate appears all but sealed after his hand-picked replacement as CEO, Hiroto Saikawa, launched an astonishing broadside at his mentor following his arrest Monday at a Tokyo airport as he landed in his private jet. |
| Saikawa said “too much authority” had been placed in the chairman’s hands and lamented the “dark side of the Ghosn era”, as he called the board meeting to fire him. | Saikawa said “too much authority” had been placed in the chairman’s hands and lamented the “dark side of the Ghosn era”, as he called the board meeting to fire him. |
| Executives at Renault (which Ghosn also chairs) will be dialling into the Nissan board meeting. Ghosn’s fate could affect thousands of workers at the Renault-Nissan-Mitsubishi alliance which he created. | Executives at Renault (which Ghosn also chairs) will be dialling into the Nissan board meeting. Ghosn’s fate could affect thousands of workers at the Renault-Nissan-Mitsubishi alliance which he created. |
| Otherwise, it’s a quiet day in the markets, with America closed for Thanksgiving. Italy’s budget row, and the Brexit talks, will also feed into the chatter on the trading floors. | Otherwise, it’s a quiet day in the markets, with America closed for Thanksgiving. Italy’s budget row, and the Brexit talks, will also feed into the chatter on the trading floors. |
| The agenda | The agenda |
| 7am GMT: Nissan extraordinary board meeting | 7am GMT: Nissan extraordinary board meeting |
| 12.30pm GMT: European Central Bank releases minutes of its October meeting | 12.30pm GMT: European Central Bank releases minutes of its October meeting |