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Ghosn allegedly used Nissan fund in dealing with personal investment

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There is a lot of inuendo and assumptions being made in the article.

This allegation is far more serious than the others he is facing, and it makes it look that others were in collusion with him too.

Give him his day in court!

13 ( +15 / -2 )

Japan must make it right this time. One more flip flop the case will be done.

-8 ( +3 / -11 )

Nissan scrambling to come up with as much dirt as possible to justify keeping Ghosn locked up.

10 ( +12 / -2 )

If Ghosn did what he was accused of, then he is finished. It is more than corruption.

-5 ( +5 / -10 )

Must be pretty flimsy or they would have gone with this first

Nothing proved in court, Ghosn can't defend himself. Until then, pass

16 ( +17 / -1 )

sf2k, I felt the same that this is more serious charge and should be the first reason to make the arrest.

-7 ( +1 / -8 )

I suspect that there might be more charges, it is more complicated than most of us would ever know.

-3 ( +3 / -6 )

 criticism from overseas

Only from France, Brazil and Lebanon,  who have interests in this case.

-10 ( +3 / -13 )

So many questions in this article, none proving but allegedly some wrong doing, "slush fund", whats new in this , most governments and international companies around the world have one, for shady dealings. Dealings with Saudi Arabia, I think most international companies operating in the kingdom have had to pay some kind of illegal kickback to be there, so nothing new there. Japan's banking system, an acquaintance , good to have a friend in the banking system, nod nod, wink wink. "The contract, which racked up losses during the 2008 global financial crisis, was later transferred back to Ghosn's personal asset management firm with his acquaintance backing the transaction," that doesn't look like he is trying to defraud anyone, he is just using the system, like so many others. I like this wording "practically controlled by Ghosn alone," what do they they mean practically, that means not alone. . "The confinement of Ghosn, credited with saving the Japanese automaker when it was teetering on the brink of bankruptcy in the late 1990s," and this trumped up investigation is the Japanese way of saying thank you ??

8 ( +11 / -3 )

The confinement of Ghosn, credited with saving the Japanese automaker when it was teetering on the brink of bankruptcy in the late 1990s, has sparked criticism from overseas over the possibility his detention could be legally prolonged indefinitely, and over the absence of lawyers during interrogations, a norm in Japan.

-

In fact . . . there is hardly a note of concern in No American /European Press - aside from some cursory commentary in a business journal .

Those who have worked with Ghosn know this way of doing business was his M O.

Trouble is , he got caught.

-9 ( +2 / -11 )

 later transferred back to Ghosn's personal asset management firm

when the loss disappeared.

-8 ( +2 / -10 )

... has sparked criticism from overseas... 

But clearly not in Japan. The "us versus the rest of world" tribal dynamic makes this incident all the more interesting.

None of these "sources" have names, and we arent told a single thing about who they are or what is motivating them to disclose their highly biased info.

The one piece of info in the whole story that contradicts the allegations is attributed to a person with a name and professional title. That makes the contradicting info a million times more credible.

9 ( +10 / -1 )

That is a lot of money but I think that Japanese police should have to show that there is no reason why all charges could not also have been brought at the time of his first arrest. Otherwise he should be released to his home under strict bail conditions.

6 ( +8 / -2 )

Yet another 'allegation.' How about some evidence or proof?

12 ( +13 / -1 )

Seem to be changing the accusations daily, but he hasn't be charged? Give it time he will be indicted on non payment of parking tickets!

10 ( +10 / -0 )

Ousted Nissan Motor Co Chairman Carlos Ghosn is suspected of using a Nissan fund to give a reward to an acquaintance who helped him in dealing with a personal investment incurring a huge loss, sources familiar with the matter

Who's the source? Is this part of leak-based media strategy?

7 ( +8 / -1 )

How did this scum get away with it for so long? Clearly there is a network, and all involved should be in prison.

-12 ( +2 / -14 )

Two thousand and eight, he got the company through the crisis, maybe by selling into Arabia, you do remember that American car manufacturers were bailed out as were banks and other financial institutions by billions of dollars, again this man saved the company he loved through brilliance not bail out, he should get Emperor Medal not this rubbish treatment !

7 ( +8 / -1 )

Everyday a sneaky leak, just to titulate. But no charge? They really didn't think this through?

8 ( +10 / -2 )

Well according to another Japanese news source - on this new set of allegations - ALTHOUGH, Ghosn initially denied (**in November) **shifting Nissan funds to cover his personal losses,

however, NOW, after being served the recent arrest warrant (Dec 20) he has admitted that he did in fact transfer the losses to Nissan, but, said, that 'he was unaware this was illegal.'

{ And he was CEO & Chairman of a multicorp???}

Give me a break !!!

After the Saudi Arabian acquaintance assisted in getting Shinsei Bank to take out debt guarantees from a separate bank,

Ghosn had 4 separate transfers from the Nissan subsidiary ( totaling $14.7 million) returned to this acquaintance in ' "thank-you money" from the Nissan subsidiary from June 2009 to March 2012'.

Although ghosn states it was payment for "work" - it is strongly suspected , that no actual 'work' was outsourced to the Saudi Arabian acquaintance.

The investigation will establish if there is in fact evidence of a genuine work contract with SA acquaintance, expenses the SA accrued for the "work" etc etc etc .

Eventually showing this as another fatuous excuse /cover-up.

-5 ( +3 / -8 )

Why is this not in court?

5 ( +6 / -1 )

Every day, more and more misdeeds of Ghosn are uncovered. Where will it end. I Just hope NISSAN can one day recover after this. Unforgivable!

0 ( +5 / -5 )

sources familiar with the matter said Saturday.

Sources?? There are only three possibilities:

-- Nissan;

-- Police; and

-- The prosecutors.

NONE of them should be disclosing ANY information to the press while the matter is under investigation.

BUT, in Japan, they love two things:

-- Coerced / forced confessions where the defendant is PROHIBITED from having their lawyer present; and

-- Trial by media.

I despise Ghosn. He is a scumbag and it has nothing to do with all of this. He may well be guilty.

BUT, this stinks to high heaven:

-- it is a hit job, pure and simple; and

-- the justice system is being used for business and political ends.

I have no love for Ghosn. But I hope Nissan's management, especially Saikawa, and the corrupt Japanese judicial system gets EVERYTHING it deserves for their duplicitous and abhorrent behavior.

10 ( +12 / -2 )

One more flip flop the case will be done.

you mean when the majority of Japanese CEO get caught a bow and apology is enough to get them a suspended sentence, with no jail time served, not even detention! that type of flip flop?

4 ( +6 / -2 )

Why is this not in court?

because Japan, a forced confession is as good as a guilty verdict by a judge or jury. no need to complicate things when the prosecutors can do it far easier themselves, evidence be damned.

4 ( +6 / -2 )

Yet another 'allegation.' How about some evidence or proof?

dont you know its not needed in Japan, throw enough allegations around and the public will believe your guilty no matter what evidence you have to prove your innocent , or lack of it the prosecutors may have to prove your guilt.

5 ( +7 / -2 )

If Ghosn did what he was accused of, then he is finished. exactly and good riddance,

but he isnt guilty until its been proven in a court from of a judge/jury and a guilty verdict read, so why is it they wont let him have his day in court!?

7 ( +8 / -1 )

No that's not the flip flop, flip flop is between judge and prosecutor office.

Prosecutor tries "flips", three now. Judges flops them, either long time in the past or no evidence or both.

A boss of three companies needs plane and places to stay, like a travelling rock star, he travel 100 days a year, a salaryman not understand that " work".

A prosecutor is a salaryman.

1 ( +4 / -3 )

Comedy, Carlos should have been arrested for this charge first? Seems it's a bit more serious than under reporting income? Seems Japan is reaching now, next they're gonna pull a sexual misconduct charge out of the air.

Seriously he should be out on bail now, Prosecutors office will make up something else and when that doesn't fly and the courts refuse further detention, wait for him to mysteriously commit suicide? Japan will kill this man before they let him go! Its their only option to save face now, is a mysterious death, immediate cremation of the body and done.

After that mess is cleaned up the government will deal with NISSAN, and a string of unexplainable deaths will follow.

0 ( +3 / -3 )

Must be pretty flimsy or they would have gone with this first

Police will often detain suspects on the least serious charge available so that the possibility of rearrest exists. This case is no different.

How many times have we read stories on JT where police charge a murder suspect only with abandoning a corpse, or a train groper only with obstruction of business? Very common.

why is it they wont let him have his day in court!?

Seem to be changing the accusations daily, but he hasn't be charged? 

He was formally charge with the first crime (salary disclosure) on December 10th. A trial date is presumably being set down in the next few months. Trials don't start immediately.

-1 ( +2 / -3 )

Carlos should have been arrested for this charge first? Seems it's a bit more serious than under reporting income? Seems Japan is reaching now, next they're gonna pull a sexual misconduct charge out of the air.

Ignoring the specifics of this case, this is standard practice in japan, and indeed many countries. There is nothing suspicious in this action alone.

0 ( +2 / -2 )

Tinawatanabe

Only from France, Brazil and Lebanon,  who have interests in this case.

You are making this assumption based on what exactly?

The entire business world is talking about this case, and it doesn't look very good on Japan.

4 ( +4 / -0 )

MandOfThe Lost: The entire business world is talking about this case, and it doesn't look very good on Japan.

Not in the least.

The whole business world is NOT talking about this case.

Are you kidding !? There are real time issues.

The Business world is more interested in how China's economy impacts them, the US interest rates, the Brexit situation.

This case certainly does not look good for Ghosn.

He has been exposed. Any way he dances he can't make the music last.

-2 ( +2 / -4 )

will goode boss of three companies needs plane and places to stay, like a travelling rock star, he travel 100 days a year, a salaryman not understand that " work".

He was using funds of Nissan to profit himself ( and apparently the executives of another company, as well)..

r.

-1 ( +1 / -2 )

You are making this assumption based on what exactly?

I haven't seen criticism from any other governments. Have you?

-5 ( +0 / -5 )

What is this pathetic reporting?

FALLACY, SCAPEGOATING, DEFAMATION.

That large sum is traceable easily, so it's a load of bs, it's not like a few hundred yen. Many people do business with the Saudis.. Softbank Masayoshi Sons company is heavily funded by them. So IF that were true, where is the transferral receipts or any form of evidence.

Notice the keywords 'suspected' etc millenials or whoever is writing this garbage must of been asked by their boss to keep throwing out garbage content to the layman masses to have ratings. It's all about ratings all this tabloids. Zero truth, zero justice. Should organize a protest soon...

3 ( +5 / -2 )

Tinawatanabe

Tina you said that only these three countries were interested in this case. A government of another country does not need to make a public announcement in order to show interest in a case.

Semperfly

The whole business world is NOT talking about this case.

*Are you kidding !? There are r*eal time issues.

The Business world is more interested in how China's economy impacts them, the US interest rates, the Brexit situation.

I do agree Ghosn's case is not on the top of the news, but this case is being watched carefully because many companies do business with Japan, so yes this is definitely a big story and everyone is interested about it in the business world. If you haven't seen any of the news reports, maybe your reading too much domestic stories.

1 ( +2 / -1 )

I wonder what kind of X-mas meal Ghosn will be eating.

-1 ( +0 / -1 )

Part of Nissan's reserve fund was managed by an overseas subsidiary and practically controlled by Ghosn alone.

The practice was wrong. If you give someone 100% control over fund and then that person will make mistakes by using fund as his own. We are human being, we all make mistakes by chance and opportunity.

0 ( +0 / -0 )

@ LandOfThe Lost:

I am out of Japan.

I read British, French, German , US etc news.

If there is any concern expressed, it is to do with how the Renault -Nissan Alliance will fare.

It's about business - **the moneys invested, the stocks, the jobs at stake - all that**

This is especially the case in France where Macron has a lot invested in this - as do the over 50,000 Renault employees - since Nissan profits have been shouldering Renault for some years now.

The fact is, there seems not a shadow of sympathy for ghosn in this case .

Commentators ( in other countries), are not familiar with the Japanese prosecutorial process, they respect the legal system in Japan as it operates.

1 ( +1 / -0 )

Chop Chop: . If you give someone 100% control over fund and then that person will make mistakes by using fund as his own. hop Chop :

It's not simply 'a mistake' .

It's an absolute abuse of responsibility and power, for one thing.

Criminally it is called "stealing"

1 ( +1 / -0 )

The game is: prosecutors can keep him detained for up to 23 days without indictment after which they can either release him or a judge will decide whether to give him bail or continue to detain him pending trial. A judge had previously decided to grant him bail at the end of the 23 day period, so prosecutors have been re arresting him to reset the clock on his pre indictment detention and start that 23 day period again and again.

Its ridiculous.

The charges are serious from a corporate governance perspective but not from a criminal law one, he should be out on bail by now.

0 ( +1 / -1 )

Agree with you rainyday, a decade old corporate governance issue, where no harm was done, in fact all part of an overall plan that put them as the top producer, its so far out of the league of Mr Plod the Prosecutor its not funny, so does he get released on the first of January 2019

0 ( +0 / -0 )

Statue of limitation for CEO's fraud against his company is 7 years. It is 2018 now. An alleged fraud in 2008 is not usually allowed to be prosecuted. The exception is that the clock does not move while the alleged perpetrator is out of Japanese territory. So, if Ghosn stayed in Japan for more than 7 years in the last 10 years, the allegation is acquitted without going into formal court procedure.

0 ( +0 / -0 )

I mean statute of limitation.

0 ( +0 / -0 )

Statue of limitation for CEO's fraud against his company is 7 years. It is 2018 now. An alleged fraud in 2008 is not usually allowed to be prosecuted. The exception is that the clock does not move while the alleged perpetrator is out of Japanese territory. So, if Ghosn stayed in Japan for more than 7 years in the last 10 years, the allegation is acquitted without going into formal court procedure.

The losses were incurred in 2008, but the transfer to Nissan’s books occurred “later” according to the article, which might explain that.

-1 ( +0 / -1 )

Carlos definitely is not alone.In the news there is C.E.O fund.This C.E.O fund is now used by the new C.E.O.

How does Nissan, who is going bankrupt at that time have so much stash away funds that are not tax reported ???.Why are the prosecutors or judges not asking the roots of the real problem. saikawa, in his long time jealousy & had been planning this bad actions. It is time some good judge & prosecutors put him in jail

and saikawa stay in jail until , all go to court. That's call fair actions.

0 ( +0 / -0 )

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