Ghosn used company money for private events: Nissan report

Donations of around 2.37 million euros to 10 institutions, mostly in Lebanon made by the Dutch company RNBV in the name of Ghosn between 2009 and 2018 are "highly likely" to be "unrelated to RNBV's business," the report said.

Nissan and/or Renault's audits should have identified these transactions back in 2009.

The focus shouldn't be on Ghosn, It should be on ALL of Nissans financials.

Probably took this long for Nissan to "create" the paperwork, otherwise why wasnt this report long ago?

This never ends! Nissan wasn't a company, it was a school and the teachers never got along with each other so they decided to tattle on each other. So pathetic.

So, from all the other Nissan executives who have abused their privileges, it is only Ghosn who was arrested? All the others have been dealt with internally by Nissan, just as Ghosn should have been from the outset of this fiasco. However, Ghosn is gone and will not be coming back. The Japanese prosecutors are scraping every bit of jam out of the jar, but they don't have any toast to put it on. Bwahahahaha!

Too late Nissan, your own systems were either faulty or ignored, by many senior staff. Could it be there actually were no rule regarding this type of thing before now? Wouldn't Suprise me at all. Anyway the focus is more on the justice system now. Or lack there of, collusion between a company and the MOJ is more Alarming then a few million shuffled around between a multi billion dollar company and its billionaire saviour.

In all of the accusations being flung at Ghosn by Nissan, did all of you catch this little piece of information??

Nissan said it has decided that its representative executive officers cannot serve concurrently as executives or employees of Renault, partner Mitsubishi Motors Corp., their subsidiaries or affiliates.

You do realize what this means, right??

And THIS was what THIS WHOLE FIASCO has been about.

Nissan is stipulating that a Renault executive will NEVER AGAIN be allowed to head Nissan and remain an executive of Renault.

Translation: We, Nissan, will never again be allowed to be run by someone from Renault. Because we are a proud, independent Japanese company who must NEVER be allowed to be controlled by an evil foreign company!!

THAT is what this has all been about!!

It just makes Nissan look even more petty releasing this information now! Why wasn't this presented right at the beginning when Ghosn was lured back to Japan? And I agree with other posters who stated, was it only Ghosn who did these things? Of course not! Every corporate executive does the same, but they only want to paint Ghosn as the bad guy!

Ha. My wife works as a comptroller for an American subsidiary of a mid-sized Japanese company here in the US. The amakudari good ol boys from Japan have a hell of a time with her, 'cause they always try to pull crap like this.

Ghosn used company money for private events:

You mean the company he singlehandly saved from bankruptcy and turned into a major success story? That company? Nissan probably wouldn't be in existence today if not for Carlos. smeh..

Probably took this long for Nissan to "create" the paperwork, otherwise why wasnt this report long ago?

Exactly.

And can Nissan release the misappropriations by Saikawa as well so we can compare and contrast?

One wonders what the public perception of Ghosn would be if he had an entire news agency to print his evidence of innocence every day.

What!? So you mean a big company Nissan doesn't have a proper accounting department team who analyze the justification of the cost first before approving the release of these funds? I think this is more of like a Nissan company structure's fault.

The joint venture in the Netherlands, Renault-Nissan B.V., also paid for Ghosn's dinners at the Marmottan Museum in Paris, gifts purchased at luxury jewelry store Cartier and attorney fees for a law firm in Lebanon, a country where Nissan conducted little business, Nissan said.

In a previous picture post on JT,the inside of Ghosn’s garage could be seen and inside one of the vehicles was a Nissan.

And in one particular large dealer in Lebanon, Nissan car sales saw a 17% increase!

Obviously, Nissan PR staff cannot recognise success....

If an employee (even the CEO) were to spend company money for truly personal expenses, the controllers department will flag this quickly because those purchases could not be expensed. Executives at Ghosn’s level, however, typically mix critical business networking with “personal” events. Whether Ghosn’s expenses were truly personal is a judgement call by the Board, accounting department and Ghosn.

Did he think he was a politician?

Nissan should end these battles and focus on working harder to enhance its image. The more these battles take time, the more Nissan's sales keep dropping.

nakanoguy

why can't some people admit that ghosn isn't exactly totally innocent here? he did do some shady things. did it rise to the level of imprisonment? no, but that doesn't mean he should rise to the level of martyr, either.

Because it is not for you and me to decide wether he is innocent or not, I can't speak in his behalf but one thing that I agree with him, despite of the accusations he deserves a fair trial. And everyone in Japan wether foreigners or Japanese deserve a fair trial.

why can't some people admit that ghosn isn't exactly totally innocent here?

No, many people do realize that Ghosn is not totally in the right

The report found Saikawa received an excess of around 96.50 million yen ($877,000) before tax via stock appreciation rights, and six other executives were overpaid under the scheme by a total of 57.72 million yen.

And we'll keep banging on for the hypocrisy on Saikawa & other execs possible wrongdoings too. Will the japanese prosecutor take action?

You should know by now, the bigger spotlight is on the japan justice system. Change or ready for criticism.

Because Ghosn has been attacking Japan and Nissan thru the press, Japan and Nissan are simply punching back. That's why.

what do you think they've been doing to Ghosn for the last year, hold on to your hat Ghosn has book and movie deal coming soon, then Japan can scream injustice all they like, karma is a biatch

Internal corporate governance matter, not a crime, as long as the expenditure was reported as entertainment, though these usually manifest themselves under marketing, PR or consulting costs to be taxed at a lower rate.

If I were a Nissan shareholder I would be scared if this is what Nissan is wasting their money on. Why are they so concerned with crushing one person, they need to focus on improving their sales!

Grasping for straws

Huh? Why are they leaking this news now? Let me guess, they needed time to produce this? Pathetic

And is this the best picture they could've used? They're making it seem like he's thumbing his nose at Japan when he clearly implied numerous times he doesn't want to speak ill of Japan.

It just keeps coming..... do you also get the feeling that Nissan is run by a bunch of 5 year olds?

marcelito

The report found Saikawa received an excess of around 96.50 million yen ($877,000) before tax via stock appreciation rights, and six other executives were overpaid under the scheme by a total of 57.72 million yen. Nissan expects the amount to be repaid by March.

So Saikawa and everyone else can just repay the money and all is good.....Why didnt they get treated the same as Carlos?

excellent point brother! Let me add one more:

very interesting interview with Jeffrey Sonnenfeld, a Lester Crown Professor in the Practice of Management at Yale School of Management, and Senior Associate Dean for Leadership Studies. its only around 8 minutes but its a very interesting watch and Jeffrey makes some excellent points.

He says that neither executives from TEPCO nor Takata which manufactured faulty air bags which resulted in DEATHS and INJURIES were EVER arrested. And as you mentioned, neither was Saikawa. So what exactly did Carlos do that was WORSE than Saikawa, the TAKATA or the TEPCO executives, that would cause HIM to be arrested and not them??

https://www.youtube.com/watch?v=VSdH1xyVM3Y

Ghosn used company money for private events: Nissan report

Earth-shaking news. Japanese businessmen NEVER do that, right? And the company was totally ignorant of this before for the coup, right? Jee...

the world is laughing at Nissan.

Ghosn used company money for private events: Nissan report

Let's hear Ghosn side of story. If Ghosn still waiting for trial he wasn't free to said things while Nissan and prosecutors can make leak and statements whatever they choose.

"personal expenses of Mr Ghosn and unrelated to the (venture's) corporate purposes."

While in Japanese companies this thing is not new, they have expenses to make partners or clients happy like dinner and drinking, golf clubs and many others. Also expense for amakudari that just add to business cost.

Ghosn used company money for private events

Riiiiiiiiiiiiiiiiiiiiiiight.

Nissan executives are pathetic. I feel sorry for the average worker.

It’s all so arbitrary. It seems the prosecutors are into pointing away from their own failures and weaknesses. Companies are responsible to keep paperwork for 7 years. We’re talking 11 years ago. Where are the government auditors? If I remember right the US government permanently shut down a US auditing firm for failing miserably in its main responsibility. Ghosn a scapegoat again?

sir_bentley28, try watching the afternoon wide shows. The unflattering pictures they use of Ghosn, and the jokes they make at his expense are so juvenile! But they must take their orders from the corporate overlords who want to crush any sympathy for Ghosn.

I wonder if there will be a surge in patriotic buying of Nissan cars, to show solidarity with the company and that it won't be brought down by a dirty rotten foreigner.

Yeah, when was the wedding? And why now?

Is it because it was all (Japanese) business as usual, and everybody puts their hand in the cookie jar?

Rowan Atkinson . . . definitely should play this guy in any movies about Ghosn.

Whoever oyaji is pulling the strings now for Nissan should just stop.

you lost already. get over it before it backfires on you Nissan

Whatever Ghosn did or did not do, I am sure he would have treated differently if he were a Japanese executive. What he received was prolonged mental torture and that is enough quash or ignore the charges against him.

Ghosn's guilt and prosecution wouldn't be so bad if they have a real justification for arresting Kelly and letting all the other Nissan executives off.

Kelly was arrested and is being tried for possibly possessing knowledge of what Ghosn did. But the Nissan exec's had knowledge and stole from the company yet are completely cleared of any wrong doing. But Kelly, who hasn't stolen anything, is still being tried for possibly having knowledge.

why Jmedia only publish one side of the story? everything about what "Nissan said"

what about what Ghosn said at the press conference to the Japanese Media reporters? why no mention to that news?

when he had no right to defend himself and speak to foreign reporters Jmedia made him look like the devil, washed the brains of millions, also, the arrest warrant was not about "money for private events"

regardless he is guilty or innocent of the accusations, the treatment he is getting is harsh that most criminals in Japan dont receive, especially in publishing their pictures and linking it to aggressive titles. and in sharing private life events almost everyday at the media.

to Nissan, remember when he saved you. hope the media share about his work that came in advantage of Nissan

I’m guessing that pose was for the papers here? Hi-Cheezu Ghosn San.

I wonder how much longer till Nissan begins to make Japan look bad.

When and if that happens axes will fall, and “appropriate action” will be taken for “regrettable circumstances”

Whatever...pass the sushi please

They haven't given us any new information. Yes. Ghosn misappropriated corporate funds. Possibly embezzlement. But what they haven't confessed is why this was allowed by the company and prosecutors while Ghosn and Kelly were arrested.

The report found Saikawa received an excess of around 96.50 million yen ($877,000) before tax via stock appreciation rights, and six other executives were overpaid under the scheme by a total of 57.72 million yen.

Nissan said in a corporate governance report submitted to the Tokyo Stock Exchange 

And we are supposed to believe this? Japan will do or say whatever they can to try to fix their bruised ego that a "gaikokujin" so wonderfully brought under the speculation of the world! Go look at the other corruption cases currently going on here! After all...."Ghosn is gone and will not be coming back!"

I can imagine the prosecutors sitting at the window looking out waiting for Ghosn to come back.

I think Nissan should think about changing it's lawyers as this will make them look more bad than Ghosn for this move. It's like shooting their own foot as this is obviously a poor accounting management of their company. The fault is at that person who released the funds without checking if they will be used for business purpose or personal. Now try to explain your shareholders why a big company like yours don't have this basic pre-approval process for spending.

What Sore losers! Not talking about Ghosn LOL

why can't some people admit that ghosn isn't exactly totally innocent here? he did do some shady things. did it rise to the level of imprisonment? no, but that doesn't mean he should rise to the level of martyr, either.

You don't get it do you, the public prosecutors have made him a martyr.. and ghosn is going to milk every bit of it...

Sounds like witch-hunt to me. It has from the beginning.

Ghosn used company money for private events: Nissan report

You mean kind of like how salarymen and shacho's spend company money on hostesses at the bars five nights a week?

What a hypocritical joke of an accusation, as others here have pointed out.

Nissan and the Japanese authorities have been exposed and embarrassed. Now they're just trying to save face.

He is Ghosn with the Wind. Just deal with it, Nissan execs.

Well....I must say I don't really know how businesses operate at Gohsn's level.

It's just hard to beleive all that money was taken by Gohsn...I mean he had to sign for it right?

There would be paperwork that had to be countersigned, right?

Or does Nissan just have a big vault of cash that he raided??...but on the other Saikawa and others were skimming money from Nissan....so...the whole management structure is corrupt??

Right now on a Friday night there are probably 50,000 Japanese Corporate employees using company money out eating and drinking..... and that is probably a conservative number. You know.... the guys that always want a receipt even though they're not entertaining a customer.

Every press release from Nissan here on is only helping to strengthen Ghosn's stand further on this case. Questions are already being asked for different treatment to Saikawa(ex Nissan boss) and Ghosn for the similar alleged misconduct. The 99.4% accuracy of the judicial system is being seriously challenged with this high profile case. I already foresee Nissan business being bought over by some other auto giant in coming years after this fiasco.Time to get back to real business for Nissan to prevent further embarrassment in global media via this huge damage control exercise.

What a shocking news...

nope.

It seems that nissan is like a poor minded low level comapany the japanese in nissan do not know creative.

everyday, there is something abt Carlos. abt this issue , pls watch Carlos explianation on television. Pls do not waste time and share-holders and public money. It is more expensive the comodit, call time. This is definately house-wife oyaji types at stupid time wasting with nothing to do for oyajis, therefore, have to find some reapeated gossips.i have a better suggestion, pls give yrselves up and stay in the detantion centre ready for yr part in the nissan case.

Nissan has spent more on trying to find something, anything on him, then they allege he might have took in the future? Not a holder of a Batchelor in Buisness, nor an expert in Public relations the intricacies of either still baffle me, as to why a company would spend more than, was in the future might have going to have to pay. And involve an inquisition legal process is as a uneducated person quite baffling. Even more baffling is why thr MOJ got involed.

That increase was in 2018 when Nissan car sales were falling in Japan...

Stocks are different from using company money for PERSONAL use. Tax laws.

Usually you get praised when you try to fit into Japanese culture.

Huh? Why are they leaking this news now?

Because Ghosn has been attacking Japan and Nissan thru the press, Japan and Nissan are simply punching back.

That's why.

Saikawa is still on the board of Nissan and Hari Nada is still on the payroll. Is this some kind of witness protection program?

said Thursday that former Chairman Carlos Ghosn used company funds for private events...

So what? Standard corporate procedure throughout Japan... Even the PM (allegedly) uses public funds for private purposes... which is worse?

why can't some people admit that ghosn isn't exactly totally innocent here? he did do some shady things. did it rise to the level of imprisonment? no, but that doesn't mean he should rise to the level of martyr, either.

Nissan said the unnamed three had held department head or higher posts and are currently in positions that have a strong influence on the governance of the company.

Once again, arrest and make an example of the foreigner, but keep the Japanese names and faces private! Double standard, much?

time to wake up kurkcu san

Saikawa is still on the board of Nissan and Hari Nada is still on the payroll. Is this some kind of witness protection program?

Whistleblower protection program. Nevertheless, they are leaving the company.

The data is not updated as long as the board has not officially voted in the persons replacing them. Ghosn too was still listed on the board for months after arrest, and I remember that when he got first bail he tried going to Nissan's board meeting, but prosecutors told him not to...

If he was Japanese, this would not have been an issue. And we all know the Japanese legal system says Guilty until proven innocent and time is already spent in jail.

Name me one Western, developed country that has similar pre-trial detention (extended up to weeks, can be without defense lawyer & very little family contact) method as Japan? Name me just one.

Even "some" developing/developed countries in Asia are far better than Japan in this.

How come you demand one from.... WESTERN, and from what you DEFINE as DEVELOPED countries in terms of JUSTICE and of HUMAN RIGHTS SIR?. Are you one of those who believe WESTERN and DEVELOPED (as you defined) procedure is some kind of MUST SIR?!, where your police shot down the suspects on the streets without any sort of due process, meaning, any sort of legal process?! Look at what is happening in France, US, Hong Kong, whatsoever!!

Just change the name to NISSA and start an all hybrid car company that competes with Tesla.

yes they have most 1st world democratic nations respect basic human rights and the presumption of innocence until irrefutable proof is shown to have that person proven guilty in a court of law, unfortunately some countries prefer hostage justice to force confessions from people either rightly or wrongl

Do you know how many official charges exist in this complicated multi-nationally involved cases? and how many other minor charges exist? Does a justice system in a country have to charge all at one time only when every possible charges are ready to be presented? We are talking about criminal offense here that does include RAPE, MURDER, all those inhumane acts of inhumane humane beings here!

Due to the vagueness of the law the prosecution can go on and on about just about anything. This is a translation of the law for the more serious charges that Ghosn is facing.

(Crime of an Aggravated Breach of Trust by a Director, etc.)

Article 960 (1) When any one of the following persons, for the purpose of promoting such person's own interest or the interest of a third party or inflicting damage on a Stock Company, commits an act in breach of such person's duties and causes financial damages to such Stock Company, such person shall be punished by imprisonment with work for not more than ten years or a fine of not more than ten million yen, or both:

(i) an incorporator;

(ii) a Director at Incorporation or Company Auditor at Incorporation;

(iii) a director, accounting advisor, company auditor or executive officer;

(iv) a person to perform duties on behalf of a director, company auditor or executive officer who has been appointed based on a provisional disposition order under the provisions of Article 56 of the Civil Provisional Remedies Act;

(v) a person who is temporarily to perform the duties of a director, accounting advisor, company auditor, Representative Director, committee member, executive officer or representative executive officer appointed pursuant to the provisions of Article 346 (2), Article 351 (2) or Article 401 (3) (including the cases where it is applied mutatis mutandis pursuant to Article 403 (3) and Article 420 (3));

(vi) a manager;

(vii) an employee to whom the authority of a certain kind of matter or a specific matter concerning business has been delegated; or

(viii) an inspector.

There are so many brainwashers who simply believe Ghosn's comments.

so many brainwashed into believing all the leaked information in the J media, the question isn't whether Ghost is guilty or not the question is how the J prosecutors go about obtaining the information, if they've got all this so called irrefutable proof that their evidence is bullet proof then why the need to constantly detain Ghosn why the need to push back the trial date another year! They should be able to get a guilty verdict easily with all this so called evidence, but now theyve got nothing. Hold onto that butthurt, the Ghosn movie and book deal will be coming soon for all the world to see. lol

If he was Japanese, this would not have been an issue. And we all know the Japanese legal system says Guilty until proven innocent and time is already spent in jail.

even the justice minister said, that Ghosn should come back to Japan and prove his innocence, she retracted that remark later, the prosecutors legal mindset is clear, your guilty until you show us proof your innocent something you'd expect from a communist or dictatorship country.

eg Mr X we believe you murdered this lady as we found your fingerprints in her apartment.

Mr X of course she was my mistress,

Show us proof you didn't murder her

I cant , the day she was murdered i was home alone i have no alibi.

Ok then your guilty then you can go to jail, we dont need to prove your murdered her as this is Japan

The moral values must have changed a lot in today's world. I am astonished to read that most of the commentators are siding with a shrewd crook and putting the blame on either Nissan or Japanese judicial system. What a world?

Either you didn't read & understand the whole story, or you are just as brainwashed as some of the "sheep".

Name me one Western, developed country that has similar pre-trial detention (extended up to weeks, can be without defense lawyer & very little family contact) method as Japan? Name me just one.

Even "some" developing/developed countries in Asia are far better than Japan in this.

The moral values must have changed a lot in today's world.

yes they have most 1st world democratic nations respect basic human rights and the presumption of innocence until irrefutable proof is shown to have that person proven guilty in a court of law, unfortunately some countries prefer hostage justice to force confessions from people either rightly or wrongly

why wasnt this report long ago?

It was. Mazars (auditing firm asked by French government to do it) gave their reports last April and last May. Ghosn said his "explanations" should have been included.

 Companies are responsible to keep paperwork for 7 years. 

10 years for some. Forever for others.

Nissan and/or Renault's audits should have identified these transactions back in 2009.

They did question some... but the CEO 'explained' the grey zones as being strategic secret expenses and signed waivers. The auditors were probably not as involved as those of Enron, but they are not without reproach. The board members idem. (guess who 'received'...)

Why didnt they get treated the same as Carlos?

He was their boss.

Caught with the hands in the cookie jar...!  TSE noticed, told Tokyo Prosecutors and now Nissan finding ways to close the lid tight. Oops!

Of course Ghosn has some guilt.... heck, I think he's an egotistical overlord but Nissan set him up. They knew that at some point they'd need to get rid of him so they developed a "poison pill". When push came to shove they activated the main ingredient. Nissan gaslighted Ghosn over the last few years in order to get the goods on him. You know Japanese companies.... everyone sucks up to the boss like he's a king or dictator.... they eventually turn into one.

One day this will boomerang. I don’t look forward to it. It won’t be pretty. Don’t play the game if you don’t know how to receive the punches.

used company funds for private events abroad, including a party held at the Palace of Versailles and paying for guests to attend the Carnival in Rio de Janeiro.

If I did this with my company I would be in jail too. In fact this same type of thing happened to Dennis Kozlowski who was CEO of Tyco International in the USA

There are so many brainwahers who simply believe Ghosn's comments.

Greedy Ghosn (et al.) feeding at the overflowing corporate trough isn't news, nor is it a crime until one of them squeals and politicians deem it opportune to sic the police on them (which is rare and always a political maneuver).

The moral values must have changed a lot in today's world. I am astonished to read that most of the commentators are siding with a shrewd crook and putting the blame on either Nissan or Japanese judicial system. What a world?

Why didnt they get treated the same as Carlos?

Ghosn was a dictator with too much power.  Nobody could say no to him.

"However, Ghosn is gone and will not be coming back. "

and he won't be missed.

Greed is good. That’s what Ghosn thinks.

GUILTY AS CHARGED ? REALITY IS ALWAYS MORE !

°

This shows Ghosn was working for lebanon, but didn't dare to use Renault money directly. Nissan was useful because from France, Japan is a little spot a little too far away.

He is suspected to have use a twin to hide some of his moves, and to have ask Hezbollah (terrorism milice) for help when he was found to be guilty of fraud.

Japan should look into case around Nissan or eating venues were there was suicide, or weird accidents. In general, there is a pattern of weird behaviors to covert the milice intervention. This milice tend to corrupt judge and police to help their case. In general, drugged hypnosis is used to insure a certain outcome without the victim knowing he was tempered with. Ghosn shouldn't have been let out of jail with so much free pass.

I worry about the police harassing mister Ghosn to help him have a passeport back too.

This is too clean.

°

MMF