Ghosn's financial affair: Renault gets a temporary new management

Boulogne-Billancourt (APA / AP) – Following the arrest of Renault's Nissan chief Carlos Ghosn in Japan, French car manufacturer Renault will be given a new lead. Secretary General Thierry Bollore – as long as Ghosn was the number two in the group – had temporarily the same powers as Ghosn, as announced by Renault on Tuesday night. Ghosn – temporarily prevented – remains Chairman and Chief Executive Officer.

Bollore was temporarily appointed as his deputy. The course was established at the board meeting. "Mr Ghosn is now unable to manage the company," Finance and Finance Minister Bruno Le Maire told Frenchinfo's French news agency. The French state owns 15 percent of Renault's shares.

Ghosn was arrested on Monday for suspicion of a violation of the Exchange's rules. According to internal investigations, he said that he and another manager reported in the official reports on the Japanese stock exchange that they were wrong to refer to their cash withdrawals and, in Ghosnov's case, they made it too weak. The media reported that Ghosn had spent 5 billion yen (about 40 million euros) on revenue in five years since 2011.

The company did not charge fees on Tuesday night. Present measures should protect the interests of the group and ensure continuity. On the stock market in Japan, Nissan and Mitsubishi Motors were under pressure during the affair. Ghosn is allegedly unable to stay at the helm of society if the allegations against him prove to be correct.

Le Maire called for a swift action, as the current situation weakens the global automobile alliance and Renault. Paris has not made a formal substitute for the top manager: "We have no evidence, we are in a constitutional state." As regards the tax situation of Ghosna in France, the minister said that no particularities were found.

In a joint statement with the Japanese Minister of Economy, Trade and Industry, Hiroshige Seko, Le Maire strongly supported the French-Japanese Car Alliance, which was to be maintained. Renault wants to strengthen Auto Alliance, according to the statement.

Ghosn, who also has Lebanese and French citizenship, is currently CEO of Nissan and Renault's CEO in France. He also leads a common far-reaching alliance between two car manufacturers involved in the cross-over road. According to Nissan, Ghosn says he used another private business. Too much concentration of power has contributed to misconduct, said CEO Hiroto Saikawa on Monday in Tokyo.

Lebanese Foreign Minister Gebran Bassil ordered his country's ambassadors in Tokyo, Nidal Yahya, to deal with the Ghosn case. The Renault-Nissan Chief should have the opportunity to present his opinion and defend himself. "Ghosn is a Lebanese citizen and one of the Lebanese successes abroad, and the Lebanese Foreign Ministry will help him in this hard test and ensure he is fair," said a statement issued by the NNA Statement.

Japanese government spokesman Yoshihide Suga called the arrest of President Nissan "very unfortunate." "We will watch closely how it affects the economy," Suga said.

Nissan shares lost 5.45 percent on Tuesday on the Japanese stock exchange and closed 950.7 yen in Tokyo (7.39 euros). Mitsubishi Motors, whose president is Ghosn, lost 6.85 percent and dropped to 680 yen. Renault's share was due to a time difference on Monday after Ghosnov's arrest on the Paris Stock Exchange temporarily dropped by 15 percent and thus at the lowest level in more than four years. On Tuesday it fell by 3.1 percent until late afternoon.

~ ISIN FR0000131906 WEB ~ APA608 2018-11-20 / 23: 59

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