Nissan to propose removal of chairman Carlos Ghosn over 'financial misconduct'

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Renault shares PLUNGE as chief Carlos Ghosn 'faces arrest in Japan'

The French government said on Tuesday it had found no evidence that auto boss Carlos Ghosn, who heads the Renault-Nissan-Mitsubishi alliance, had cheated on his taxes in France.

"They include years of misreported earnings and misuse of company funds and assets".

Among the best paid executives in both Japan and France for several years, Ghosn's compensation has regularly drawn criticism. "We celebrate today the start of a new chapter of our company's life", Ghosn said in 2010.

Nissan Motor Co Ltd said it planned to oust Chairman Carlos Ghosn after alleging he had used company money for personal use and committed other serious acts of misconduct.

Ghosn has also been a nemesis for French unions and left-wing politicians, who saw him as a symbol of globalized, US -driven capitalism and its excesses - and notably its executive pay packages. "I want to minimize the bewilderment and the impact on the operation and our business partners".

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Prosecutors did not give specifics of the allegations, and Nissan CEO Hiroto Saikawa declined to give details on the expected charges at his impassioned late-night press conference in Yokohama, outside of Tokyo, citing the ongoing criminal investigation.

The Brazilian-born Ghosn also serves as the chairman of Mitsubishi Motors; chairman and CEO of Renault; and chairman and CEO of the Alliance, a carmaking unit consisting of Nissan, Renault, and Mitsubishi.

She said she sees further consolidation in an industry that faces unprecedented research costs for autonomous and electric vehicles, while at the same time continuing to develop cars and trucks powered by internal combustion engines. He said as recently as last month that he planned to stay on until 2020, although he stepped down from the top job at Nissan previous year, amid reports that the companies plan to change the alliance's structure, possibly through a merger.

Around midday on Monday, there were no reports of any statement from Ghosn or Kelly. However, they added that he reported only half that: about $44 million.

But he has also faced opposition, including over his pay, with his compensation package at Renault prompting a spat with shareholders and criticism from France's then-economy minister Macron. In 2017, he received a 30 percent cut in pay. Known for his flair and confidence, Ghosn won respect for his business acumen and for shaking up Nissan's traditional corporate culture. Before he joined the company nearly 20 years ago, it was close to financial collapse.

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Shares in French automaker Renault (RNSDF), of which Ghosn is CEO, plunged as much as 13% in Paris.

However, he made enemies of French labor unions and some politicians.

Japanese media reports suggest that Ghosn has been arrested in Tokyo in relation to the allegations, while Nissan has issued an official apology for the "great concern" that the situation has caused to its shareholders and stakeholders.

Companies in the alliance own parts of each other and share investments in new technologies, among other things.

Mr Ghosn has been a titan of the motor industry for almost 20 years.

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