The big victor from Ghosn's arrest? His protege, Saikawa

Carlos Ghosn removed as Nissan chairman

Nissan's board officially sacks imprisoned Carlos Ghosn…

Greg Kelly, another senior executive, also also been let go.

Tokyo prosecutors allege that the total undeclared amount could have been as high as $71m over an eight-year period, which equates to around ¥2 billion yen per year, according to NHK. Nissan said on Monday an internal investigation triggered by a tip-off from an informant had revealed that Ghosn engaged in wrongdoing including personal use of company money and under-reporting of his earnings for years.

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The Board of Directors Nissan Motor fired Carlos Ghosn the Chairman of the Board of Directors and General Director of the company in connection with tax fraud. Securing a unanimous decision to oust Ghosn as chair will likely be hard because Nissan directors that used to work at Renault may not back the dismissal until the allegations against Ghosn are made clear, according to people familiar with board members' deliberations. Mr Ghosn is the joint head of collaboration firm Renault, Nissan and Mitsubishi. French Finance Minister Bruno Le Maire said Wednesday that the partnership is set to continue and will be deepened.

The Japanese automaker also vowed to "study the creation of a special committee to appropriately take advice from an independent third party regarding the governance management system and better governance of director compensation". The company dismissed Ghosn and Kelly on Thursday.

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But his conditions are likely to be a far cry from what the millionaire businessman is used to.

Deputy chief prosecutor Shin Kukimoto said the Ghosn case is "one of the most serious types of crime" under Japan's Financial Instruments Act, and Ghosn could face a 10-year prison sentence. Motonari Otsuru, a former public prosecutor who local media said has been hired as Ghosn's lawyer, was not immediately available to comment.

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