Each of the three main parties in the saga—Renault-Nissan, Japan’s authorities and Carlos Ghosn himself—has hard questions to answer
THE LAST time there was an international fugitive from justice called Carlos lying low in Lebanon was in 1975, when Carlos the Jackal hid in Beirut. Today the man on the run is not a terrorist but a celebrity executive known for fanatical cost-cutting. On December 31st Carlos Ghosn, the former boss of Renault-Nissan, who was arrested in Japan in November 2018 on charges of financial misconduct, said that he had jumped bail and fled to Lebanon.
Mr Ghosn took charge of Nissan in 2001 and then, in 2005, of Renault, too. The French car firm has a 43% stake in the Japanese one, and together with Mitsubishi they form an alliance that is the world’s biggest carmaker by volume. It sounds impressive, but even the laser-focused Mr Ghosn struggled to make the fiddly pact run smoothly.
You might hope that Japan’s justice system would swiftly and fairly get to the bottom of all this. But its conviction rate of over 99% reflects its harsh treatment of suspects, which has been on full display here. Mr Ghosn was arrested, released, rearrested and then released on bail again. He was subject to interrogation without a lawyer. His lawyers say they have been unable to see key documents and that, while on bail, Mr Ghosn’s access to his wife and the internet were restricted.
As the stink around Mr Ghosn’s case worsens, Renault and Nissan, which together employ over 300,000 people, are tottering. Unable to reap the efficiencies of being a single company, they have long produced mediocre performance—their combined return on equity probably slipped below 5% in 2019. Paralysed by the scandal, both firms face shrinking sales and margins.
What next? Renault and Nissan should either merge or unwind their cross-shareholdings. Both need to cut costs in order to get fit again. Japan’s authorities must explain how Mr Ghosn absconded, and deal with his claims of persecution. As for the boss-turned-bolter, he has pledged to clear his name. But his position is extraordinary. He is an outlaw, holed up in a country half the size of New Jersey.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Now that Carlos Ghosn is free, he has tales to tell and scores to settleHaving pulled off an escape from Japan to Lebanon, former Nissan chairman Carlos Ghosn is now free to speak his mind.
Lire la suite »
Carlos Ghosn joins ranks of big-time white-collar fugitivesCarlos Ghosn’s stunning escape from Japan makes him one of the most famous white-collar fugitives in recent years.
Lire la suite »
Nissan ex-boss Carlos Ghosn to hold press conference on Jan. 8: lawyerNissan ex-boss Carlos Ghosn will hold a news conference in Beirut on Jan. 8, a l...
Lire la suite »
Ex-Nissan chief Carlos Ghosn’s escape leaves 5 big questionsCarlos Ghosn's escape from Japan to Lebanon leaves questions unanswered. Did he have a visa? Did he hide in a music box?
Lire la suite »
Inside Carlos Ghosn's epic fall from superstar auto executive to international fugitive - Business InsiderFrom leading an automaker alliance with hundreds of billions in annual sales to a man on the run, Carlos Ghosn has had quite the past few years.
Lire la suite »
Surveillance in a leafy enclave, Ghosn's Tokyo life was under strict monitoringThe imposing home where Carlos Ghosn lived for the last seven months and probabl...
Lire la suite »