As the stink around Carlos Ghosn’s case worsens, Renault and Nissan, which together employ over 300,000 people, are tottering
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, jumped bail and fled to Lebanon. He grew up there and it has no extradition arrangements with Japan.
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 use of confessions to secure a conviction rate of over 99% reflects a harsh treatment of suspects that 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.
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.
France Dernières Nouvelles, France Actualités
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