Carlos Ghosn, the former chairman and CEO of Nissan and Renault, has been granted bail by a Japanese court, having spent the past four months in jail for financial misconduct. Japanese media are reporting that he could be released from prison today (March 5).
When Ghosn was arrested last year and charged with a number of misconduct charges relating to his time in charge of Nissan, he repeatedly denied all charges. The Japanese court had denied the 64-year-old’s bail plea a number of times, after which he appointed a new legal team. A fresh bail appeal has been successful, with the Japanese court setting the amount at one billion yen (about Rs 63.25 crore).
He has been granted bail on the condition that he submits to video surveillance and communications monitoring, according to a Reuters report. He had previously been denied bail because he was considered a flight risk, and bail is only granted if the court considers a suspect is unlikely to flee or destroy evidence. While the charges Ghosn has been arrested for relate solely to his time leading Nissan, he has also been removed from his chairman and CEO role at Alliance partner Renault.
In February, Renault revealed it had asked judicial authorities to look at a 50,000 euro (approx 40 lakh) contribution it made that may have been used to fund Ghosn's wedding. Renault says the evidence was revealed during compliance audits undertaken following Ghosn's arrest last November. The French firm says that the discovery, the first suggestion of Ghosn using Renault funds for his "personal benefit", requires "further checks to be carried out".
Former Michelin CEO Jean-Dominique Senard has now been named director and chairman, while Ghosn's former deputy, Thierry Bolloré, takes over as CEO in a move to new structure less reliant on one individual.
Dipan Sur
Viraaj Bhatnagar
Glenn Noronha
Dhruv Dhaka
