autocar-logo
Delhi

Nissan sues Carlos Ghosn for $90 million in damages

Japanese manufacturer attempts to recoup money lost due to ex-chairman's alleged misconduct.
1 min read13 Feb '20
Autocar India News DeskAutocar India News Desk
17K+ views

Nissan is seeking $90 million (around Rs 642 crore) in damage payments from former chairman Carlos Ghosn, who remains in Lebanon following his highly publicised escape from custody in Japan.

The civil claim, filed at Yokohama District Court, has been filed by the manufacturer in an attempt to “recover a significant part of the monetary damages inflicted on the company by its former chairman”.

Ghosn issued a statement in response to the lawsuit, suggesting the move is linked to Nissan’s recent decline in profits. It reads, “Nissan's manoeuvres continue: this complaint is made public on the eve of the Japanese group's financial results.”

"We note that after months of announcing damages of 35 billion yen, Nissan is now claiming 10 at the moment. Mr Ghosn's lawyers will react on the merits of the case once the content of the claim has been brought to their attention."

Ghosn was being held in Japan, after claims that he had understated his annual salary and misappropriated company funds. It remains unclear how he made his way to Lebanon, but he said he did so to escape “injustice and political persecution.”

It's expected that Nissan will file further damages claims against Ghosn in the future, because it will be liable for any regulatory costs arising from his alleged misconduct.

It has also emerged that Nissan is considering bringing charges of defamation against Ghosn, following remarks he made at his high-profile first press conference in Beirut. “My unimaginable ordeal is the result of a handful of unscrupulous, vindictive individuals,” he said at the time.

Indian Automotive industry’s rating changed to negative for FY 2021

Despite the recent uptick in the market, the Indian Ratings and Research agency has revised the score from stable to negative for the automotive sector.
2 min read5 Feb '20
Autocar India News DeskAutocar India News Desk

Ralf Speth to step down as JLR Executive Director and CEO

Professor Ralf Speth will step down from his role in September 2020, after a 10-year long tenure at Jaguar Land Rover.
2 min read30 Jan '20
Autocar India News DeskAutocar India News Desk

Nissan clarifies its stance on alleged Alliance split

Says that the Alliance is the source of Nissan’s competitiveness in the market, and it remains committed to win-win results for member companies.
1 min read15 Jan '20
Soham ThakurSoham Thakur

Vincent Cobee appointed new CEO of Citroen

Linda Jackson takes over new role to lead study on brand differentiation within Groupe PSA; DS sub-brand gets Beatrice Foucher as new CEO, with Yves Bonnefont changing roles as well.
2 min read15 Jan '20
Autocar India News DeskAutocar India News Desk

SC stay on NCLAT order reinstating Mistry exonerates Tata

The Supreme Court (SC) noted the NCLAT order reinstating Mistry was sorely lacking and granted relief which hadn’t been sought in the first place.
1 min read10 Jan '20
Amaan AhmedAmaan Ahmed