Nissan shareholders set to oust Carlos Ghosn from board
Nissan shareholders are expected to expel former chairman Carlos Ghosn from its board, as Ghosn's wife pleas to the French government for help.
The shareholders’ meeting in Tokyo comes in response to Ghosn’s arrest on November 19, 2018, which had also lead to him being fired by Nissan, putting an end to nearly two decades of his leadership.
The 65-year-old is fighting multiple charges of financial misconduct that have landed him in custody.
Extraordinary shareholders’ meeting
The meeting on Monday will see shareholders voting to remove Carlos Ghosn from the board, and on his replacement by Renault Chariman Jean-Dominique Senard.
The extraordinary meeting is the first of its kind in many years and is necessary to officially remove Ghosn from the board, despite being fired from his position previously.
Ghosn’s charges
Ghosn is fighting three charges, with two relating to the alleged delay of $80 million in income, which had allegedly been concealed in official documents to shareholders.
Ghosn also faces charges for attempting to transfer personal losses to Nissan, and allegedly paying a contact in Saudi Arabia for collateral from company funds.
Most recently, prosecutors arrested Ghosn last week over allegedly transferring money to a dealership in Oman, and siphoning off millions of dollars on personal expenses, including a luxury yacht.
It comes less than a month after he won bail after paying $9 million to secure his release.
Ghosn’s wife pleas to France for help
Ghosn has been interviewed by France’s TF1 television channel where he voiced fears that he wouldn’t be given a fair trail.
‘It's obvious it's a plot,’ Ghosn said, adding: ‘Everything needs to be put on the table. Of course, I have names. Some of them you have seen in the press, but there are others that haven't been in the press.’
Meanwhile, Ghosn’s wife left Japan and flew to Paris on Sunday, to appeal to the French government to do more according to a Financial Times report.
‘I think the French government should do more for him. I don't think he's had enough support and he's calling for assistance. As a French citizen, it should be a right’, Carole Ghosn told the FT in an interview on Friday.
The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
Act on share opportunities today
Go long or short on thousands of international stocks with CFDs.
- Get full exposure for a comparatively small deposit
- Trade on spreads from just 0.1%
- Get greater order book visibility with direct market access
See opportunity on a stock?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See opportunity on a stock?
Don’t miss your chance – upgrade to a live account to take advantage.
- Trade a huge range of popular stocks
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See opportunity on a stock?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
