The Latest on Renault’s board meeting and the investigation into former chairman Carlos Ghosn (all times local):
Renault says that certain expenses incurred by its former chairman and CEO, Carlos Ghosn, “involve questionable and concealed practices and violations of the Group’s ethical principles.”
Ghosn was arrested in November in Japan, where he also served as chairman of Nissan. He has been charged with breach of trust and with falsifying financial reports in understating his income. He denies wrongdoing.
Further reports have emerged of suspicious payments to a Renault-Nissan distributor in Oman under Ghosn’s watch.
After a special board meeting, Renault said an internal investigation into Ghosn’s practices shows a serious lack of transparency at the joint venture it has with Nissan, RNBV, which Ghosn headed.
It said: “Certain expenses, which have yet to be precisely quantified, but may amount to several million euros since 2010, raise serious questions as to their conformity with RNBV’s corporate interest.
The board of carmaker Renault is meeting to settle ex-chairman and CEO Carlos Ghosn’s final paycheck — and wrap up its investigation into possible financial wrongdoing under his leadership.
The meeting Wednesday at Renault’s headquarters in the Paris suburb of Boulogne-Billancourt comes after new reports of suspicious payments to a Renault-Nissan distributor in Oman under Ghosn’s watch.
Ghosn has denied wrongdoing, and announced Wednesday that he will hold a news conference next week “to tell the truth about what’s happening.” He’s facing financial misconduct charges in Japan, where he also served as chairman of Nissan before his November arrest.
The Renault meeting will finalize pay packages for Ghosn and other executives for 2018. Ghosn’s fixed salary at Renault was 1.2 million euros ($1.3 million) but he also received variable pay based on company and personal performance.