Ghosn is now facing far more serious charges that he enriched himself
If it turns out that Ghosn did use Nissan’s business partners in the Middle East to move millions of dollars, how did this bypass financial controls?Tokyo — Soon after Carlos Ghosn was taken into custody last autumn, kicking off a bizarre legal odyssey that’s transfixed the automotive world, some wondered whether the financial crimes he’d been accused of were serious enough to warrant the shocking arrest of Nissan Motor’s fabled chair.
Representatives for the Japanese prosecutors’ office and Nissan declined to comment beyond what they’ve said publicly. Ghosn rose to the top of the automotive industry thanks to his turnaround of Nissan, once given up for dead under the weight of heavy losses, in the early 2000s. He built one of the industry’s biggest car alliances, which includes Renault and Mitsubishi Motors. Until last year, he was a Davos Man business celebrity admired for his knowledge of five languages, cosmopolitan upbringing in Lebanon and Brazil, as well as gold-plated business connections.
In the case of Juffali, prosecutors alleged in December that Ghosn improperly shifted personal investment losses to the Japanese car maker. A key issue is a derivatives transaction that a company linked to Ghosn made with a Japanese bank. It unraveled when the yen soared during the 2008 financial crisis, saddling Ghosn with $16.7m in unrealised losses, and prompted the lender to demand more collateral.
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