See More on Facebook


Nissan plans civil suit against Ghosn

Ghosn allegedly used company assets for personal use and gain.

Written by

Updated: January 17, 2019

Nissan Motor Co. plans to file suit against former Chairman Carlos Ghosn to claim damages stemming from his alleged misconduct, according to sources.

Through in-house investigations, Nissan has found several cases of Ghosn and his aides allegedly spending corporate funds for private purposes. The automaker is looking to pursue a civil suit to resolve the damages based on Ghosn’s civil liability in the case.

According to the sources, Nissan subsidiary Zi-A Capital BV was established in 2010 in the Netherlands for the purpose of investing in promising start-ups. Allegedly, it was instead used to unofficially pay Ghosn and his aides for actions such as purchasing houses for Ghosn and his family.

The subsidiary purchased Ghosn’s Rio de Janeiro home from his acquaintance for about $5.8 million (about ¥630 million) including the costs for silver art objects. It also paid about $17 million (about ¥1.85 billion) for renovations to Ghosn’s Beirut home and the restoration of a chandelier there.

In 2003, Nissan formed an advisory contract with Ghosn’s sister in the name of donation activities in the world. However, the automaker has been unable to find any evidence of activities she has performed. Even so, the automaker paid her about $755,000 (about ¥82 million) between 2003 and 2016 as her remuneration.

Nissan deems that the above factors are the personal use of company funds.

It was also found that an intra-office email was allegedly sent to staff at Nissan’s secretarial room on the occasion of Zi-A’s establishment stating that remuneration be paid from Zi-A to “CG” (Carlos Ghosn) and others without informing the Nissan human resources department.

This alleged email was sent the day before Nissan’s Oct. 21, 2010, management meeting where the establishment of Zi-A was decided. The email also allegedly mentioned that the new company will be Nissan’s unconsolidated subsidiary so that it would not need to disclose Zi-A’s financial details, so as to avoid audits from the auditor.

The email also allegedly said that remuneration be paid to other Nissan executives, including former Representative Director Greg Kelly, who has also been indicted on charges of violating the Financial Instruments and Exchange Law

Enjoyed this story? Share it.

The Japan News
About the Author: The Japan News is published by The Yomiuri Shimbun, which boasts the largest circulation in the world.

Eastern Briefings

All you need to know about Asia

Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.

By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here


Japanese government to establish organization to keep eye on IT firms

The body will scrutinize financial dealings by tech giants. The government is finalizing plans for a new organization dedicated to comprehensively monitoring the business dealings of large IT companies and formulating policies to ensure transparency in their practices. The new regulator will be established as early as this autumn inside the Cabinet Secretariat. The Fair Trade Commission likely will be able to conduct unannounced checks on these companies based on information collated by the new organization. The new body also will consider legislation pertaining to fair business transactions involving large IT companies. On Wednesday, Prime Minister Shinzo Abe instructed a meeting of the Council on Investments for the Future to consider how such a specialist organization should operate. During the meeting held at the Prime Minister’s Office,

By The Japan News
February 15, 2019


VN stocks jump on 2019 earnings outlook

The stock market and the economy look set for a bombastic 2019. Vietnamese shares rose strongly on Tuesday to extend gains for a second session as investor sentiment remained positive on 2019’s corporate performances. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 1.24 per cent to close at 937.54 points. The southern market index has increased by total 3.18 per cent in the last two trading days, setting its two-month high since December 14. More than 188.4 million shares were traded on the southern exchange, worth VNĐ4.2 trillion (US$180.2 million). Trading figures were increases of 51.2 per cent in volume and 43.6 per cent in value from Monday’s numbers. Large-cap stocks performed well, pulling the blue-chip VN30 Index up 1.10 per cent to 888.33 points at the end of the day. Seven of the 30 largest stocks by market capitalisation in the VN30 basket a

By Viet Nam News
February 13, 2019


Investor Jim Rogers to visit North Korea next month

The famed investor will visit Pyongyang at Kim Jong-un’s invitation. Jim Rogers, a renowned investor and chairman of Rogers Holdings, plans to visit North Korea next month at the invitation of Chairman Kim Jong-un, according to sources Tuesday. The Singapore-based investor, who once said he would “put all of my money” in North Korea if he could, received the US government’s approval for the trip with his wife. The billionaire has touted the impoverished country with a gross domestic product per capita of $1,800 as an attractive investment destination for five years, even before the thawing of inter-Korean relations last year.

By The Korea Herald
February 13, 2019


International medical assistance company threatens Nepal

A Post investigation shows Australia-based Traveller Assist used the helicopter rescue scam to market itself as the sole representative of global insurance firms. In a letter to Nepal’s tourism minister last month, the managing director of Traveller Assist, an Australia-based medical assistance company, threatened the government that his clients would stop issuing travel insurance policies in Nepal if the administration does not take action against trekking agencies, helicopter companies and hospitals that have been involved in fraudulent rescues. “I am writing on b

By The Kathmandu Post
February 12, 2019


Japan, EU must protect free trade by establishing firmer relationship

The EU-Japan free trade deal is now in effect signaling a new era in trade relations between the two. Japan and the European Union should build a firmer cooperative relationship and contribute to boosting free trade. The Japan-EU Economic Partnership Agreement, which has taken effect, calls for abolishing or reducing tariffs on more than 90 percent of trade items, facilitating investment and protecting intellectual property rights. The combined gross domestic product of Japan and the EU accounts for about 30 percent of the world total. It is highly significant that fair, sophisticated rules have been laid out and a huge free-trade zone established. This bilateral EPA is expected to invigorate trade in goods and the flow of funds, thereby helping enhance the growth potential of both sides. With the enforcement of the Japan-EU EPA, Japanese consumers will be

By The Japan News
February 5, 2019


Taiwan’s working-age population falls to new low

The new reality means that more pressure is put on the workforce to uphold social security safety nets. Taiwan’s working-age population fell to a record 72.52 percent at the end of 2018, indicating a growing burden on the workforce, data from the Ministry of the Interior showed Saturday. The working-age population, defined as citizens aged 15-64, was 17.11 million as of the end of last year, the lowest since 2012, according to the MOI. The figure represented 72.52 percent of the country’s population of 23.59 million, the data showed. Meanwhile, the 65 and over age group accounted for 14.56 percent of the population, while the 0-14 age category made up 12.92 percent, as of the end of 2018, according to the data. It meant that Taiwan’s index of aging, defined as the ratio of citizens 65 and over to those 0-14, had risen to 112.64, a sharp growth of 83 percent from 61.51 at the end of 2008, th

By ANN Members
February 3, 2019