Former Nissan chief executive Hiroto Saikawa testified in court about his role in the events leading to the arrest of Carlos Ghosn more than two years ago, which triggered turmoil within the car maker and later led to his escape from Japan and life as a fugitive in Lebanon.
Greg Kelly, the former Nissan director who was arrested on the same day as Mr Ghosn in November 2018, is standing trial for allegedly helping the former chairman of Nissan and its alliance with Renault and Mitsubishi understate tens of millions of dollars in compensation. Mr Saikawa is taking the stand on Wednesday at roughly the mid-point of the trial, which began in September and is slated to end around July.
Mr Saikawa, 67, was the most senior leader at Nissan after Mr Ghosn when he was detained, sending shock waves through the alliance and wider business world. That put the Japanese executive in a position to know many of the details behind the allegations against Mr Ghosn and Mr Kelly. With Mr Ghosn in exile, Mr Kelly’s trial is the only forum where those accusations will likely get a full legal airing.
Mr Saikawa, dressed in a black suit, told prosecutors that Mr Ghosn didn’t like compensation disclosure rules, and had expressed this to the board. The former chief executive also said he had agreed with Mr Kelly in 2011 that Mr Ghosn should be paid more to prevent him from going to a rival car maker, and that the executive should receive compensation for non-competition and consulting services after retirement.
“I supported what [Mr] Kelly was doing,” Mr Saikawa said in response to prosecutors’ questions. Asked why he signed a document outlining the remuneration, the former chief executive said Mr Kelly had asked him to because “it was a draft and I wanted to support the initiative”.
Following Mr Ghosn and Mr Kelly’s arrests, Mr Saikawa became the face of Nissan’s allegations against the pair, starting with a news conference on the day they were detained, and attacking Mr Ghosn for using Nissan’s money for personal gain. The big question is whether Mr Saikawa himself was also involved in decisions about Mr Ghosn’s pay, and if so, to what extent.
Mr Ghosn and Mr Kelly were accused of underreporting Mr Ghosn’s remuneration by about ¥9 billion ($85 million) over eight years through to March 2018. After helming Nissan as co-chief executive with Mr Ghosn, Mr Saikawa took over from April 2017, and was a board member throughout the period concerned. He stepped down as chief executive in late 2019 following a scandal over his own compensation.
While Mr Kelly denies allegations that he helped Mr Ghosn hide his remuneration and is seeking to exonerate himself, Nissan – the company is also on trial for its role – has effectively pleaded no contest. Mr Saikawa’s testimony this week may shed some light on how the chairman of a publicly listed company, with processes and checks and balances covering every function, was allegedly able to misrepresent his income for close to a decade.
Mr Saikawa has said in the past that he accepts responsibility for the Mr Ghosn's scandal and had intended to resign as chief executive of Nissan once the company found a suitable replacement. In an interview with a Japanese magazine in June 2019, Mr Kelly said Mr Saikawa was fully aware of Mr Ghosn’s compensation situation. Mr Kelly also revealed that Mr Saikawa received tens of millions of yen in extra income through date-adjusted stock appreciation rights, triggering the events that led to the former chief executive's exit.
Nissan doesn’t consider Mr Saikawa’s excess payment to have violated laws and Mr Saikawa has denied he ordered the payments, saying the matter was mishandled by staff.
Mr Ghosn and Mr Saikawa’s partnership began in 2001, two years after Renault rescued Nissan from the brink of bankruptcy by purchasing about a third of its shares. Mr Ghosn, appointed as Nissan’s chief operating officer, chose Mr Saikawa to head a new office coordinating purchasing between the Japanese and French car makers.
Mr Saikawa was groomed and promoted by Mr Ghosn through the years, but their relationship began to change when Mr Ghosn started pushing for greater integration of Renault and Nissan. Mr Saikawa opposed the idea of Nissan becoming subsumed into a global conglomerate with its smaller and less profitable partner, telling the Nikkei that he saw “no merit” in combining the two in an interview in April 2018.
When Hari Nada, a senior vice president at Nissan, brought evidence he and others had been collecting on what they suspected was financial misconduct relating to Mr Ghosn’s compensation to Mr Saikawa in October 2018, the then-chief executive quickly agreed to cooperate with prosecutors, Bloomberg has reported.
Mr Saikawa then went on to help organise the operation to arrest Mr Ghosn and Mr Kelly upon their arrival to Japan the following month.
In Mr Ghosn’s first press conference since his arrest, held in Beirut in January 2020, he called out Nissan executives including Mr Saikawa, accusing them of conspiring to topple him to prevent further integration of Nissan with Renault. Nissan maintains that the cause of this chain of events is “the misconduct led by Mr Ghosn and Mr Kelly” for which the company found “substantial and convincing evidence”.
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Squads
India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.
Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.
FIGHT CARD
Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
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Saturday's results
West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley
Manchester City v Chelsea, 9.30pm
South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
UAE currency: the story behind the money in your pockets
QUALIFYING RESULTS
1. Max Verstappen, Netherlands, Red Bull Racing Honda, 1 minute, 35.246 seconds.
2. Valtteri Bottas, Finland, Mercedes, 1:35.271.
3. Lewis Hamilton, Great Britain, Mercedes, 1:35.332.
4. Lando Norris, Great Britain, McLaren Renault, 1:35.497.
5. Alexander Albon, Thailand, Red Bull Racing Honda, 1:35.571.
6. Carlos Sainz Jr, Spain, McLaren Renault, 1:35.815.
7. Daniil Kvyat, Russia, Scuderia Toro Rosso Honda, 1:35.963.
8. Lance Stroll, Canada, Racing Point BWT Mercedes, 1:36.046.
9. Charles Leclerc, Monaco, Ferrari, 1:36.065.
10. Pierre Gasly, France, Scuderia Toro Rosso Honda, 1:36.242.
Eliminated after second session
11. Esteban Ocon, France, Renault, 1:36.359.
12. Daniel Ricciardo, Australia, Renault, 1:36.406.
13. Sebastian Vettel, Germany, Ferrari, 1:36.631.
14. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:38.248.
Eliminated after first session
15. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:37.075.
16. Kimi Raikkonen, Finland, Alfa Romeo Racing Ferrari, 1:37.555.
17. Kevin Magnussen, Denmark, Haas Ferrari, 1:37.863.
18. George Russell, Great Britain, Williams Mercedes, 1:38.045.
19. Pietro Fittipaldi, Brazil, Haas Ferrari, 1:38.173.
20. Nicholas Latifi, Canada, Williams Mercedes, 1:38.443.
Profile box
Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
