Carlos Ghosn has spoken for the first time since being taken into custody to deny piling personal losses on to Nissan. AP
Carlos Ghosn has spoken for the first time since being taken into custody to deny piling personal losses on to Nissan. AP

Ghosn speaks out for first time since arrest



Carlos Ghosn, the embattled former chairman of Nissan, on Wednesday denied reports that he passed on personal trading losses to the car maker, the first formal comment from the executive who is detained on numerous allegations of financial misdeeds.

Mr Ghosn acknowledged consulting Nissan about the collateral related to the contract, but did not transfer the losses to the automaker, said Motonari Otsuru, a lawyer representing the former chairman. Mr Otsuru, the former director of the same Tokyo prosecutors’ office department that is now investigating Mr Ghosn, spoke to Bloomberg News after meeting with the detained official.

Local media reported on Tuesday that Mr Ghosn may have passed ¥1.7 billion (Dh54.7 million) in personal investment losses relating to a derivatives contract on to the company in 2008.

The comments are the first attempt by the 64-year-old Mr Ghosn to defend himself after the car maker said he misused company money for personal matters and understated income. He was arrested in Tokyo November 19 and Japanese media have since then published details of the alleged violations on an almost daily basis.

Ghosn, who hasn’t made any public statements since he was detained, denies wrongdoing in connection with the allegations, broadcaster NHK reported on Sunday.

Nissan’s auditor had repeatedly questioned transactions at the heart of allegations of financial misconduct by Mr Ghosn but Nissan said they were proper, a person with direct knowledge of the matter said on Wednesday.

Ernst & Young ShinNihon questioned Nissan's management several times, chiefly around 2013, about purchases of overseas luxury homes for Mr Ghosn’s personal use and of stock-appreciation rights that were conferred on him, Reuters said.

But the car maker said the transactions and financial reporting were appropriate, the source said.

The revelation shows Nissan and its auditor were discussing the transactions, in apparent contrast with Nissan’s contention that the alleged misreporting of benefits for Mr Ghosn was masterminded by him and a key lieutenant.

A spokesman for EY ShinNihon, the Japanese affiliate of global accounting firm Ernst & Young, said he could not comment on specific cases. A Nissan spokesman declined to comment.

Nissan has largely pinned the blame on Mr Ghosn and Greg Kelly, a former representative director who was arrested along with Mr Ghosn on the same allegations.

Nissan and Mitsubishi Motors removed Mr Ghosn as chairman in the wake of his arrest. The French member of the three-firm alliance, Renault, retains him as chairman and CEO.

The latest news of the scandal comes as Jamie Rosenwald, who runs the $4 billion hedge fund Dalton Investments, said shareholders are being mistreated after Nissan ousted Mr Ghosn.

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Read more:

Ghosn's arrest spreads disarray among Renault and Nissan executives

Scorched by misconduct charges, 'Lebanese Phoenix' Carlos Ghosn still popular at home

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Mr Rosenwald, who has invested in Japan shares since 1972 and campaigned for the country’s firms to better treat investors, according to Bloomberg, said Mr Ghosn’s arrest and removal amount to a “palace coup” by Nissan, and that shareholders are being ignored.

“Japan Inc is fighting back” against Renault’s desire to take full control of Nissan, Mr Rosenwald said. “If a ‘real’ owner of Renault existed rather than it being an ‘SOE,’ the owner would immediately call a special shareholders meeting and throw the entire Nissan board out.”

Mr Rosenwald has prior experience clashing with vested interests in Japan. Before the financial crisis he failed in two bids to take Japanese companies private, while in March last year he urged Shinsei Bank to buy back ¥200bn in shares, a move that put him on a collision course with the Japanese government, the largest holder of Shinsei’s stock.

On Nissan, Mr Rosenwald said he had no doubt that Mr Ghosn’s arrest and firing were linked to attempts to merge the Japanese car maker into the organisation of Renault, its largest shareholder, a claim that Nissan’s management has denied. The US investor says he doesn’t own shares in Nissan but is following the events from a corporate governance perspective.

The board of Mitsubishi Motors Corp., where Ghosn also served as chairman, ousted the 64-year-old Franco-Brazilian executive on Monday, following Nissan’s decision to do so last week. Mr Rosenwald said the decision by Mitsubishi and Nissan to remove Mr Ghosn as chariman of both were made without regard for investors.

“Shareholders of Nissan were saved by Ghosn’s actions in 1999-2000,” he said. “And they are now being ignored in the fight.”

The US investor called on the French government, which owns 15 per cent of Renault, to step in to protect shareholders’ interests. French Finance Minister Bruno Le Maire on Sunday called the alliance “indispensable” and said he wants to strengthen it.

“I am sure that Japan Inc would like Nissan to buy out Renault so they can go their separate ways," Mr Rosenwald said, “but really isn’t it the duty of the President of France, or at least the Finance Minister” to “stand up for shareholders?”

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

'Nope'
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Specs

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A MINECRAFT MOVIE

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Rating: 3/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
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  • An elevated football field that doubles as a helipad
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  • Disruption Lab and Research Centre for developing entrepreneurial skills
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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

MATCH INFO

Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)

Rajasthan Royals won by 15 runs

Indika
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COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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'C'mon C'mon'

Director:Mike Mills

Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman

Rating: 4/5

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
ESSENTIALS

The flights 
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes. 
Where to stay 
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.