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Claim for US $1 billion! Prenatal CEO Ghosn sued Nissan Motor

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)06/20 Report--

Over the years, the feud between former Nissan CEO Ghosn and his former employer, Nissan, continues.

Recently, the media reported that Ghosn filed a lawsuit against Nissan, according to the indictment: Ghosn sued Nissan and company-related people to force him to step down in 2018 and "arranged" him to be arrested on suspicion of financial misconduct. Ghosn claims more than $1 billion from Nissan for damage to his finance and reputation. It is understood that the compensation includes $588 million in compensation and other expenses and $500m in punitive damages. Ghosn said the court will hear the case on September 18.

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It is understood that Ghosn was arrested four times. On November 19, 2018, Ghosn was arrested in Japan on suspicion of concealing huge personal income in securities reports and violating the Financial Commodities Trading Law. Following Ghosn's arrest, Nissan dismissed Ghosn as chairman in December of the same year. On December 11, 2018, Ghosn was arrested for the second time on suspicion of underreporting his income.

On December 21 of the same year, Ghosn was arrested for the third time on charges of serious blasphemy and breach of trust. On March 6, 2019, Ghosn was released on bail after 108 days of detention. On April 4, 2019, Ghosn was arrested again on charges of embezzling about $5 million from Nissan for personal use while he was in charge of Nissan. Ghosn denies all the charges. Ghosn's lawyer then applied for bail again. For the case, the Japanese court was scheduled to hear the Ghosn case in April 2020. But unexpectedly, Ghosn strangely left Japan while on bail at the end of December 2019 and flew to Lebanon via Turkey. In February 2020, Nissan filed another civil suit against Ghosn in Yokohama District Court, accusing him of long-term misconduct and causing huge losses to the company and demanding compensation of 10 billion yen.

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As to why Nissan sued Ghosn, Ghosn had earlier recorded a video to prove his innocence on April 3, the day before his arrest in 2019, in which he also attacked Nissan's current management, saying they had messed up the business and then staged a dastardly coup to keep the "black hats" on their heads.

In addition, Ghosn said at a press conference held in 2020 after fleeing Japan that Nissan executives were plotting against themselves not because of declining performance, but because these senior executives and some senior Japanese government officials wanted to "fix" themselves to free Nissan from Renault's influence. Since Renault became a major shareholder in Nissan in 1999, Renault has formed a great influence within Nissan. Renault owns a 43.4% stake in Nissan and has great control over Nissan. Nissan owns only 15% of Renault and does not have the right to vote. "this is the beginning of all problems."

It is understood that Renault is Nissan's largest shareholder, with a 43.4% stake, while Nissan holds only 15% of Renault. Earlier, under Ghosn's leadership, Renault intended to implement operational integration with Nissan, that is, an alliance merger, but Nissan's board of directors firmly opposed the decision. After all, Nissan's business has been booming over the past few years, while Renault has gone downhill. For Nissan, as the main contributor to Renault's alliance revenue, it has been manipulated by Renault, somewhat unwillingly, but Renault owns 43.4% of Nissan and can appoint executives. Nissan has only 15% of Renault and has no voting shares. In this regard, many people in the industry pointed out at that time that Ghosn was arrested or Nissan's "resistance."

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Relevant data show that Ghosn officially became the chief operating officer of Nissan in 1999. It is undeniable that he led Nissan to make a profit with continuous losses and debts of up to 129.3 billion yuan. In June 2000, Ghosn became president of Nissan and became president and CEO a year later. Ghosn became CEO of Renault in 2005, becoming the double CEO who runs two major international car companies at the same time. In 2016, after Mitsubishi Motors was exposed to negative fuel mileage, Ghosn included Mitsubishi and bought 34 percent of Mitsubishi for 237 billion yen, becoming Mitsubishi's largest single shareholder. Ghosn became chairman of Mitsubishi Motors in December 2016. became the chairman of the alliance of Renault, Nissan and Mitsubishi.

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