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January 21, 2019 04:37 AM

Ghosn offers stock, passports for bail

Reuters
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    REUTERS

    Ghosn has denied three Japanese charges of financial misconduct, including understating his salary for eight years and temporarily transferring personal financial losses to Nissan’s books.

    Ousted Nissan Chairman Carlos Ghosn has offered to wear an electronic ankle tag and hire guards to monitor him in an unusual bid to secure his release on bail after two months of detention in Japan for alleged financial crimes.

    Ghosn is also willing to remain in Tokyo, where he has leased an apartment, and post stock he owns in Nissan as collateral, his spokeswoman said.

    The Tokyo District Court will likely decide whether to grant Ghosn release on bail as soon as Tuesday, Japanese public broadcaster NHK said.

    His release would allow Ghosn to meet more frequently with his lawyers and defend himself before the board of Renault, where he remains chairman and CEO, amid calls for his removal and potential moves to restructure the Nissan tie-up.

    Ghosn denies any wrongdoing as he awaits trial on charges of financial misconduct.

    "I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself," Ghosn said in a statement on Sunday. "I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom."

    The board of Renault, which dominates the partnership with Nissan through its 43.4 percent stake in the Japanese automaker, is expected to meet within days to consider potential candidates to replace Ghosn as CEO and chairman.

    The co-chair of a committee set up by Nissan to examine the root cause of Ghosn's alleged financial misconduct and propose corporate governance reforms said on Sunday he believed Ghosn may have had questionable ethical standards.

    "Having read the report on the internal investigation, my initial impression was that the head of the company may have had questionable ethical standards," committee co-chair Seiichiro Nishioka told a briefing on Sunday after the panel held its first meeting.

    As his arrest on Nov. 19 continued to cloud the outlook for Nissan's three-way alliance with Renault and Mitsubishi Motors. Ghosn, who spearheaded Nissan's turnaround two decades ago, had pushed for a deeper tie-up between Nissan and Renault, including possibly a full merger, despite strong reservations at Nissan.

     

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