French finance minister says Ghosn is not in position to lead Renault

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Carlos Ghosn should not remain in charge of Renault following his arrest in Japan, France’s finance minister stated on Tuesday, prompting the automaker to move quickly to install an interim management team to limit the damage.

Ghosn, one of the well known leaders in the auto industry, was arrested in Japan on Monday after Renault partner Nissan stated he had engaged in misconduct including personal use of company money and under-reporting how much he was earning for years. Nissan prepares to oust him as chairman on Thursday.

“Carlos Ghosn is no longer in a position where he is capable of leading Renault,” Finance Minister Bruno Le Maire informed France Info radio.

“Nevertheless, we have not demanded the formal departure of Ghosn from the management board for a simple reason, which is that we do not have any evidence and we follow due legal procedure,” added Le Maire.

The French state owns 15 percent of the automaker, which in turn holds a 43.4 percent stake in Nissan.

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