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Carlos Ghosn Renault-Nissan

Nissan’s Chairman Carlos Ghosn to be arrested in Japan for alleged financial violations

Nissan Motor Chairman Carlos Ghosn is to be arrested by Tokyo prosecutors for alleged financial violations in Japan, according to the Asahi newspaper’s report.

The newspaper reported on its website that Ghosn was suspected of having underestimated his own income on financial statements and had agreed to voluntarily discuss with prosecutors.

A Nissan spokesman stated the company was making checks on the report. Spokesmen for Renault and the Renault-Nissan-Mitsubishi alliance did not immediately replied to request for comment.

Public broadcaster NHK reported that Ghosn was being questioned for alleged financial breaches.

The Tokyo District Public Prosecutors Office refused to discuss.

Renault shares dropped significantly in Paris, and were down 5.5 percent in early session trading, one of the worst performing stocks in Europe.

Ghosn is also chairman and chief executive of France’s Renault.

Ghosn is well known in Japan for having turned Nissan around from near bankruptcy.

Ghost is a rare foreign top executive in Japan, who started his career at Michelin in France, before moving on to Renault. He joined Nissan in 1999 after Renault purchased a controlling stake and became its CEO in 2001.

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