Tokyo court rejects latest bail request of Carlos Ghosn

Carlos Ghosn Renault-Nissan

Carlos Ghosn’s new request for bail was declined by a Tokyo court on Tuesday, despite the ousted Nissan chairman offering to wear an electronic ankle tag in an uncommon bid to win release following two months of detention for alleged financial misconduct.

The ruling, widely expected, raises the likelihood that the 64-year-old executive is going to remain in custody until his trial, and will put pressure on Nissan’s partner Renault to find his successor as chairman and CEO.

Renault’s board is expected to meet in the near future to decide who will succeed Ghosn, essentially eliminating him from the three-way alliance – which also includes Mitsubishi Motors – that has been in turmoil since his arrest.

Ghosn was almost immediately ousted from the chairmanship of Nissan and Mitsubishi following his initial arrest on November 19, but remains chairman and CEO of their French partner Renault.

He has been formally charged for under-reporting his revenue for eight years through March 2018 and temporarily moving personal financial losses to Nissan’s books. Ghosn rejects the charges.

The court did not mentioned a reason for rejecting the bail. Bail is rarely granted for defendants in the country without a confession.

Ghosn’s lawyer was not immediately available for discussing the Tokyo District Court’s announcement of its decision.

Ghosn’s recent bail request had also included an offer to employ guards to monitor him and a promise to remain in Tokyo, where he has leased an apartment. He offered to post stock he controls in Nissan as collateral, his spokeswoman stated.

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