Carlos Ghosn is fired as Mitsubishi president but denies claims for misconduct – business | The business


Carlos Ghosn was fired as president of Mitsubishi Motors a week after the car magnate was arrested on allegations that he underestimated his income in millions of dollars – a crime that carries a possible 10-year prison sentence.

Seven of Mitsubishi's eight board members, part of an industry alliance set up by Ghosn which also includes Renault, held an extraordinary meeting on Monday to decide their fate, days after Nissan dismissed him as chairman of the board.

Ghosn, who allegedly also abused the company's assets for personal use, remains detained in Tokyo but denied the allegations, according to Japanese media.

Mitsubishi said its chief executive, Osamu Masuko, will be the temporary president.

Ghosn, 64, has already been hailed as a visionary after saving Nissan from bankruptcy in the 1990s, leading his alliance with Renault. Nissan then took a 34% stake in Mitsubishi, which employs more than 30,000 people in 2016.

The group grew to be the world's best-selling car company with about 10.6 million vehicles coming off the production line last year. It employs about 450,000 people worldwide.

While Nissan has vowed to maintain its ties with Renault, reports in Japan have stated that Nissan executives were disturbed by Ghosn's plans to turn the alliance into a full merger.


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