Renault keeps Carlos Ghosn at wheel after probe finds no pay wrongdoing

Nissan sues Ghosn's sister while Renault finds no irregularities in his pay

Renault Keeps Ghosn at Wheel After Probe Finds No Pay Wrongdoing

Renault's board has voted to keep Carlos Ghosn as its CEO and chairman after an internal investigation found no wrongdoing or illegal activity with regards to his pay.

Nissan Motor Co's ex-chairman Carlos Ghosn and his representatives still have no right to access a contested Rio de Janeiro apartment, the automaker said, after a fresh legal document showed a Brazilian court decision to grant access.

The Renault directors' preliminary conclusion is that the auto boss's compensation was in "compliance with applicable law" as well as with the recommendations of the French corporate governance code. But the French carmaker has asked its lawyers to update the board again "promptly" after further assessing the information provided by Nissan.

Furthermore, the Board of Directors noted that, at this stage, it does not have information concerning Carlos Ghosn's defence.

Greg Kelly, a former Nissan representative director initially arrested on November 19, was served a fresh arrest warrant along with Ghosn on Monday for allegedly conspiring to understate Ghosn's remuneration by 4.27 billion yen ($37.6 million) in securities reports, while Ghosn was set to receive 7.17 billion yen in remuneration in the three years through March 2018.

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Meanwhile, Anand opted for black printed bandhgala short kurta and pants with a monochrome pocket square, looking royal as ever. While Isha has opted for white and gold lehenga with diamond jewellery, Anand looks dapper in black ensemble.

Renault kept Ghosn on as CEO after his arrest in Tokyo, but launched an enquiry into his pay package and named a deputy CEO, Thierry Bollore, to ensure day-to-day management. After a months-long investigation by the company, Ghosn was charged Monday for understating his income by $43 million.

Ghosn and Kelly are suspected of violating the Financial Instruments and Exchange Act by underreporting Ghosn's compensation.

If found guilty, he could face a 10-year prison sentence.

This did not prevent reports of tension between the three companies, which outsold every rival group previous year, even though executives have said they remain "fully committed" to the alliance. Nissan also alleges he diverted company funds to pay for personal expenses.

Japanese public broadcaster NHK reported Monday, citing unidentified sources, that Ghosn is denying the allegations against him.

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