Nissan may ask ex-Toray boss Sakakibara to chair board meetings

Nissan, Renault and Mitsubishi pledge new start

Nissan, Renault and Mitsubishi pledge new start

Renault SA and Mitsubishi Motors Corp. announced Tuesday that they will be reorganizing their partnership and make a new internal body to oversee their alliance following the arrest of ex-chairman Carlos Ghosn for financial misconduct.

Key executives at Nissan and Mitsubishi have stepped down as the vehicle alliance looks to overhaul its management team amid the scandal surrounding Carlos Ghosn.

Renault-Nissan alliance was first set up during 1999 and Mitsubishi Motors Corp. had been added to the alliance in 2016, and, Carlos Ghosn who had served a Chair for all three companies and the alliance boss, had been thrusting for a much deeper tie-up between Renault and Nissan, including a possible merger, before his arrest and dismissal on November previous year on accusations of alleged financial misconducts.

The leaders of Renault, Nissan and Mitsubishi celebrate the reconfiguration of the Alliance's board of directors.

After staying for about three months in jail, Nissan chief Carlos Ghosn is granted bail on Tuesday.

More news: Rosario Dawson confirms relationship with Cory Booker
More news: Legacy making merger: Disney-Fox mega-deal set to close March 20
More news: Xbox Live Will Expand to Android and iOS Devices

"The event space at Versailles was made available to him without charge, and Mr Ghosn was unaware that the use of the space would be charged against Renault's allotted usage", his French-based lawyer Jean-Yves Leborgne said in February when the allegations came to light, adding that Ghosn had paid for all of his wedding expenses. He was released on 1 billion yen ($8.9 million) bail last week. He will be kept under camera surveillance and will have limited access to computers.

Although Ghosn has been dismissed as chairman at Nissan, he remains on the board.

The Tokyo District Court on Monday declined to temporarily suspend a condition of Ghosn's bail that stops him from meeting people linked to his case, blocking what would have been a dramatic face off between the once-feted executive and the colleagues he has accused of fomenting a coup. The court apparently saw his coming in contact with other Nissan officials as a risk. Mann, who was Munoz's predecessor at Nissan, was sent to Mitsubishi in 2016 after Nissan took a stake in the carmaker. Ghosn was replaced as chairman and CEO of Renault by Senard and Thierry Bollore, respectively.

As boss of Renault, he took what many observers at the time thought was a gamble by saving Nissan from the brink of bankruptcy and tying it to the French firm.

Separately on Tuesday, legal representatives for Ghosn said there were no plans for the ex-auto tycoon to hold a highly-anticipated press conference this week.

Recommended News

  • Dublin climbs up ranks of best cities | Ireland

    Dublin climbs up ranks of best cities | Ireland

    Dubai (74th) continues to rank highest for quality of living across the Middle East, closely followed by Abu Dhabi (78th). The likes of Zurich (second place) and Auckland, Munich and Vancouver (joint third place) trail close behind.
    Greta Thunberg: Swedish climate campaigner nominated for Nobel Peace Prize

    Greta Thunberg: Swedish climate campaigner nominated for Nobel Peace Prize

    Zoe's father Nick Meeten, who attended in support of his daughter, said the strike was about the kids, not about the adults. Obviously, one strike isn't going to change everything, but this isn't the last strike", Hirsi said. "We want a future".
    Samsung is getting closer to making full-screen phones a reality

    Samsung is getting closer to making full-screen phones a reality

    And as it turns out, Samsung itself got the message and is now working on more updates that would improve the fingerprint sensor. Like LG, Samsung also considered developing a Crystal Sound OLED display in which the display could act as a speaker.
  • Iran looks to keep its oil flowing as sanctions bite

    Iran looks to keep its oil flowing as sanctions bite

    The Trump administration has used the threat of insurance liabilities to pressure countries into blocking Iranian ships. If Iran runs into difficulties exporting its oil it could have a significant impact.
    Reports say many dead in mass shooting at New Zealand mosque

    Reports say many dead in mass shooting at New Zealand mosque

    Police urge anyone in central Christchurch to stay off the streets and report any suspicious behaviour immediately to 111. Christchurch resident Katherine Jamieson is in lockdown in her home, which is located down the road from the Mosque.
    Slack's New Mobile 'Dark Mode' is Available for Beta Users

    Slack's New Mobile 'Dark Mode' is Available for Beta Users

    Users that don't yet have the Slack update on their Android phones may wish to enroll in the beta to check it out. And Slack wants to offer it to its users. 9to5Mac spotted this update on the workplace collaboration app.
  • Toyota is creating a crewed lunar rover for Japan's space agency

    Toyota is creating a crewed lunar rover for Japan's space agency

    The Japanese auto major is developing a manned, pressurised rover that uses Toyota's fuel cell vehicle (FCV) technology. The LRVs remain on the surface of the moon, along with unmanned rovers from Russian Federation and China.
    Mohammed Shami charged for dowry and sexual harassment by Kolkata police

    Mohammed Shami charged for dowry and sexual harassment by Kolkata police

    Frustrated by her failed attempts to reconcile with Shami, Hasin had resumed her modelling career in July previous year . The board's anti-corruption officials, however, dismissed the case after investigations, declaring Shami not guilty.
    Ethiopian Airlines crash: Six charts on what we know so far

    Ethiopian Airlines crash: Six charts on what we know so far

    The Ethiopian Airlines plane was less than four months old when it went down six minutes into its flight to Nairobi. The accounts of the recent crashes were echoed in concerns registered by USA pilots on how the MAX 8 behaves.
  • WTI Crude Oil Heading North Towards Upper Range $58 - What's Next?

    WTI Crude Oil Heading North Towards Upper Range $58 - What's Next?

    Crude stocks at the Cushing, Oklahoma, delivery hub fell 672,000 barrels, their first drawdown in a month, the EIA said. The API also reported a huge draw in gasoline inventories of 5.8 million barrels for the week-ending March 8.
    Many dead in New Zealand mosque shooting, witness says

    Many dead in New Zealand mosque shooting, witness says

    A video circulated on social media which appears to be of the gunman entering the Masjid Al Noor mosque, and opening fire. They said it was a scary situation with people running down Deans Avenue, with armed police all around the area.
    US Senate votes to end involvement in Yemen war

    US Senate votes to end involvement in Yemen war

    This decisive vote will end "the American facilitation of the Yemen war and the world's largest humanitarian crises". Chris Murphy (D-Conn.) and Mike Lee (R-Utah) also played key roles in advocating for and passing the resolution.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.