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Renault keeps Ghosn as CEO despite arrest in Japan

France's Renault keeps CEO Carlos Ghosn on despite his arrest in Japan on allegations that he misused assets of partner Nissan Motor Co. and misreported his income

Reported by: AP [ Published on: November 21, 2018 9:45 IST ]
Image Source : AP Renault keeps Ghosn as CEO despite arrest in Japan

TOKYO (AP) — France's Renault says it has decided to keep its CEO Carlos Ghosn on despite his arrest in Japan on allegations that he misused assets of partner Nissan Motor Co. and misreported his income.

Renault's board of directors announced late Tuesday that the No. 2 at the company, Thierry Bollore, would temporarily fill in for Ghosn.

The French automaker said it would further consolidate its alliance with Nissan. The two automakers have a partnership, also, with smaller automaker Mitsubishi Motor Corp.

There was no update Wednesday in Tokyo from prosecutors on Ghosn's case, and no public word from Ghosn himself. It was unclear where he was being held.

The Japanese and French governments have confirmed their support for the Renault-Nissan-Mitsubishi alliance, the industry leader with 10.6 million vehicles sold in 2017.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.

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