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Renault has filed a malicious charge situation against Carlos Ghosn says finance minister

The French minister of finance, which owns a 15% interest in Renault SA, said on Wednesday, after having identified 11 million euros (1.3 billion yen), the car company intends to take a lawsuit against previous CEO Carlos Ghosn.

France’s possibility of new legal intervention signals a sharp headache for the former CEO of Renault, who also was Nissan president of the Japanese carmaking association, after his detention in Tokyo in November.

“The government will turn all components over to the statutory officials, and a lawsuit will occur,” said Finance Minister Bruno Le Maire in an email to BFM TV.

“The government will perform its full function as the shareholder of Renault. When the State has an equity interest as it does in Renault, its role is to ensure (commercial) management functions correctly, “he clarified.

He said that the conclusion from an internal inspection conducted by Renault had revealed “understandable” truths, and the next choice had to be taken by the justice officials.

Renault and Nissan Motor Co. performed an internal audit which identified € 11 million of doubtful costs of their Netherlands subsidiary RNBV, connected to Ghosn.

“Such results verified that the RNBV’s economic transparency deficiencies and expense surveillance processes existed,” Renault said in a declaration early Tuesday.

He said the firm looked at the legal proceedings against Ghosn’s “additional air travel costs” and other costs “and explored returning Mr. Ghosn’s donations from non-profit organisations” Ghosn, 65-year-old, who retains his guilt, is pending court in Japan for his decreased wages at Nißan for years and the use of corporate resources at private expense.

Ghosn claims Nissan’s opponents politically motivate Japan’s allegations of economic maladministration. Ghosn was attributed with Nissan’s guiding recovery from near-insolvency.

The committee representatives from Renault gathered with Fiat Chrysler Automobiles NV on Tuesday to address the suggested partnership. Renault said they were looking into the proposal with concern but would gather on Wednesday to discuss it.

Fiat Chrysler has settled significant divisions with France regarding its suggested partnership with Renault, three reports said, as discussions on the $35 billion tie-up scheme moved towards a potential contract on Wednesday.

An evolving agreement on the impact of France over an FCA-Renault merged could clarify the route to approve a framework agreement by Renault and start the long cycle of a comprehensive partnership.

FCA, Renault and its 15% subsidiary, the French government, have been engaged in discussions over an offer by the Italian-American company to establish the third-largest carmaker in the world. France greeted the agreement in broad terms, provided that it ensures Renault’s home blue-collar jobs and crops.

His managers will “proceed to explore such a mixture with concern,” said Renault in a declaration.

FCA’s proposition would have both firms purchased 50-50 of their present shareholders by a registered Dutch holding company and Renault’s after distribution of a special dividend of 2.5 billion euros to FCA shareholders.

 

 

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