Roughly two decades after taking the helm at Nissan, and later chairing the Japanese firm’s alliance with Renault and Mitsubishi, the carmaker’s board voted to remove company boss, Carlos Ghosn following his arrest in Japan for allegedly underreporting his salary.
It has been reported that he was formally sacked by the Japanese carmaker’s board after an emergency meeting at its headquarters in Yokohama, following an internal investigation that found Ghosn had failed to disclose £34.5m in income and misused company funds.
Another top Nissan executive, Greg Kelly was also arrested for allegedly having acted as Ghosn’s ‘Inside Man’.
The pair were arrested on Monday, November 19 and are still in a detention centre in Tokyo but remain directors since a shareholder vote is required to remove them from the board entirely.
Following the arrests, Nissan accused Ghosn and Kelly of misdirecting company investments and personal use of company assets.
In a statement, Nissan said that Greg Kelly had, “been determined to be the mastermind of this matter, together with Carlos Ghosn.”
According to Tokyo prosecutors, Ghosn’s detention has been extended until at least November 30.
If found guilty, Ghosan could face up to 10 years in prison, a fine of up to 10 million Yen, or both.
Neither Ghosn or Kelly have been formally charged with any crime at this time.