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Nissan’s Former Chairman Seeks Bail

Ghosn and Kelly have denied all charges. Nissan said it regretted any concern caused to its stakeholders

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A court sketch, drawn by Nobutoshi Katsuyama, shows ousted Nissan Motor Co Ltd chairman Carlos Ghosn during an open hearing at Tokyo District Court in Japan, Jan. 8, 2019.(voa)

Nissan’s former Chairman Carlos Ghosn has requested his release on bail after being indicted in Tokyo Friday on two new charges, his lawyers said, as the once-feted auto executive awaits a lengthy criminal trial that could be as long as six months away.

Ghosn was the overlord of an alliance that included Nissan Motor, Mitsubishi Motors and France’s Renault, until his surprise November arrest and removal as chairman of both Japanese automakers sent shockwaves through the industry.

The former executive, lauded for rescuing Nissan from the financial brink two decades ago, was charged with aggravated breach of trust for temporarily transferring personal investment losses to Nissan in 2008.

Ghosn, former Representative Director Greg Kelly and Nissan itself were also charged for understating Ghosn’s income for three years through March 2018. The three parties have been indicted for the same charge covering the years 2010-2015.

Ghosn and Kelly have denied all charges. Nissan said it regretted any concern caused to its stakeholders.

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Japan

Bail is rare

It is rare in Japan for defendants who deny their charges to be granted bail ahead of trial. Kelly posted bail on Christmas Day and is unable to leave Japan without special permission.

Ghosn’s lawyer, Motonari Otsuru, expects his client to be held until trial, which he said could begin in about six months.

If bail is granted, Ghosn, who is suffering from fever, according to his lawyer, would not likely be released until Tuesday given that Monday is public holiday.

Kelly, a Ghosn ally, was hospitalized for treatment of a pre-existing neck problem after his release and has since been discharged, said his lawyer Yoichi Kitamura.

“This second indictment for Kelly comes as no surprise as it merely makes what was a five year period for the first into eight years,” Kitamura said.

Kitamura said he expects Ghosn and Kelly to be tried together on the two charges of understating income, and that he will work closely with Ghosn’s legal team.

Nissan complaint

Also Friday, Nissan said it had filed a criminal complaint against its former leader.

The automaker, in a statement, said it filed the complaint “on the basis of Ghosn’s misuse of a significant amount of the company’s funds. Nissan does not in any way tolerate such misconduct and calls for strict penalties.”

Ghosn, 64, appeared in court Tuesday for the first time since his arrest, looking thinner and grayer. He denied the allegations, calling them “meritless” and “unsubstantiated.”

He said he had asked Nissan to temporarily take on his foreign exchange contracts after the 2008-2009 financial crisis prompted his bank to call for more collateral. He said he did so to avoid having to resign and use his retirement allowance for collateral.

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Ghosn’s lawyer Otsuru on Tuesday said Nissan had agreed to the arrangement on condition that any losses or gains would be Ghosn’s. Ghosn said the contracts were transferred back to him and that Nissan did not incur a loss.

On Thursday, the boards of Nissan and controlling shareholder Renault, where Ghosn remains chairman, met for an update on the matter. Nissan later said it remained committed to the alliance. (VOA)

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Here are 4 Destinations you Need to Add to Your 2020 Travel Calendar

Mark your 2020 travel calendar with these global spots

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Travel destinations
If you're a traveller then you definitely need to visit these beautiful global travel destinations. Pixabay

BY SIDDHI JAIN

For travel enthusiasts and people who are looking to head out for a long-haul vacation in the upcoming year, the experts have suggested some top destinations where they can breath a “sigh of relief”. Lets see what they are:

1. Egypt

Egypt has just topped UK’s Independent newspaper’s list for “top countries to visit”. With the new Grand Egyptian Museum located near the Pyramids of Giza, opening in 2020, where there will be 30,000 never-before-seen Egyptian artefacts, this will be a big draw. –Anthony Lim, Insight Vacations and Luxury Gold

2. Australia

Apart from having a plethora of natural and manmade tourist attractions, Australia will also be hosting the T20 Cricket World Cup in 2020, which will make Australia a hot travel destination in 2020. –Paytm Travel

Egypt travel
Egypt is considered to be one of the best travel destinations in the world. Pixabay

3. Bali

Indonesia’s most visited island refuses to lose its charm for the travellers. Awarded as the World’s Best Travel Destination in 2017, the island covers the holiday interests of all kinds of travellers. Whether it is natural attractions, cultural richness or gastronomic adventures, the island has multiple spots to experience them all. With its extravagant temples, never-ending coastline, some of the world’s best retreats and party spots, Bali is a marvellous combination of leisure, adventure, spiritual awakening and a happening nightlife, all in one island. –Dharamveer Singh Chouhan, Zostel

Also Read- Here are Suggestions to Ace a Destination Wedding

4. Japan

Japan will be another trending destination in the new year because of the 2020 Olympics but what people will be seeking for is the opportunity to go deeper into Japan. From the dynamic cities to the majestic temples and scenic landscapes, Japan is an amazing showcase of the juxtaposition of modern and traditional cultures. –Anthony Lim, Insight Vacations and Luxury Gold (IANS)