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Anonymous ID: 882017 March 11, 2019, 8:53 p.m. No.5635012   🗄️.is 🔗kun

Nissan and Renault weigh closure of Dutch joint venture that reportedly funded Ghosn's parties

 

Nissan Motor Co. and Renault SA are considering closing their joint venture in the Netherlands, sources said Monday, with the Japanese-French auto alliance aiming to establish a new management structure after the arrest of former Chairman Carlos Ghosn.

 

As the alliance looks to strengthen joint operations, Nissan, Renault and their third partner, Mitsubishi Motors Corp., said their top executives will hold a joint news conference Tuesday at Nissan’s headquarters in Yokohama.

 

The Amsterdam-based joint venture, Renault-Nissan B.V., which oversees the partnership’s operations, had been led by Ghosn until he was detained in Tokyo on Nov. 19 for alleged financial misconduct.

 

The venture, set up in 2002, had become nonfunctional in recent years, and the alliance including Mitsubishi Motors Corp. has decided on key strategies at other meetings, according to the sources.

 

The joint venture funded a dinner party held at the Palace of Versailles on the former chairman’s birthday and parties with his friends at Rio de Janeiro’s Carnival, French media reports have said.

 

The two automakers last month launched a joint investigation into whether the venture is involved in any potential financial misconduct.

 

Ghosn was replaced as chairman and CEO of Renault by Jean-Dominique Senard and Thierry Bollore, respectively, and Nissan removed Ghosn as chairman and appointed Senard as a new director subject to approval at a shareholders meeting April. 8. Bollore also succeeded Ghosn as chairman of the joint venture.

 

Nissan, Renault and Mitsubishi Motors are looking to strengthen their joint operations under their new management teams.

 

In a similar move, Nissan and Mitsubishi Motors are considering dissolving their joint venture, Nissan-Mitsubishi B.V., which was established in June 2017 in the Netherlands.

 

Mitsubishi Motors said in January that an internal investigation had found Ghosn “illegally” received around €7.82 million (¥977 million) in remuneration from the venture.

https://www.japantimes.co.jp/news/2019/03/11/business/corporate-business/nissan-renault-weigh-closure-netherlands-joint-venture-reportedly-funded-ghosns-parties/