Renault Board Confirms Expenses Improperly Used by Ghosn

AutoInformed.com on Video by former Nissan Motor chairman Carlos Ghosn is shown on a screen during a news conference by his lawyers at Foreign Correspondents' Club of Japan in Tokyo

Video by former Nissan Motor chairman Carlos Ghosn shown on a screen during a news conference in April by his lawyers at Foreign Correspondents’ Club of Japan in Tokyo.

Renault’s Board of Directors today reviewed the final findings of the Joint Audit Mission that was commissioned with Nissan regarding their mutually owned subsidiary RNBV ane took a further swipe at former CEO Carlos Ghosn.

Several expenses incurred by RNBV for a total of ~€11 million include questionable air travel expenses for Mr. Ghosn; other expenses incurred for Mr. Ghosn; and gifts to non-profit organizations. (see AutoInformed.com onRenault Board Backtracking on Carlos Ghosn Innocence, Was 2008 the Year When Carlos Ghosn Went Rogue? Ghosn’s Former Speechwriter on What He Did for Nissan – And What That Did to Him,See Nissan Shareholders Dismissing Ghosn from Board)

The findings confirmed the existence of deficiencies within RNBV in terms of financial transparency and procedures for monitoring expenditure. These deficiencies were flagged by the auditors in an interim report issued early in April.  Renault disclosed this in a press release of April 3, 2019.

As of early April, and in agreement with the Audit, Risks and Ethics Committee’s proposal, the Board of Directors requested Renault’s executive management to reach out to Nissan with a view to reaching an agreement between the shareholders on corrective measures to be implemented by the end of this year.

In addition to measures decided during its meeting of April 3, 2019, the Board of Directors has resolved to ask Renault’s representatives to make contact with their counterparties from Nissan forming the governing bodies of RNBV, for the implementation of any legal actions available in The Netherlands in respect of Mr. Ghosn’s extra costs of air travel and other expenses incurred for Mr. Ghosn as well as exploring recovering from Mr. Ghosn gifts made to some non-profit organizations.

About Ken Zino

Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
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One Response to Renault Board Confirms Expenses Improperly Used by Ghosn

  1. Pingback: Groupe Renault Changes Execs – outsider Luca de Meo as CEO, Clotilde Delbos Deputy CEO | AutoInformed

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