WEDNESDAY, 23 JAN 2019

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2018_728x90px
Baker_Tilly_03/12-20/02_266x90px
IMH LTD

Cyprus Ready to Contribute for Better Results in the EU -Arab States Summit

Cypriot, Greek and Israeli Diaspora Leaders Meet February in Jerusalem

IMH LTD
GAP_Group_2018_468x60px

INTERNATIONAL

brought to you by CIPA

Carlos Ghosn: Ex-Nissan Chair Faces Two New Charges

Carlos Ghosn: Ex-Nissan Chair Faces Two New Charges

Prosecutors in Japan have indicted former Nissan chairman Carlos Ghosn with two fresh charges involving financial crimes.

Ghosn, who has been detained since November, was charged with aggravated breach of trust and understating his income.

He had already been indicted on a separate charge of underreporting his pay over five years.

Ghosn, whose detention has drawn some criticism, denies all wrongdoing.

His lawyers said they would apply for bail, but experts say this request is very unlikely to be granted.

The new charges will likely keep the 64-year-old in prison until his first trial, according to his lawyers.

Ghosn was first charged last year with underreporting his pay package for the five years to 2015.

On Friday 11 January, a fresh charge claimed he understated his compensation for another three years.

He was also indicted on a new, more serious charge of breach of trust.

Ghosn, the architect of the Renault-Nissan alliance, is accused of moving personal investment losses worth 1.85bn yen (£13.4m; $17m) racked up on foreign exchange dealings to Nissan.

Ghosn is also accused of making $14.7m in payments to Saudi businessman Khaled al-Juffali, using Nissan funds in exchange for arranging a letter of credit to help with his investment losses.

He was first detained on 19 November and rearrested twice in December.

If found guilty of the financial misconduct charges, Ghosn faces up to 10 years in prison as well as a fine of up to 700m yen, according to Japanese regulators.

Following his arrest, Nissan and Mitsubishi removed Ghosn as chairman. Renault has kept him on as chair, saying it has not yet found any evidence of wrongdoing.

On Thursday 10 January, the board of the French firm said an investigation into executive pay had so far shown no signs of fraud.

"The review process has examined the compensation of the current Groupe Renault Executive Committee members for the financial years 2017 and 2018 and has concluded that it is both in compliance with applicable laws and free from any fraud," it said in a statement.

It said the review process "will continue with respect to previous financial years".

MORE ON INTERNATIONAL

Regus Ordered by the High Court to Pay €74,000 in Costs over EASY Branding Dispute

Sir Stelios Haji-Ioannou’s easyGroup, owner of the easy family of brands (www.easy. ...

PwC: Global Economic Growth Expected to Slow in 2019

The global economy as a whole is expected to slow in 2019 as G7 countries return to ...

Gillette Maker's Boss Warns on Brexit Price Rises

The boss of Procter and Gamble, maker of Fairy liquid and Gillette razors, says its ...

FROM AROUND GOLDNEWS

   

Cypriot, Greek and Israeli Diaspora Leaders Meet February in Jerusalem

Cypriot, Greek and Israeli diaspora leaders are set to meet trilaterally in Jerusalem, between February 24 and 26. Presidential Commissioner Photis Photiou ...
   

Baker Tilly South East Europe: New Substance Requirements in Offshore Financial Centers

Under the OECD’s and EU’s influence and in an attempt to get rid of their status as “bad” jurisdictions, long established island ...
   

EY: Technology and Innovation are Key to Drive Agile Growth for Insurance Companies

Global insurance sector growth is expected to remain weak, and companies must focus on technology and innovative initiatives that optimize costs, drive wider ...
   

DP World Limassol: New Investments Enhance Efficiency and Safety of Port Operations

DP World Limassol has acquired a range of new equipment as part of an ongoing upgrade of the Limassol port infrastructure. A new, high-tech mobile harbour ...
   

Emirates Introduces Entertainment Playlist Syncing Ahead of Travel

Emirates has introduced an innovative new function on its app to allow customers to create bespoke playlists ahead of their flight and sync it to their seats ...
   

The New Power Station Foundation Stone Laying Ceremony

The New Power Station of Power Energy Cyprus (P.E.C.) Ltd is now a fact and its construction is proceeding fast. The Power Plant aspires to become the first ...
   

Cyprus Ready to Contribute for Better Results in the EU -Arab States Summit

Foreign Minister Nikos Christodoulides expressed the readiness of the Republic of Cyprus to contribute to achieving substantial results during the EU summit ...
   

Trade Deficit Down by 12.8% in January – October 2018

Trade deficit declined 12.8% in the period January - October, according to data released Monday by the Statistical Service of Cyprus.   Trade deficit ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Martin_Lindstrom_01/11-30/01_300x250px

IMH LTD