Carlos Ghosn received 'improper payments', Nissan-Mitsubishi probe finds

Mitsubishi board considers new allegations against Ghosn

The French government, Renault's biggest shareholder, has recently asked the automaker to choose a successor to Ghosn, who has been detained in Japan for almost two months, at the board meeting.

The company said it expects automotive markets to be "stable" in Europe and globally this year, with Russian Federation growing 3 per cent and Brazil expanding 10 per cent.

French carmaker Renault unveiled record sales today of almost 3.9 million vehicles previous year, even as it prepares to turn the page on the era of chief executive Carlos Ghosn who remains behind bars in Tokyo on fraud charges.

The French carmaker posted a 3.2 per cent increase in vehicle sales a year ago, boosted by a new Chinese joint venture and rebounding demand in Russian Federation and Latin America.

Renault was seen as the dominant partner because of its 43% shareholding in Nissan, despite selling fewer vehicles.

In November, Japanese auto maker Nissan, a Renault alliance partner, announced that Ghosn was arrested in Tokyo after an internal inquiry revealed his involvement in financial wrongdoings.

In a statement yesterday, the carmaker said its governing bodies were now "actively working to find the best solution for the future governance of the group".

Ghosn denies the charges.

The French state is Renault's biggest shareholder, owning a 15-per cent stake.

Carlos Ghosn improperly received $9 million in compensation from a joint venture (JV) between Nissan Motor and Mitsubishi Motors, the Japanese automakers said on Friday, raising the possibility of their ousted chairman facing a fresh charge of embezzlement.

Nissan said in a statement that it viewed Ghosn's payments as "the result of misconduct, and will consider measures to recover from Ghosn the full sum".

French daily Le Figaro said Sunday was a likely date, but on Thursday no invitations had been sent out to board members who must be informed 48 hours before a meeting.

"That such misconduct also occurred at our affiliate is beyond shocking.it's sad", Masuko told reporters, referring to the payments made to Ghosn from Nissan-Mitsubishi B.V., registered in the Netherlands in 2017.

"Jean-Dominique Senard is certainly a very qualified leader".

Ghosn has been charged over allegations he failed to disclose close to $80 million in additional compensation for 2010-18 that he had arranged to be paid later.

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