The Latest: Court says Nissan ex-chair Ghosn seeking bail

TOKYO — The Latest on the Nissan Motor Co.'s former chairman, Carlos Ghosn, who is facing financial misconduct charges (all times local):

4 p.m.

The Tokyo District Court says that lawyers for Nissan's former chairman Carlos Ghosn have requested his release on bail.

The request followed Ghosn's indictment Monday on fresh breach of trust charges. Ghosn is being held at the Tokyo Detention House.

The Tokyo District Prosecutors' Office said in a statement that Ghosn caused $5 million in financial damage to Nissan by siphoning off half of $10 million that he had a Nissan subsidiary transfer to an overseas sales agent for the automaker in 2017 and 2018.

It alleges that Ghosn diverted $2.5 million in July 2017 and another $2.5 million a year later from the sales agent to his private investment company for his personal benefit.

Ghosn has said he is innocent of all charges.

___

1:48 p.m.

Japanese media report that prosecutors have charged Nissan's former chairman Carlos Ghosn with breach of trust.

The charges reportedly filed Monday are related to payments by a subsidiary of the Japanese automaker that allegedly went to a private investment company controlled by Ghosn.

The indictment ensures he will remain in detention. His current period of detention would have expired Monday if he had not been charged.

Ghosn, 65, was arrested in November. He says he is innocent of all financial misconduct charges against him.

Prosecutors re-arrested Ghosn in early April, a month after his release on 1 billion yen ($9 million) pending his trial.

Ghosn has said compensation he allegedly underreported was never decided upon and payments that prosecutors say amount to breach of trust were legitimate business transactions.

You may also like these

Qantas bends to Beijing by describing Taiwan as...

Jun 5, 2018

Australia's foreign minister has expressed concern at Qantas Airways' decision to describe Taiwan...

EU foreign policy chief wants quick Australian...

Aug 8, 2018

The European Union's foreign policy chief, Federica Mogherini, says she wants a free trade...

Australia shifts on refusal to send refugees to...

Oct 17, 2018

Australia's prime minister signals he could accept New Zealand's longstanding offer to resettle 150...

Australia plans to balance books in pre-election...

Apr 2, 2019

The Australian government has unveiled a plan to balance the national budget next year and pay off...

Global stocks climb on signs US rate hike not...

Aug 18, 2016

Global stocks rose Thursday after Wall Street edged higher on news the U.S. Federal Reserve is in...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!