RE: Going going Ghosn

RE: Going going Ghosn

Tuesday 14th January

Don't copy Carlos Ghosn, says Yamaha

Instrument maker warns public not to hide inside its instrument cases



The story of Carlos Ghosn's dramatic fall from grace has already had more twists and turns than the Hakone Turnpike. From his initial arrest onboard Nissan's corporate jet, to his detention, interrogation and isolation, the entire saga has, on this side of the world at least, raised as many doubts about the fairness of Japan's legal system as it has about the scruples of the man himself.

And then he fled. Having calmly strolled out of his front door in Tokyo, his escape apparently involved a former US Special Forces soldier, a disguise, a bullet train to Osaka and his concealment within an instrument case aboard two separate private flights, first to Turkey and then on to Lebanon. With his French passport in hand - a document which Japanese prosecutors had seemingly confiscated - Ghosn simply walked through border control to freedom, relatively speaking.

Of course, the notice that Interpol has issued for his arrest and the hot water in which he has found himself in Lebanon over a 2008 trip to Israel mean that, even beyond Japanese jurisdiction, it won't all be plain sailing for Carlos. But he has at least now had the opportunity to share his side of the story, and his tale of derring-do has no doubt added a surprising air of glamour to the whole white collar affair. A little too much glamour, perhaps.

Because, in true Darwin Award-winning style, the one element of the entire story which people seem to have been drawn to is Ghosn's time inside a box. While the man himself has denied any recollection of this most intriguing detail of his escape, initial reports suggested that he had been carried within a double-bass case to avoid detection. These were later altered to mention a speaker box - one too big to fit through the private air terminal's x-ray scanner, of course - but, either way, it seems that people have been keen to recreate Ghosn's Houdini-esq antics for themselves.

All of which led instrument maker Yamaha to release a statement via Twitter which reads: "We won't mention the reason, but there have been many tweets about climbing inside large musical instrument cases. A warning after any unfortunate accident would be too late, so we ask everyone not to try it." While Ghosn's guilt, or lack thereof, remains hard to determine then, one thing is for sure: you absolutely shouldn't try any of this at home.



UPDATE - 21/11/19

Clearly this story is going to run and run and run. Probably for years. But for now, events continue to move at a breakneck pace. According to the BBC, which cited local media reports, the Japanese authorities have extended the detention of Mr Ghosn by ten days having failed to press charges in the initial 48 hours after his arrest.

Last night Renault released a statement to outline the 'transitional governance measures' it has taken to preserve its own interests. The crux of the announcement is the appointment of Mr Thierry Bollore as Deputy Chief Executive Officer, who will lead the management team at Groupe Renault, while its board is chaired by lead independent director Mr Philippe Lagayette.

It is notable though for several other reasons. Firstly, it describes Mr Ghosn as being 'temporarily incapacitated' which is a natty way of not saying 'briefly imprisoned'. Secondly, and most significantly, it confirms that Mr Ghosn is still the Chairman and Chief Executive Officer of Groupe Renault. Mr Bollore will be vested with the same powers, but only on stopgap basis.

Thirdly, its prickliness is manifest, particularly toward its junior partner in the Alliance, Nissan. The statement reiterates that the board is unable to comment on the 'evidence seemingly gathered' against Mr Ghosn by Nissan and the Japanese judicial authorities because it hasn't seen it. That request to do so, on the basis of "transparence, trust and mutual respect" has apparently been made.

Be that as it may, Renault's hand may yet be forced by the French state, which maintains a 15 per cent stake in the firm. The Finance Minister, Bruno Le Maire, has already stated that Mr Ghosn was "no longer in a position" to lead the carmaker and should not remain in charge. He is due to meet with Renault's management team later today.

Nissan, meanwhile, is still set for a board meeting on Thursday, where it is adamant that it will remove Mr Ghosn as its chairman. Mitsubishi is likely to follow suit, although its own chief executive, Osamu Masuko, has apparently said that the alliance between the three manufacturers would be difficult to manage without him.


Β 

ORIGINAL - 19.11.18

Thunderbird-doll lookalike Carlos Ghosn - for now, lord of all he surveys at both Nissan and Renault - faces a difficult chat with Japanese prosecutors today following investigation of 'significant acts of misconduct' at the Japanese manufacturer.

Nissan has apparently been scrutinising its own chairman's behaviour for months after a whistleblower report alleged that he'd used company money for personal use and seriously under-reported his salary to Japanese authorities.

Understated by how much? Well, if the presumably well-informed Japanese media are to be believed, it could be as much as Β£34m over five years. Which is quite a large sum even with the rarefied remuneration packages of global carmakers taken into account.

It is not only the extent of the alleged misappropriation which has Ghosn's face on the homepage of every mainstream news site, but also his position as a figurehead for the auto industry. Lest we forget, he is widely credited with turning around the fortunes of Renault and Nissan, and for forging the alliance (along with Mitsubishi) that counts itself as one of the largest manufacturers in the world.

Certainly in Japan, until today, Ghosn was revered. It is perhaps for this reason that Nissan has not bothered pulling its punches. "It's very difficult to express it in words. Beyond being sorry, I feel big disappointment and frustration and despair. I feel despair, indignation and resentment. As the details are disclosed, I believe people will feel the same way that I feel today."

That's the firm's current CEO Hiroto Saikawa speaking at a press conference earlier. The firm has said that its board will meet on Thursday, and seek to immediately remove Ghosn from his position as chairman. Also expected to go is Greg Kelly, the representative director also said to be complicit in the wrongdoings.

According to Saikawa, a cult of personality had likely contributed to problems with oversight. "Looking back, the concentration of power was something we need to deeply reflect on," he said. Ghosn, known as "Le Cost Killer" in France for slashing expenditure at Renault, had certainly done nothing over the years to understate his pivotal role in the Alliance - even as he stepped down as Nissan CEO in 2017.

Both firms have now scrambled to shore up confidence in light of his arrest. Shortly after Nissan's press conference, Renault has said that its own board of directors would meet to discuss the claims - but not before French President Emmanuel Macron made it plain that, "as a shareholder... the French government will remain extremely vigilant regarding the stability of the Alliance, the (Renault) group and... its employees, who have the full support of the state."

Today's revelation comes just a few months after Ghosn's pay packet was only narrowly approved by Renault shareholders. That amount? A snip at Β£6.6m.

Author
Discussion

paulyv

Original Poster:

750 posts

78 months

Monday 19th November 2018
quotequote all
I'll be that fella this time: It is remuneration.

Edited to add:
If true, what a jerk.

Edited by paulyv on Monday 19th November 15:56

Usget

5,251 posts

166 months

Monday 19th November 2018
quotequote all
Oh I see, so it lives in General Gassing when you lot post it, but NPE if I dare to post the same story four hours ago.

  • flounce**
Oh yeah, the news story, right. Shocking stuff. Unbelievable if true.

LotusOmega375D

4,765 posts

108 months

Monday 19th November 2018
quotequote all
If he had anything to do with introducing the Qashqai, then they should throw away the key.

Charlie Michael

2,747 posts

139 months

Monday 19th November 2018
quotequote all
https://www.forbes.com/sites/victorlipman/2013/04/...

Well known that psychopathy and leadership go almost hand in hand. This sounds like a classic example.

Burwood

15,301 posts

201 months

Monday 19th November 2018
quotequote all
Is this misreporting £34M or misappropriating £34M and then not reporting it? It sounds like he paid himself more than he was entitled.

dme123

6,027 posts

144 months

Monday 19th November 2018
quotequote all
What sort of boundless greed must someone posess to be in the position of making/having hundreds of millions of pounds and yet still feel the need to cheap and lie (and take the risks associated with this) to retain tens of millions more?

dublet

283 posts

166 months

Monday 19th November 2018
quotequote all
Burwood said:
Is this misreporting £34M or misappropriating £34M and then not reporting it? It sounds like he paid himself more than he was entitled.
AFAICT it's not that he was paid too much or too little but rather didn't tell the correct amount to the Japanese authorities who require any salary over 100 million yen to be disclosed. And this amount was off by £34M over several years. Which to me seems like a slightly more subtle thing than just trousering stacks of money undeclared.

It should be noted that Ghosn has apparently already been arrested.

Bullitt Five-Oh

876 posts

22 months

Monday 19th November 2018
quotequote all
dublet said:
Burwood said:
Is this misreporting £34M or misappropriating £34M and then not reporting it? It sounds like he paid himself more than he was entitled.
AFAICT it's not that he was paid too much or too little but rather didn't tell the correct amount to the Japanese authorities who require any salary over 100 million yen to be disclosed. And this amount was off by £34M over several years. Which to me seems like a slightly more subtle thing than just trousering stacks of money undeclared.

It should be noted that Ghosn has apparently already been arrested.
He'd have to some special skills and privileges to be able to withdraw £34M without rising suspicions so I'm guessing it's some sort of him not reporting to officials kind of situation.

Burwood

15,301 posts

201 months

Monday 19th November 2018
quotequote all
dublet said:
Burwood said:
Is this misreporting £34M or misappropriating £34M and then not reporting it? It sounds like he paid himself more than he was entitled.
AFAICT it's not that he was paid too much or too little but rather didn't tell the correct amount to the Japanese authorities who require any salary over 100 million yen to be disclosed. And this amount was off by £34M over several years. Which to me seems like a slightly more subtle thing than just trousering stacks of money undeclared.

It should be noted that Ghosn has apparently already been arrested.
Not exactly the crime of the century. maybe in japan.

Abbott

897 posts

158 months

Monday 19th November 2018
quotequote all
False declaration of remuneration is only part of the story. He also allegedly used company resources for his own personal use ( must have a shed full of biros) and took advantage of some company investments for his own benefit.

Buster73

3,923 posts

108 months

Monday 19th November 2018
quotequote all
A sad end to an illustrious career.

dublet

283 posts

166 months

Monday 19th November 2018
quotequote all
Abbott said:
He also allegedly used company resources for his own personal use ( must have a shed full of biros)
An exclusive look at Ghosn's appropriated biro collection:


But yes, it's not the whole story, though the £34M salary figure seems to be most quoted.

Aluxo

95 posts

26 months

Monday 19th November 2018
quotequote all
Mismanagement at Japan Inc. is a national sport. They’ve done that forever and just bow in shame, and life goes on (Toshiba is just the latest example). Shareholders are considered non-entities so the statement by Nissan is, in that respect, quite funny.
What is unusual in that case is that it is to one person’s benefit. Normally, cooking the book, being an inept management and having the shareholders pick up the tab is completely acceptable as long as one does not benefit personally (beyond boozy lunches and a chauffeur). That’s what unacceptable here for then in Japan.

Otherwise, Ghosn got carried away and should be held accountable. That does not detract from the fact that he did a great job, pity he lined up his full pockets along the way

northwestrecovery

131 posts

139 months

Monday 19th November 2018
quotequote all
How did he do a great job ? , he brought two semi crap car companies together and made both totally crap ! every micra engine needed a timing chain @ 40k miles every navara either blew up or snapped in half every qashqai needs a new engine every 2 years as does the capture and auto gearbox's that fall to bits . i think he merged 3 companies the third being cadburys . he should get life .

alorotom

7,975 posts

142 months

Monday 19th November 2018
quotequote all
LotusOmega375D said:
If he had anything to do with introducing the Qashqai, then they should throw away the key.
A ludicrously successful and top selling model that appeals to a vast spectrum of regular people and families - possibly one of the best selling models over the last decade!!?

As far as the story is concerned, it’s pretty headline grabbing! I bet VAG are happy for some diverted attention!

Abbott

897 posts

158 months

Monday 19th November 2018
quotequote all
alorotom said:
LotusOmega375D said:
If he had anything to do with introducing the Qashqai, then they should throw away the key.
A ludicrously successful and top selling model that appeals to a vast spectrum of regular people and families - possibly one of the best selling models over the last decade!!?

As far as the story is concerned, it’s pretty headline grabbing! I bet VAG are happy for some diverted attention!
VAG are looking for a new leader so he could slot in nicely

anonymous-user

9 months

Monday 19th November 2018
quotequote all
To be frank, there are much worse world leaders smile

Pommy

10,809 posts

171 months

Monday 19th November 2018
quotequote all
northwestrecovery said:
How did he do a great job ? , he brought two semi crap car companies together and made both totally crap ! every micra engine needed a timing chain @ 40k miles every navara either blew up or snapped in half every qashqai needs a new engine every 2 years as does the capture and auto gearbox's that fall to bits . i think he merged 3 companies the third being cadburys . he should get life .
His job is to make them sustainable and profitable - since when has being a good car boss been determined by the quality of its product?


LotusOmega375D

4,765 posts

108 months

Monday 19th November 2018
quotequote all
alorotom said:
LotusOmega375D said:
If he had anything to do with introducing the Qashqai, then they should throw away the key.
A ludicrously successful and top selling model that appeals to a vast spectrum of regular people and families - possibly one of the best selling models over the last decade!!?!
Exactly. It’s the biggest contribution to traffic congestion in these parts since the man who had to walk in front of cars holding a red flag.

barryrs

2,966 posts

178 months

Monday 19th November 2018
quotequote all
LotusOmega375D said:
alorotom said:
LotusOmega375D said:
If he had anything to do with introducing the Qashqai, then they should throw away the key.
A ludicrously successful and top selling model that appeals to a vast spectrum of regular people and families - possibly one of the best selling models over the last decade!!?!
Exactly. It’s the biggest contribution to traffic congestion in these parts since the man who had to walk in front of cars holding a red flag.
Pretty sure I read that the Qashqai is one of the worst real life Nox emissions polluters too.