Corruption in car market is nothing new, but it is definitely shocking to see the Chairman of Nissan and Renault get arrested. Yes, Carlos Ghosn has been arrested for using the company’s money for his personal use. It had already been announced that his term would be terminated because of corruption, and cherry on top he also has severe acts of misconducts on his list of accusations.

Whats more shocking is Representative Director Greg Kelly’s involvement in this affair, according to the Nissan Motor Company Limited they have been investigating these charges for sometime now, based on some whistleblower report. Nissan made a statement, “The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that where less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation.”

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Carlos Ghosn, Chairman of Nissan And Reanult, Arrested For Corruption Image : NDTV Auto
Carlos Ghosn, Chairman of Nissan And Reanult, Arrested For Corruption. Image source : NDTV Auto

The CEO Hiroto Saikawa himself has proposed to remove the accused from service. It has been reported by the Yomiuri newspaper, that Ghosn is arrested by the prosecutors on the charge of under reporting his salary. Its a real shock as he is one of the top foreign executive and has quite a name for saving Nissan from bankruptcy. He is also the chairman and CEO of Renault, from France. A search has been initiated on Monday evening in Nissan’s offices and headquarters and other properties of the company, reported by Aashi newspaper. Till now no comments have been issued by neither the Tokyo district Public Prosecutors nor the spokesperson of Renaults and Renaults-Nissan-Mitsubishi Motors alliance.

13% of Renault’s stocks in Paris has been reported to be the worst performing ones in Europe. German listed stocks of Nissan lost a 12% in the market. Shareholders of Renault, approved 7.4 million euro compensation of Ghoshn for ’17. He also received some 9.2 million euros as CEO of Nissan.

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