Fallen Car Magnate Ghosn Wants to Get Rid of Renault Shares

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Carlos Ghosn, the former CEO of Renault and Nissan, is no longer a shareholder in Nissan and also wants to get rid of his Renault shares. He let us know now that the reissue of his memoirs is being published.

 

According to Ghosn, the alliance between the car companies Nissan/Mitsubishi and Renault is not going well because of a power struggle between the groups. He gives that as the reason that he wants to get rid of his Renault shares. But he can’t cash out quickly because the French government has seized the shares due to a tax investigation. It is unclear how many shares Renault Ghosn still has.

The fallen car magnate has lived in Beirut since his spectacular escape from Japan in late 2019, where he was detained on suspicion of fraud. Ghosn is accused of, among other things, misusing company money for private purposes. However, this is still contradicted by himself.

After his arrest in Japan in 2018, Ghosn had to leave the automakers he led. In December 2019, he escaped from Japan, where he was released on bail and under house arrest. However, he bypassed security at his home and flew a private plane to Istanbul, allegedly hiding in a box for sound equipment. From Turkey, he flew to Lebanon, which has no extradition treaty with Japan. Ghosn has French, Brazilian and Lebanese nationality.

Nissan and Renault have jointly lost nearly $30 billion in market value since Ghosn’s arrest. Nissan posted two consecutive years of losses and will close production lines and sacrifice market share to improve results. Renault has also taken drastic measures since Ghosn’s departure. Thousands of jobs were cut, and capacity was significantly reduced.

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