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New allegations against Ghosn concern payments to Saudi businessman

BEIJING – Fresh misconduct allegations brought by Tokyo prosecutors against ousted Nissan Chairman Carlos Ghosn center on the use of company funds to pay a Saudi businessman who is believed to have helped him out of financial difficulties, two company sources with knowledge of the matter said. Prosecutors arrested Ghosn for a third time on Friday, accusing him of aggravated breach of trust in transferring personal investment losses to the automaker. The prosecutors' statement said they believe that around October 2008, Ghosn was trying to deal with losses on paper of 1.85 billion yen ($16.6 million) incurred on a swap contract he had with a bank which it did not name. A person helped arrange a letter of credit for Ghosn and a company run by the person later received $14.7 million in Nissan funds in four installments between 2009 and 2012, the statement said, adding that the payments were made in Ghosn's and the person's interests. "By doing so, (Ghosn) behaved in a way that breached trust, and inflicted damage on the property of Nissan," the statement said. The statement also said Ghosn had earlier sought to have Nissan shoulder the appraisal losses directly. According to the Nissan sources who have knowledge of the company's probe into its former chief, the person who helped Ghosn is Khaled Al-Juffali, vice chairman of one of Saudi Arabia's largest conglomerates, E. A. Juffali and Brothers, and a member of the board at the Saudi Arabian Monetary Authority. He is also majority owner of a company called Al-Dahana which owns half of a regional joint venture called Nissan Gulf with the other half held by a wholly owned unit of Nissan Motor. Sheikh Khaled Juffali has no comment on this subject, according to an emailed statement from E. A. Juffali and Brothers. Ghosn's Tokyo-based lawyer, Motonari Otsuru, was unavailable for comment on this article, according to a person who answered the phone at his law office. A representative for the Ghosn family declined to comment. Other media have said Ghosn has through a lawyer denied that he shifted losses to Nissan and has told investigators that the four payments were for legitimate business purposes, including a reward for handling problems at Nissan dealers in Saudi Arabia. Tokyo prosecutors declined to comment. Asked about Ghosn's reported comments, a Nissan spokesman said: "We cannot comment on matters related to Ghosn's arrest for breach of trust.

Nissan's Nismo celebrates 30th year with video retrospective

Nismo, the motorsports and high-performance arm of Nissan, has a lot of racing success to celebrate in its history and possibly even bigger accomplishments to look forward to. The company is commemorating its 30th anniversary with a video looking back at its most important milestones from each year of its past.
Nismo's job first and foremost at its genesis was to excel at motorsports. It wasn't too long after the division was founded in 1984 that the company made its first of many attempts to take an overall victory in the 24 Hours of Le Mans. It never quite succeeded in that goal, but still managed to do well in long-distance competition elsewhere. At the same time, Nismo was racking up wins in touring car races in Japan.
Eventually, the division's engineers started dipping their toes into tuning road cars, in addition to going racing. What began as something sporadic has become a growing part of the Nissan lineup with Nismo-branded models of the 370Z, Juke, Note in Europe and the GT-R.

Nissan gives us the business on the art of clay modeling

The team from The Dashboard recently stopped by the Nissan Technical Center in Japan for a look at what exactly goes into creating a full-scale clay model. While automakers have been using clay bucks for decades, designers and engineers are now combining computer renderings and hand-sculpted clay models to determine how a new vehicle will look in our world. Engineers use specially formulated clay kept warm in an oven to bring the body panels to life. They then coat the clay in a thin plastic film to add body color for the final look.
By the time everything is said and done, workers may have hundreds of hours in the model's creation. So, what happens when the company no longer needs the buck? They get scrapped. Someone comes in and dismantles the whole creation. We presume that action is set to the wailing tears of everyone who had a hand in building the model. Check out the video below for a closer look.