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Auditor had questioned Nissan on payments in Ghosn scandal, source says

TOKYO — Nissan's auditor had repeatedly questioned transactions at the heart of allegations of financial misconduct by former chief Carlos Ghosn, but Nissan said they were proper, a person with direct knowledge of the matter said on Wednesday. Ernst & Young ShinNihon LLC questioned Nissan's management several times, chiefly around 2013, about purchases of overseas luxury homes for Ghosn's personal use and of stock-appreciation rights that were conferred on him. But the Japanese automaker said the transactions and financial reporting were appropriate, the source told Reuters on condition of anonymity. The revelation shows Nissan and its auditor were discussing the transactions, in apparent contrast with Nissan's contention that the alleged misreporting of benefits for Ghosn was masterminded by Ghosn and a key lieutenant. A spokesman for EY ShinNihon, the Japanese affiliate of global accounting firm Ernst & Young, said he could not comment on specific cases. A Nissan spokesman declined to comment. Ghosn was arrested on Nov. 19 as he arrived in Japan. Prosecutors accuse him of falsifying Nissan's annual reports to understate by about half his total compensation of some 10 billion yen ($90 million) over several years. The high-profile former executive has denied the allegations, according to Japanese media. Ghosn remains in custody and is unable to speak publicly. He is represented by former prosecutor Motonari Otsuru, according to Japanese media. Otsuru's law firm declined to comment on Wednesday, and Otsuru has not responded to requests for comment. Nissan has largely pinned the blame on Ghosn and Greg Kelly, a former representative director who was arrested along with Ghosn on the same allegations. "As a result of the investigation, we are certain these two are the masterminds," CEO Hiroto Saikawa told a news conference on Nov. 19, referring to Ghosn and Kelly. He declined to say whether others at Nissan were involved in the alleged wrongdoing. An internal investigation is ongoing, and Nissan says it is cooperating with prosecutors. Nissan and Mitsubishi Motors have removed Ghosn as chairman in the wake of his arrest. The French member of the three-firm alliance, Renault, retains him as chairman and CEO.

How and why Nissan nearly killed off Infiniti

Launched in 1990, Infiniti was expected to be Japan's answer to BMW (Lexus would end up chasing Mercedes-Benz). Yet things went awry almost right out of the gate. Overlooking the fledgling automaker's now infamous early marketing campaign, its product line over the past twenty-four years has been a roller coaster ride of strong hits (Q45, FX35 and G35) and frustrating misses (M30, I30 and QX4).
In a recent interview with Ward's Auto at the Detroit Auto Show, Nissan Executive Vice President Andy Palmer revealed that the company's luxury brand was almost cancelled by CEO Carlos Ghosn as unnecessary. Infiniti, like most premium marques owned by a volume manufacturer, had fallen into the trap of losing autonomy and pushing its high-end product just like its mainstream models.
The one obvious exception to this industry blunder, said Palmer, was VW Group's Audi brand. Realizing that Audi's impressive comeback over the past two decades shamed even that of actor Robert Downey Jr., Nissan hired Audi veteran Johan de Nysschen to bring Infiniti to its intended glory - and protect it from extinction. Check out the complete interview here.

Club to restore amazeballs Datsun Safari Rally Z

Thanks to the Nissan Restoration Club, a legendary rally car is coming back to life. At the recent Nissan 360 media event, the Japanese automaker announced that its restoration club is bringing the Safari Rally Z back to original running condition. A variant of the Fairlady Z (or Datsun 240Z in the US), the Safari Rally Z has a fastback coupe body and a 215-horsepower inline-six engine. It won East African Safari Rally championships in both 1971 and 1973. The restoration is scheduled for completion this December.
Formed in 2006, Nissan's Restoration Club is comprised of 60 volunteer members who are passionate about Nissan's historic racecars. The club's past restoration projects include the 1964 Skyline racecar and 1947 Tama electric vehicle. Read the press release below for all the details on the latest restoration, and check out the gallery for photos of the Safari Rally Z as well as the 1972 Fairlady 240Z.