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Carlos Ghosn appears in court: 'I am wrongly accused'

TOKYO — Former Nissan Chairman Carlos Ghosn told a Tokyo court on Tuesday that he was innocent, defending his honor in his first public appearance since he was arrested on Nov. 19 and charged with false financial reporting. "Your honor, I am innocent of the accusations against me," Ghosn told the judge, speaking firmly and calmly as he read from a statement. "I am wrongfully accused." Prosecutors have charged Ghosn, who led a dramatic turnaround at the Japanese automaker over the past two decades, with falsifying financial reports in underreporting his income by about 5 billion yen ($44 million) over five years through 2015. They also say he is suspected of having Nissan temporarily take on his investment losses from the financial crisis. Seen for the first time since his November arrest, Ghosn was wearing a dark suit without a tie, and plastic slippers, and looked thinner and with gray hair. He rebutted the allegations against him point-by-point and said he had the option to leave Nissan but had decided to stay on. "A captain doesn't jump ship during a storm," he told the court in a strong voice. The veteran auto executive, a familiar face at the World Economic Forum and other elite gatherings, was handcuffed and led into the courtroom with a rope around his waist as the hearing began. Officers uncuffed him and seated him on a bench. Presiding judge Yuichi Tada then read out the charges and said Ghosn, a Brazilian-born Frenchman of Lebanese ancestry, was considered a flight risk — he was arrested on his arrival in Tokyo by private jet — and might try to hide evidence. In Japan, suspects are routinely held without bail, often due to fears about evidence tampering. During Tuesday's hearing, Go Kondo, one of Ghosn's lawyers, argued he was not a flight risk. "He's widely known so it's difficult for him to escape. There is no risk that the suspect will destroy evidence," he said. Facing the courtroom, Ghosn spoke proudly of the automaker's — and his own — achievements, such as reviving iconic models like the GT-R and the Z, expanding operations in China, Russia, Brazil and India and pioneering electric cars and autonomous driving. "I have a genuine love and appreciation for Nissan," he said. Ghosn has been held in spartan conditions at a Tokyo detention facility since he was taken into custody. In keeping with Japanese regulations, he has been allowed visits only from his lawyers and consular officials.

Mitsubishi's crossover plan: New model coming to Geneva, Outlander PHEV finally on the way

Mitsubishi announced last night that it will be concentrating on crossovers for the foreseeable future (which includes leaving the Lancer behind). That future starts at this year's Geneva show, where the company will reveal a completely new small crossover. This new vehicle, the name of which Mitsubishi didn't reveal, is planned to reach dealers in early spring of 2018. It will feature a new version of Mitsubishi's All Wheel Control (AWC) all-wheel drive and a new turbocharged engine that we're told was designed completely in-house. We expect the new crossover to share cues with recent Mitsubishi concepts, including the eX Concept and Ground Tourer, since Mitsubishi's general manager of design strategy Kazuo Yano said they will set the tone for future Mitsubishis. Don Swearingen, executive vice president and COO of Mitsubishi in North America, said this new vehicle is the "best vehicle Mitsubishi has ever produced." That may not be the tallest order given the automaker's recent models, but it's definitely a good goal. As for the size of this new crossover, it will probably be comparable to the current Outlander Sport. The plan is that the Outlander Sport and Outlander will be changing sizes in the coming years. The former will shrink and the latter will grow, leaving space in the middle for the new small crossover. There will be an awkward overlapping period, though, since we're told both Outlander flavors are scheduled for a mild refresh sometime next year that won't include size changes. The resized Outlander models will come sometime after that refresh. (If we're lucky, one will get a new name to reduce confusion, especially with a new model sitting between them.) Speaking of Outlanders, we now know when we will finally get the Outlander PHEV, a variant that has been promised and re-promised for years now. A Mitsubishi PR representative said that the plug-in hybrid crossover will be on sale in the US sometime in the next fiscal year. (For reference, Mitsubishi's current fiscal year ends this March.) Swearingen said it will also make its official debut later this year. So after many, many delays, the US will finally see Mitsubishi's plug-in crossover. We'll see if it's as big a sales success here as it is in Europe. Related Video: Featured Gallery Mitsubishi eX Concept: Tokyo 2015 View 9 Photos Green Geneva Motor Show Mitsubishi Crossover Economy Cars Hybrid 2017 Detroit Auto Show

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.