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Carlos Ghosn: What misconduct is he accused of?

TOKYO — Japan was shocked by news that Nissan Motor Co. Chairman Carlos Ghosn, who was widely respected for rescuing the carmaker from near bankruptcy, was arrested on Monday for alleged financial misconduct. Nissan said that Ghosn, who is also chairman and CEO of Renault and chairman of Mitsubishi Motors, would be fired from his post as Nissan chairman on Thursday. What is Carlos Ghosn accused of? Nissan CEO Hiroto Saikawa told a packed press conference on Monday night that the company had found that Ghosn had been using corporate money for personal purposes and under-reporting his income for years in official company filings to the Tokyo Stock Exchange. Another board member, Greg Kelly, was also deeply involved in the misconduct, Nissan said. Saikawa said he couldn't elaborate as the cases are being investigated by prosecutors, who have declined to comment. Prosecutors said that Ghosn and Kelly conspired to understate Ghosn's compensation over five years starting in fiscal 2010 as being about half of the actual 9.998 billion yen ($88.9 million). Public broadcaster NHK said Nissan paid billions of yen to buy and renovate homes for Ghosn in Rio, Beirut, Paris and Amsterdam, citing unnamed sources. The properties had no business purpose and were not listed as benefits in TSE filings, NHK said. Ghosn, 64, has not been formally charged. The Asahi newspaper reported that he and Kelly had submitted to prosecutors' questions after getting off a plane on Monday afternoon at Tokyo's Haneda Airport. Saikawa confirmed they had been arrested. Ghosn and Kelly have not been seen since, and their exact whereabouts are not known. Suspects are typically taken to the Tokyo Detention Center, which is linked to the Tokyo District Public Prosecutors Office. How did this come to light? Nissan's Saikawa said Ghosn's alleged improprieties came to light through a whistleblower, after which the company began an internal investigation and informed prosecutors. Japanese media reports say the informant is a member of Nissan's legal department. The Asahi reported, without citing sources, that the informant gave the prosecutors information in a plea bargain, implying the person may have provided evidence in exchange for a lighter sentence. How much control did Carlos Ghosn have? After becoming CEO of struggling Nissan in 2001, Ghosn was hailed as the automaker's savior by implementing an aggressive cost-cutting plan.

Mitsubishi MI-TECH concept has four electric motors and a turbine engine range extender

Mitsubishi is bringing a new concept car to this year’s Tokyo Motor Show, and itÂ’s already shaping up to be an exciting proposition. We got a teaser photo of the MI-TECH Concept today, and it looks like a short wheelbase convertible SUV. Not only that, but itÂ’s also a two-seater. All this means itÂ’s likely not anything close to what weÂ’ll see in a production car, but the tech onboard is what really grabbed our attention. ItÂ’s a plug-in hybrid, but itÂ’s different than most youÂ’ve seen before. There are four electric motors, two at each axle to provide the best four-wheel drive one could ask for. Then, instead of a traditional gasoline engine generator as a range extender, Mitsubishi is using a turbine engine generator. The Chrysler and GM turbine cars of the 1960s-70s were just ahead of their time, werenÂ’t they? Mitsubishi says this allows the MI-TECH to drive like a series hybrid when the battery pack is depleted. The four-wheel drive system is supposed to provide fantastic performance offroad and also on tarmac, being able to precisely dole out the exact amount of torque to whatever wheel needs it at any given time. Mitsubishi says the entire plug-in hybrid electric system is compact, so as to fit in a small SUV. Think Eclipse Cross or Outlander Sport size. The company already has a plug-in hybrid powertrain for the larger Outlander, but it wants to hybridize its smaller offerings one day, too. We donÂ’t expect the turbine engine to make it into our hands, but this four-motor electric drive system would be sweet in a production car. An augmented-reality windshield is the highlight on the interior of the MI-TECH. It is able to project a variety of information onto the windshield by using optical sensing technology. Hopefully Mitsubishi expands on that when it fully reveals the car in Tokyo. For now, we have the teaser, and it looks pretty neat. Mitsubishi, feel free to release a production version of a roofless, off-road, electrified SUV. We could use something fun in the lineup, as the Evo hole in our heart grows larger by the year.

Carlos Ghosn's lawyers in Japan quit after client's flight to Lebanon

TOKYO — Japanese attorneys representing Carlos Ghosn, including lead lawyer Junichiro Hironaka, quit on Thursday following the former Nissan chiefÂ’s flight to Lebanon from Japan, where he had been fighting financial misconduct charges. Hironaka had been representing Ghosn in his defense against financial misconduct charges. His move, announced Thursday, was widely expected after Ghosn escaped to Lebanon late last month. A second lawyer in GhosnÂ’s three-person legal team, Takashi Takano, also quit on Thursday, according to an official at his office. A person who answered the telephone at the office of the third lawyer, Hiroshi Kawatsu, said she did not know if he still represented the former automotive executive. Hironaka said in a statement that the entire team working on the case at his office will quit but did not outline reasons. He has said before he felt some empathy for Ghosn's reasons for escape, while stressing he had hoped to win vindication in court. Hironaka is respected for winning high-profile cases in this nation where the conviction rate is higher than 99%. Among the cases he has handled is that of Atsuko Muraki, a Welfare Ministry official accused of falsely approving a group to qualify for mail discounts. She was acquitted in 2010. Also Thursday, Nissan released steps it was taking to prevent a recurrence of Ghosn's scandal, and reiterated its denouncement of Ghosn. The automaker said in a report submitted to the Tokyo Stock Exchange that Ghosn had the authority to “single-handedly” determine directors' compensation and such information was not shared with other departments at the company. The underreporting of his future compensation is among the allegations Ghosn faced in Tokyo. In a news conference last week in Beirut, Ghosn insisted again that he was innocent of the charges, which also included breach of trust in diverting Nissan money for his personal gain. He said he fled because he felt he could not expect a fair trial in Japan. Ghosn's flight while he was out on bail awaiting trial means his case will not go on in Japan. Interpol has issued a wanted notice but his extradition from Lebanon is unlikely. Ghosn has accused Nissan and Japanese officials of conspiring to bring him down to block a fuller integration of Nissan with its French alliance partner Renault SA of France. Ghosn, who has signed on an international team of lawyers, has expressed willingness to stand trial in Lebanon.