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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.

Weekly Recap: Ferrari, Ford and Porsche power up for Geneva

Monday was Groundhog Day. Tuesday, apparently, was Sports Car Day. The Ferrari 488 GTB, the Ford Focus RS and the Porsche Cayman GT4 all debuted within hours of each other ahead of their rollouts at the Geneva Motor Show. Three sporty machines, three vastly different approaches – and a lot of implications for enthusiasts. That's a day worth repeating. It also illustrates the opportunities automakers see in the performance market, which is expected to grow in the coming years. Ford estimates the segment has expanded 14 percent in Europe and surged 70 percent in North America since 2009. The Detroit Auto Show was evidence of this, and performance cars of every stripe debuted, including the Acura NSX, Ford GT, Alfa Romeo 4C Spider and several others. This isn't a fad. Performance cars aren't going away. The question is why? Stricter CAFE standards are looming in the United States, as are tighter emissions regulations in Europe. And no one expects gas prices to remain low in America. None of this matters for sports cars, and automakers are increasingly using them to elevate their images. That's why Dodge rolled out two 707-horsepower Hellcats last year. It's why Ford has decided to resurrect the GT for road and track. It's why in the depths of bankruptcy, General Motors continued work on the Chevrolet Corvette Stingray, not to mention the Z06. "Great brands are made one car at a time," Ford of Europe president Jim Farley said at the reveal of the Focus RS. Still, companies make those cars for different reasons. View 5 Photos Mainstream brands like Ford and Dodge want to build cars that get people talking, excite their bases and drive more potential customers into the showroom. They probably don't buy a Focus RS or a Hellcat, but suddenly the regular Focus hatch looks a bit hotter, and that V6 Charger seems to be just a touch more muscular. The halo of performance is alive and well in the eyes of automakers and their customers. "It's one of the most effective catalysts for ingenuity and innovation," said Joe Bakaj, vice president of product development for Ford of Europe. That also leads to a trickle-down effect. Some of the technologies inevitably make their way to other products. It's hard to think the new all-wheel-drive system in the Focus RS that distributes torque front to rear and side to side won't be used in other vehicles. It's different for Ferrari and Porsche.

Forza Horizon G-Shock Car Pack brings Nissan IDx, Subaru Brat [w/video]

With winter's icy grip around much of the nation, now may be the perfect time to sit inside at night and enjoy some video games. The latest six-car G-Shock pack for Forza Horizon 2 on the Xbox One is now here, and it gives players a very eclectic group of vehicles to race around the game's open world. This month's group of vehicles spans the decades ranging from 2015 back to 1953. The newest and only concept of the group is the 2015 Nissan IDX Nismo. Since the production chances for this retro coupe look increasingly slim, this game might be your only chance to get behind the concept's wheel. However, if you prefer driving something a bit more classic and Italian, the 1953 Ferrari 500 Mondial is available. To add one more flavor of performance, there is the 2010 Mazda Mazdasped 3 hot hatch, which is also this month's free car for download. In addition to three takes on the sports car, Turn 10 is also offering a trio of off-roaders. The quirkiest among them is the 1980 Subaru Brat GL, which features two jump seats in the back to avoid the dreaded chicken tax. If you prefer something more boxy and American, then the 1975 Ford Bronco is sure to please. Finally, for some real power to get through the mud, there's the 2013 Ford F-150 SVT Raptor as tuned by Shelby with a supercharged 6.2-liter V8 making 575 horsepower. As usual, the whole pack costs players $5 to download, or it's free as part of the season pass. Scroll down for a brief video showing all of these virtual rides off and read the press release about them from Turn 10 Studios. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. "Forza Horizon 2" G-Shock Car Pack Now Available Welcome to the New Year! Are you ready to hit the roads of "Forza Horizon 2" for Xbox One in some new rides? You better be because the G-Shock Car Pack is lighting up the new year with some amazing vehicles. Leading off the pack is a "Forza" First: the 2015 Nissan IDx NISMO is making its videogame debut in "Forza Horizon 2." The IDx prototype harkens back to Nissan's storied automotive history, with its compact size and aggressive appearance, and looks to the future with some serious under-the-hood performance. Take a spin in this gem, and you will be startled by its performance and charmed by its presence. The remaining cars of the pack also have "Horizon Festival" written all over them.