new charges put forward by the prosecutor’s office in Tokyo against Carlos Ghosn. These relate to the alleged use of funds of Nissan Motor to pay for a saudi businessman that would have helped the ex-president of the japanese automaker to get out of financial difficulties, said two sources, Nissan has made the issue. The public prosecutor of Tokyo has once again put Carlos Ghosn in a state of arrest on Friday, accusing him of breach of trust aggravated by the transfer of personal loss on the accounts of the car manufacturer.
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The prosecution believes that, in or about October 2008, Ghosn was faced with losses on paper of 1.85 billion yen (14.5 million euros) related to a swap contract in time with a bank that he does not appoint.
A particular had permitted the mounting of a letter of credit for the benefit of Ghosn and a company that is managed by this individual had subsequently received $ 14.7 million of cash from Nissan in four installments from 2009 to 2012, one reads in the press release of the prosecutor, adding that these payments had been made for the benefit of Ghosn and this particular. “In doing so, (Ghosn) has acted in such a way that there has been a breach of trust and he has inflicted an injury to Nissan,” wrote the prosecutor.
According to sources of Nissan, the individual who helped Ghosn is named Khaled Al-Juffali, vice-president of the E. A. Juffali and Brothers, a company specializing in the electricity and télécommuncations that has diversified into the building, insurance, construction and distribution vehicles. Khaled Al-Juffali is one of the largest conglomerates in saudi Arabia, and a member of the board of directors of the monetary Authority of saudi Arabia. It is also the majority shareholder of a company called Al-Dahana, owner of one-half of a joint venture regional name of Nissan Gulf, the other half being owned by a 100% subsidiary of Nissan Motor. Sheikh Khaled Juffali has not made any comment about it, according to an email sent by E. A. Juffali and Brothers.
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Motonari Otsuru, lawyer Ghosn based in Tokyo, was not available for comment on this information, according to a person in his office who answered the phone. A representative of the family Ghosn declined to comment.
other media outlets reported that Ghosn has denied, through a lawyer, to have transferred losses to Nissan and told the investigators that these four payments were legitimate business, which is a gratuity to have dealt with problems that arose at Nissan dealers in saudi Arabia.
The floor of Tokyo has refrained from any comment. Asked about the remarks loaned to Ghosn, a spokesman for Nissan said: “We can not express ourselves on matters relating to the arrest of Ghosn for abuse of trust ; the investigation of Nissan is continuing and its scope of investigation widens”.
“The prosecutor knows more than we do”
According to sources of Nissan, the investigations of Nissan have concluded that Ghosn was not able to assume the losses directly by Nissan. The Securities and Exchance Surveillance Commission (SESC), the constable of Scholarships japanese, was considered illegal the attempt of Ghosn to assume the losses directly by Nissan, has said one of the sources. Ghosn has received the help of the Al-Juffali, which has used its own funds to provide a guarantee to a bank to issue a letter of credit that the bank of Tokyo-Shinsei Bank claimed Ghosn, said the sources.
Reuters does not know precisely what the SESC considered illegal. A spokesman for the SESC has said he could not comment on individual cases. The sources wished to remain anonymous because the investigation is internal Nissan has not yet produced its findings publicly. A spokesman for Shinsei has also said he could not comment on specific cases. Reuters was not able to identify the bank that issued the letter of credit.
The four installments arranged by Ghosn, have been made by the intermediary of an inner bottom of Nissan, known within the company as the “Reserve of the CEO (boss)”, and the destination of a subsidiary of Nissan, which then paid a company owned by Al-Juffali, said one of the sources, without giving the names of the companies in question. The first payment of three million dollars, was done during the fiscal year 2009, followed by payments of $ 3.6 million, $ 3.9 million and $ 4.2 million the following three years, added the sources. They have also said that investigators from Nissan did not originally reviewed these transactions with all the celerity of which the public prosecutor has shown in the past week. “The prosecutor knows more than we do,” said one of the sources.
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About the survey Nissan, the former director of the company, Greg Kelly, accused of complicity with Carlos Ghosn, was released on bail Tuesday after more than a month spent in prison for financial fraud. Prosecutors in japan have the habit to stop individuals several times according to the different charges are produced by one and the same case. This allows them to keep the suspects in custody and continue their investigation. They are also able to conduct interrogations without the presence of a lawyer.
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