Ghosn arrest Update_Turmoil within the company as shares plummet
Carlos Ghosn was arrested over serious "financial misconduct" yesterday after internal investigations in Japan. The situation is still fluid but prosecutors say that Ghosn, together with Greg Kelly (board member), allegedly under-reported income and salaries. The amount in question is said to exceed 5 billion yen ($44M). These things are taken pretty seriously in Japan, false financial statements can lead to incarceration up to ten years. The Japanese have apologized to their shareholders because the news naturally lead to a significant drop in share for the company. Ghosn, set to be replaced in the near future, has been a key figure behind the creation of the automotive giant Nissan-Renault-Mitsubishi, thus allowing this big de-facto group to compete with the likes of VW, Toyota and GM.