Carlos Ghosn Accused Of Paying Saudi Businessman To Fix His Financials

New allegations brought against former Nissan and Mitsubishi executive Carlos Ghosn assert that he used company funds to pay a Saudi businessman to help him through personal financial difficulties, Reuters reports.

Late last week, Ghosn was arrested for the third time and accused of aggravated breach of trust after transferring personal investment losses to Nissan.

Prosecutors claim that Ghosn incurred $16.6 million in personal losses on a swap contract he had with a bank. It is then claimed that Saudi businessman Khaled Al-Huffali arranged a letter of credit for Ghosn. A company run by Al-Juffali is said to have then received $14.7 million in Nissan funds in four installments between 2009 and 2012.

Al-Juffali is vice chairman of huge Saudi Arabian conglomerate E. A. Juffali and Brothers, a member of the board at the Saudi Arabian Monetary Authority and the majority holder of a company which owns half of the regional joint venture Nissan Gulf, the other half of which belongs to Nissan itself.

Ghosn has, through a lawyer, denied that he shifted personal losses to Nissan and claims that the four payments made to Al-Juffali were legitimate and included a reward for handling problems at Nissan dealerships across Saudi Arabia.

Al-Juffali, Ghosn’s Tokyo lawyer Motonari Otsuru, and the Ghosn family have failed to comment on the new allegations.

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  • ➡️ProtectOurHeritage⬅️

    The Japanese hated the idea of a merger with Renault so much that they’d do anything to take down Ghosn.

    • Patrick Bong

      I guess the lesson is, if you plan the hostile takeover of a company, make sure you haven’t done anything illegal at said company. Like paying your sister 1.7 million dollars for doing zero work is all fun and games until you piss off the wrong people.

      • ➡️ProtectOurHeritage⬅️

        Japanese companies in the 1980s were looked upon as the models for business innovation. Now they seem to be nothing but fraudulent. Scandals at Olympus, Takata, Kobe Steel and Toshiba makes me think most Japanese business can’t be trusted. These scandals negatively impact Japanese business as a whole. A poll in Japan found that Japanese businesses say the same themselves.

        Ghosn has taken the Renault-Nissan Alliance, helped move in Mitsubishi (after their own scandal), and made the businesses highly successful. It would not surprise me if Nissan hasn’t falsely implicated and manufactured evidence against Ghosn. It’ll be interesting to see what evidence the Japanese have, especially as Renault hasn’t noticed the same within their organisation.

        • Smith

          All just assumptions and speculation and as you yourself say, the evidence will provide the answers. And remember you don’t ‘soil’ your own home, you do that away from home. He probably knew that Renault had stricter policies than Nissan, so easier to do there.

          • Axel Cortez

            stricter policies in france than japan seriously? As someone who worked for a JMU subsidiary (Japan Marine United) those guys dont play games with the finance of the company the CFO of JMU even came to our offices located in Panama to micromanage everything.

            I find it difficult to believe that the CEO of a conglomerate of that size manage to move all that money by himself (which is impossible you always have 2-3 factor verification) if it was a director or even a high level manager it is easier as they usually are the ones that hold the power to do such things, like where I worked the Finance Director had a token for all bank accounts, me as a manager had the second token, the third one was located in Brazil with another manager so to make a transfer or payment you needed the director + 1 manager to make it and we had to verify what we were doing and where the money was going.

          • ➡️ProtectOurHeritage⬅️

            Yeah, let’s forget about Japanese corruption and just blame the guy who made Nissan and Renault into what they are today.

  • Mr. EP9

    I’m just waiting for the Nigerian prince to enter the scene at this point.

  • Smith

    All these defensive comments seem a little strange. Have you actually considered that maybe Ghosn is guilty. It is possible and actually quite probable that he is guilty and that will be proven soon. Let’s hold off blaming the Japanese for now, or some people might get egg on their face!

    • Liam Paul

      have we all not consider you work for Nissan?

    • ➡️ProtectOurHeritage⬅️

      Where I am from we believe in people being innocent until proven guilty. At the moment there is lots of talk, but very little evidence.

  • Liam Paul

    If Nissan would do this to the guy who saved their worthless butts, what makes you think they will care more about just a car buyer. I would not buy a nissan if my life depended on it. Nissan is a shady company and lets all be honest, it was a coup by Nissan to regain control

    • Patrick Bong

      What car manufacturer would you say is a model of ethics and good behavior? Is this corporation of superior moral conduct the manufacturer of the vehicle you currently own?

  • Andrew Ngo

    They ran out of things to hold him in jail.

  • SteersUright

    Someone powerful really has it out for Ghosn. That said, its absolutely great that Japan will let it be known that even the very rich can’t always get away with their corruption nowadays.

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