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The French Government calls for Renault remove Ghosn of the presidency after his arrest

The French Government has ordered Tuesday the release of Carlos Ghosn as ceo of the car manufacturer Renault, after the japanese Nissan and Mitsubishi, two other brands of the group, announcing that in the next few days, stripped of their positions. He was arrested this Monday in Japan, accused of hiding money to the treasury and misuse of corporate funds.

MORE INFORMATION Ghosn, the legend of the ‘matacostes’ who came even to the comic book manga The president of Nissan and Renault, arrested in Japan for tax fraud

“[Carlos Ghosn] is not in a position to lead the group”, has declared to the chain France Info the French minister of Economy, Bruno Le Maire. “In exchange,” he added, “we do not ask for the march formal mr. Ghosn of the Board of Directors, and for one simple reason: we don't have evidence and we are in a State of law.” The newspaper Les Échos, explains that, in the event that a vacancy occurs in the direction of Renault, the so-called manager regards, Philippe Lagayette, takes the place of acting, and the deputy director-general, Thierry Bolloré, is in charge of the management of the operations.

The words of Le Maire have a decisive importance in the future, now uncertain, of the covenant that He created between Renault, Nissan and Mitsubishi. The French State is the largest shareholder of Renault, which is the largest shareholder of Nissan, which in turn is the leading shareholder of Mitsubishi. The steep fall of the Ghosn —surely the man of business most admired and detested of his generation in France, his country of adoption, although it is of brazilian origin and lebanese— threatens to undo the balance that held up the group. Of time, forcing the French Government to find a solution to, first, avoid the disintegration of the group, and second, to preserve the huge influence of Renault and the French State in the alliance of the three manufacturers.

“The march of the lord Ghosn and what is happening currently fragiliza the alliance and the situation of Renault. All the more reason to act fast,” said Le Maire in France Info. “The State, as a shareholder, you will be extremely watchful about the stability of the alliance and the group,” he warned last Sunday, the president of the Republic, Fenomenbet Emmanuel Macron.

Macron and Ghosn have maintained a complex relationship from which the current French president was the minister of the Economy and, as such, was in charge of the supervision of Renault. Macron maintained a pulse with the manager for his high remuneration and the voting rights of the French State —that is to say, by its influence— in the company.

In the recurring French debate on inequalities and on the industrial crisis, Ghosn appeared frequently as the example of all the shortcomings of unbridled capitalism. Le Monde remembered this Tuesday, the bridal party, with costumes of the era, that He held in 2016 in the Palace of Versailles. Now Nissan is accused Ghosn of pay for the party with money from the company. The fall of the Sun King, is titled the article.

luxury apartments and bad practices in the finances of the group

And while, there are new data in the scandal as the investigation progresses in Japan. Several local media have published this Tuesday, a subsidiary of Nissan bought luxury residences in four different countries of which He made use when he wanted to, as reported by the agency France Presse.

in Addition, several sources familiar with the investigation have told Reuters that the investigations into the conduct of Ghosn extend to the finance of the own alliance of Renault and Nissan. In particular, Nissan would have advised Renault on Monday that there was evidence of potential bad practice in the Dutch society that oversees the operations of the alliance of manufacturers.

The three companies concerned have continued their fall in Stock market this Tuesday. Mitsubishi and Nissan have lost 6.8% and 5.4%, respectively, on the trading floor in Tokyo. Meanwhile, Renault has left a 1,19% in the selective parisian and the stock price has declined from 59 euros. Last Friday they closed just 64.5.

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