Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Ousted Renault CEO Bollore raised concerns of governance problems at Nissan: report
PARIS (Reuters) - Renault's former chief executive Thierry Bollore, who was ousted in October, had sought to flag alleged conflicts of interest and governance problems at the company's Japanese alliance partner Nissan before his departure, Le Monde reported on Monday.
Citing a letter from Oct. 7 addressed to Nissan's (T:7201) board, of which he was member, France's Le Monde newspaper said Bollore had raised questions over the firm's internal investigation surrounding former alliance boss Carlos Ghosn.
Nissan and Renault were left reeling by Ghosn's arrest in Tokyo a year ago, on financial misconduct charges which he denies. They have since tried to reboot their strained partnership by revamping their management teams, including by purging them of Ghosn allies and removing people in top jobs at the time of the scandal.
Bollore - who took a step up at the French carmaker when Ghosn left even though he was known for his close ties to the alliance founder - was eventually pushed out as Renault's CEO on Oct. 11, days after penning his letter.
In comments sent to Reuters, Nissan spokeswoman Azusa Momose denied there were any irregularities in its internal investigation of Ghosn's affairs, and added that the company had reviewed its processes once again following Bollore's letter.
"Nissan's independent directors confirmed that the investigation was properly conducted and could be relied on," Momose said.
Nissan directors had discussed all the allegations raised by Bollore and the company "concluded that Bollore's concerns were not founded and were based for the most part on inaccurate information and speculation," she added.
Bollore said in the letter that he was particularly concerned by the revelation that Nissan had a list of 80 managers implicated in financial dealings similar to the ones attributed to Ghosn.
He also raised issues with the chain of command at Nissan, saying some key board members were sometimes kept in the dark on internal matters.
Renault (PA:RENA), which is still searching for a permanent replacement for Bollore as CEO, had no immediate comment.
As well as changing its CEO, Nissan recently demoted senior vice president Hari Nada - a key whistleblower against Ghosn and whose role was also questioned in Bollore's letter - although its internal investigation had found no evidence against the executive.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.