Trump faces pushback after saying he may intervene in arrest of Huawei executive

U.S. President Donald Trump is facing pushback for saying on Tuesday that he might intervene in a legal case involving the chief financial official of Chinese telco giant Huawei Technologies — if such a move would help Washington secure a trade deal with Beijing. Canadian Foreign Minister Chrystia Freeland on Wednesday warned the U.S. not to politicize extradition cases, saying that the legal process should not be hijacked for political purposes. “Our extradition partners should not seek to poli


U.S. President Donald Trump is facing pushback for saying on Tuesday that he might intervene in a legal case involving the chief financial official of Chinese telco giant Huawei Technologies — if such a move would help Washington secure a trade deal with Beijing. Canadian Foreign Minister Chrystia Freeland on Wednesday warned the U.S. not to politicize extradition cases, saying that the legal process should not be hijacked for political purposes. “Our extradition partners should not seek to poli
Trump faces pushback after saying he may intervene in arrest of Huawei executive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: huileng tan, yuri gripas, -david kuo, ceo of the motley fool singapore
Keywords: news, cnbc, companies, arrest, executive, legal, extradition, trump, case, saying, trade, huawei, politicize, deal, secure, intervene, pushback, process, faces


Trump faces pushback after saying he may intervene in arrest of Huawei executive

U.S. President Donald Trump is facing pushback for saying on Tuesday that he might intervene in a legal case involving the chief financial official of Chinese telco giant Huawei Technologies — if such a move would help Washington secure a trade deal with Beijing.

Canadian Foreign Minister Chrystia Freeland on Wednesday warned the U.S. not to politicize extradition cases, saying that the legal process should not be hijacked for political purposes.

“Our extradition partners should not seek to politicize the extradition process or use it for ends other than the pursuit of justice and following the rule of law,” she said when asked about Trump’s interview with Reuters where he reportedly said he would intervene in the case if it helped secure a trade deal with Beijing.


Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: huileng tan, yuri gripas, -david kuo, ceo of the motley fool singapore
Keywords: news, cnbc, companies, arrest, executive, legal, extradition, trump, case, saying, trade, huawei, politicize, deal, secure, intervene, pushback, process, faces


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Bernie Madoff’s inner circle, 10 years after his arrest

Bernie Madoff turned 80 in 2018. His longtime defense attorney, Ira Lee Sorkin, says he last spoke with Madoff earlier this year. He’s doing OK,” Sorkin said, “as well as one could expect someone to be OK when they know they’re going to die in prison.” In a 2013 interview at the prison, he said life behind bars was proving to be less stressful than life on Wall Street. “It’s kind of like being in the Army,” he said, “only you’re not worried about getting killed.”


Bernie Madoff turned 80 in 2018. His longtime defense attorney, Ira Lee Sorkin, says he last spoke with Madoff earlier this year. He’s doing OK,” Sorkin said, “as well as one could expect someone to be OK when they know they’re going to die in prison.” In a 2013 interview at the prison, he said life behind bars was proving to be less stressful than life on Wall Street. “It’s kind of like being in the Army,” he said, “only you’re not worried about getting killed.”
Bernie Madoff’s inner circle, 10 years after his arrest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-09  Authors: scott cohn, timothy a clary, afp, getty images, peter kramer, nbc newswire, nbcuniversal, nbc, louis lanzano, bloomberg
Keywords: news, cnbc, companies, madoff, arrest, madoffs, ok, worried, yearhes, sorkin, life, 10th, bernie, circle, youre, inner, wall, wrote


Bernie Madoff's inner circle, 10 years after his arrest

Bernie Madoff turned 80 in 2018. He apparently marked the occasion quietly at the medium security Federal Correctional Institution in Butner, North Carolina, where he is in the 10th year of a 150-year sentence. His longtime defense attorney, Ira Lee Sorkin, says he last spoke with Madoff earlier this year.

“He’s keeping his mind active. He’s doing OK,” Sorkin said, “as well as one could expect someone to be OK when they know they’re going to die in prison.”

Madoff has cut back on his contacts with the news media, not responding to multiple emails from CNBC ahead of the 10th anniversary of his arrest on Dec. 11, 2008. In a 2013 interview at the prison, he said life behind bars was proving to be less stressful than life on Wall Street.

“It’s kind of like being in the Army,” he said, “only you’re not worried about getting killed.”

But in a 2015 email, he wrote, “I’m hanging in there. I miss my family terribly. How on earth did I get myself into this nightmare?”


Company: cnbc, Activity: cnbc, Date: 2018-12-09  Authors: scott cohn, timothy a clary, afp, getty images, peter kramer, nbc newswire, nbcuniversal, nbc, louis lanzano, bloomberg
Keywords: news, cnbc, companies, madoff, arrest, madoffs, ok, worried, yearhes, sorkin, life, 10th, bernie, circle, youre, inner, wall, wrote


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China summons US ambassador to lodge protest over Huawei arrest

The move followed the summoning of Canadian Ambassador John McCallum on Saturday over Meng’s detention and a similar protest warning of “grave consequences” if she is not released. Meng’s arrest has threatened to increase U.S.-China trade tensions and shook stock markets globally last week. It also says that Meng and Huawei misled American banks about its business dealings in Iran. Canadian prosecutor John Gibb-Carsley said in a court hearing Friday that a warrant had been issued for Meng’s arre


The move followed the summoning of Canadian Ambassador John McCallum on Saturday over Meng’s detention and a similar protest warning of “grave consequences” if she is not released. Meng’s arrest has threatened to increase U.S.-China trade tensions and shook stock markets globally last week. It also says that Meng and Huawei misled American banks about its business dealings in Iran. Canadian prosecutor John Gibb-Carsley said in a court hearing Friday that a warrant had been issued for Meng’s arre
China summons US ambassador to lodge protest over Huawei arrest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-09  Authors: aly song
Keywords: news, cnbc, companies, chinese, summons, skycom, arrest, huawei, canadian, china, lodge, meng, trade, ambassador, process, court, protest, mengs


China summons US ambassador to lodge protest over Huawei arrest

The move followed the summoning of Canadian Ambassador John McCallum on Saturday over Meng’s detention and a similar protest warning of “grave consequences” if she is not released.

Huawei is the biggest global supplier of network gear for phone and internet companies and has been the target of deepening U.S. security concerns over its ties to the Chinese government. The U.S. has pressured European countries and other allies to limit use of its technology, warning they could be opening themselves up to surveillance and theft of information.

Meng’s arrest has threatened to increase U.S.-China trade tensions and shook stock markets globally last week. But U.S. Trade Representative Robert Lighthizer, speaking on CBS’ “Face the Nation,” downplayed the impact of the arrest on trade talks between the two countries aimed at defusing the tensions.

“It’s my view that it shouldn’t really have much of an impact,” he said.

Roland Paris, a former foreign policy adviser to Canadian Prime Minister Justin Trudeau, said that Chinese pressure on Canada’s government won’t work.

“Perhaps because the Chinese state controls its judicial system, Beijing sometimes has difficulty understanding or believing that courts can be independent in a rule-of-law country. There’s no point in pressuring the Canadian government. Judges will decide,” Paris tweeted in response to the comments from Beijing.

A Canadian prosecutor urged a Vancouver court to deny bail to Meng, whose case is shaking up U.S.-China relations and spooking global financial markets.

Meng, also the daughter of Huawei’s founder, was detained at the request of the U.S. during a layover at the Vancouver airport on the same day that President Donald Trump and his Chinese counterpart, Xi Jinping, agreed over dinner to a 90-day cease-fire in a trade dispute that threatens to disrupt global commerce.

The U.S. alleges that Huawei used a Hong Kong shell company to sell equipment in Iran in violation of U.S. sanctions. It also says that Meng and Huawei misled American banks about its business dealings in Iran.

The surprise arrest raises doubts about whether the trade truce will hold and whether the world’s two biggest economies can resolve the complicated issues that divide them.

Canadian prosecutor John Gibb-Carsley said in a court hearing Friday that a warrant had been issued for Meng’s arrest in New York on Aug. 22. He said Meng, arrested en route to Mexico from Hong Kong, was aware of the investigation and had been avoiding the United States for months, even though her teenage son goes to school in Boston.

Gibb-Carsley alleged that Huawei had done business in Iran through a Hong Kong company called Skycom. Meng, he said, had misled U.S. banks into thinking that Huawei and Skycom were separate when, in fact, “Skycom was Huawei.” Meng has contended that Huawei sold Skycom in 2009.

In urging the court to reject Meng’s bail request, Gibb-Carsley said the Huawei executive had vast resources and a strong incentive to bolt: She’s facing fraud charges in the United States that could put her in prison for 30 years.

The hearing will resume Monday.

Huawei, in a brief statement emailed to The Associated Press, said that “we have every confidence that the Canadian and U.S. legal systems will reach the right conclusion.”

Canadian officials have declined to comment on Chinese threats of retaliation over the case, instead emphasizing the independence of Canada’s judiciary along with the importance of Ottawa’s relationship with Beijing.

Minister of Foreign Affairs Chrystia Freeland said Canada “has assured China that due process is absolutely being followed in Canada, that consular access for China to Ms. Meng will absolutely be provided.”

“We are a rule-of-law country and we will be following our laws as we have thus far in this matter and as we will continue to do,” Freeland said Friday.

While protesting what it calls Canada’s violation of Meng’s human rights, China’s ruling Communist Party stands accused of mass incarcerations of its Muslim minority without due process, locking up those exercising their right to free speech and refusing to allow foreign citizens to leave the country in order to bring pressure on their relatives accused of financial crimes. The party also takes the lead in prosecutions of those accused of corruption or other crimes in a highly opaque process, without supervision from the court system or independent bodies.


Company: cnbc, Activity: cnbc, Date: 2018-12-09  Authors: aly song
Keywords: news, cnbc, companies, chinese, summons, skycom, arrest, huawei, canadian, china, lodge, meng, trade, ambassador, process, court, protest, mengs


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Europe markets at 2 year low

Europe’s basic resources stocks — with their heavy exposure to China — tumbled 4.2 percent during the session. Meanwhile, autos stocks — seen as a trade war proxy because of the sector’s export-heavy constituent’s — were also among the worst performers, down more than 4.5 percent. Tech stocks were also down more than 3 percent on Thursday, following the arrest of Huawei’s global chief financial officer in Vancouver on Wednesday. Meng Wanzhou, the daughter of Huawei’s founder, was arrested by Can


Europe’s basic resources stocks — with their heavy exposure to China — tumbled 4.2 percent during the session. Meanwhile, autos stocks — seen as a trade war proxy because of the sector’s export-heavy constituent’s — were also among the worst performers, down more than 4.5 percent. Tech stocks were also down more than 3 percent on Thursday, following the arrest of Huawei’s global chief financial officer in Vancouver on Wednesday. Meng Wanzhou, the daughter of Huawei’s founder, was arrested by Can
Europe markets at 2 year low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: sam meredith
Keywords: news, cnbc, companies, markets, war, low, europe, worst, violation, stocks, tumbled, trade, wanzhou, arrest, vancouver, huaweis


Europe markets at 2 year low

Market focus is largely attuned to the arrest of a top executive at Chinese tech giant Huawei, amid investor concern that the news could derail progress in U.S.-Sino trade talks.

Europe’s basic resources stocks — with their heavy exposure to China — tumbled 4.2 percent during the session. Britain’s FTSE 100 index slumped 3.6 percent Thursday, as mining stocks plummeted. London-listed Antofagasta led the sectoral losses, down more than 7 percent.

Meanwhile, autos stocks — seen as a trade war proxy because of the sector’s export-heavy constituent’s — were also among the worst performers, down more than 4.5 percent. Faurecia and Daimler both dropped more than 6 percent.

Tech stocks were also down more than 3 percent on Thursday, following the arrest of Huawei’s global chief financial officer in Vancouver on Wednesday. Meng Wanzhou, the daughter of Huawei’s founder, was arrested by Canadian authorities on December 1, reportedly over the possible violation of sanctions against Iran. She now faces extradition to the United States.

Looking at individual stocks, Italy’s DiaSorin tumbled toward the bottom of the European benchmark Thursday morning, after Kepler Cheuvreux cut its stock recommendation to “hold” from “buy.” Shares of the Milan-listed company fell more than 7 percent on the news.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: sam meredith
Keywords: news, cnbc, companies, markets, war, low, europe, worst, violation, stocks, tumbled, trade, wanzhou, arrest, vancouver, huaweis


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Arrest of Huawei CFO shows ‘the gloves are now fully off,’ says Eurasia Group

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday. “Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradit


The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday. “Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradit
Arrest of Huawei CFO shows ‘the gloves are now fully off,’ says Eurasia Group Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: huileng tan, photographer, collection, getty images, source
Keywords: news, cnbc, companies, related, statement, cfo, fully, sanctions, chinese, violation, group, trade, telecommunications, arrest, gloves, told, huawei, shows, eurasia


Arrest of Huawei CFO shows 'the gloves are now fully off,' says Eurasia Group

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday.

“Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote.

In fact, Global Times — a hyper-nationalistic tabloid tied to the Chinese Communist Party — responded to the arrest by posting on Twitter a statement about trade war escalation it attributed to an expert “close to the Chinese Ministry of Commerce.”

“China should be fully prepared for an escalation in the #tradewar with the US, as the US will not ease its stance on China, and the recent arrest of the senior executive of #Huawei is a vivid example,” said the statement, paired with a photo of opposing fists with Chinese and American flags superimposed upon them.

Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradition to the U.S. The arrest is related to violations of U.S. sanctions, a person familiar with the matter told Reuters.

U.S. authorities have been probing Huawei, one of the world’s largest makers of telecommunications network equipment, since at least 2016 for allegedly shipping U.S.-origin products to Iran and other countries in violation of U.S. export and sanctions laws, sources told Reuters in April.

The analysts said the Huawei executive’s arrest will not derail the start of trade negotiations after U.S. President Donald Trump and Chinese President Xi Jinping’s meeting last weekend in Argentina saw them agree to first steps to resolve their trade dispute. Still, they acknowledged, the incident involving Chinese telecommunications giant Huawei is likely to cloud talks.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: huileng tan, photographer, collection, getty images, source
Keywords: news, cnbc, companies, related, statement, cfo, fully, sanctions, chinese, violation, group, trade, telecommunications, arrest, gloves, told, huawei, shows, eurasia


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Istanbul prosecutor seeks arrest of Saudi officials over Khashoggi killing

Istanbul’s chief prosecutor has filed warrants for the arrest of a top aide to Saudi Arabia’s de facto ruler and the deputy head of foreign intelligence on suspicion of planning the killing of Jamal Khashoggi, two Turkish officials said on Wednesday. The prosecutor’s office has concluded there is “strong suspicion” that Saud al-Qahtani and General Ahmed al-Asiri, who were removed from their positions in October, were among the planners of the Oct. 2 killing at the Saudi consulate in Istanbul, th


Istanbul’s chief prosecutor has filed warrants for the arrest of a top aide to Saudi Arabia’s de facto ruler and the deputy head of foreign intelligence on suspicion of planning the killing of Jamal Khashoggi, two Turkish officials said on Wednesday. The prosecutor’s office has concluded there is “strong suspicion” that Saud al-Qahtani and General Ahmed al-Asiri, who were removed from their positions in October, were among the planners of the Oct. 2 killing at the Saudi consulate in Istanbul, th
Istanbul prosecutor seeks arrest of Saudi officials over Khashoggi killing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: chris mcgrath, getty images news, getty images, saul loeb, afp
Keywords: news, cnbc, companies, saidthe, prosecutor, warrants, suspicion, killing, seeks, officials, turkish, istanbul, arabias, khashoggi, saudi, arrest


Istanbul prosecutor seeks arrest of Saudi officials over Khashoggi killing

Istanbul’s chief prosecutor has filed warrants for the arrest of a top aide to Saudi Arabia’s de facto ruler and the deputy head of foreign intelligence on suspicion of planning the killing of Jamal Khashoggi, two Turkish officials said on Wednesday.

The prosecutor’s office has concluded there is “strong suspicion” that Saud al-Qahtani and General Ahmed al-Asiri, who were removed from their positions in October, were among the planners of the Oct. 2 killing at the Saudi consulate in Istanbul, the officials said.

“The prosecution’s move to issue arrest warrants for Asiri and Qahtani reflects the view that the Saudi authorities won’t take formal action against those individuals,” one of the Turkish officials said.

The move also comes a day after senior U.S. senators said they were more certain than ever that Saudi Arabia’s crown prince, Mohammed bin Salman, was responsible for the killing of Khashoggi after receiving a CIA briefing on the matter.

Making some of their strongest accusations so far, both Republicans and Democrats said they still want to pass legislation to send a message to Saudi Arabia that the United States condemns the death of Khashoggi, a Washington Post columnist.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: chris mcgrath, getty images news, getty images, saul loeb, afp
Keywords: news, cnbc, companies, saidthe, prosecutor, warrants, suspicion, killing, seeks, officials, turkish, istanbul, arabias, khashoggi, saudi, arrest


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Japanese prosecutors reportedly will arrest Carlos Ghosn on fresh claim, prolonging custody

Tokyo prosecutors plan to arrest Carlos Ghosn on a fresh claim of understating his income, the Sankei newspaper reported on Tuesday, in a move that could keep the former chairman of Nissan Motor in detention until the end of the year. If authorities approve the maximum detention for that case, Ghosn and Kelly would remain in custody until Dec. 30, the paper said. The Tokyo prosecutors’ office declined to comment on the report. In Japan, crime suspects can be kept in custody for 10 days and that


Tokyo prosecutors plan to arrest Carlos Ghosn on a fresh claim of understating his income, the Sankei newspaper reported on Tuesday, in a move that could keep the former chairman of Nissan Motor in detention until the end of the year. If authorities approve the maximum detention for that case, Ghosn and Kelly would remain in custody until Dec. 30, the paper said. The Tokyo prosecutors’ office declined to comment on the report. In Japan, crime suspects can be kept in custody for 10 days and that
Japanese prosecutors reportedly will arrest Carlos Ghosn on fresh claim, prolonging custody Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: getty images
Keywords: news, cnbc, companies, reportedly, carlos, dec, ghosn, yen, kelly, crime, suspects, fresh, japanese, custody, arrest, claim, tokyo, prosecutors, prolonging, detention


Japanese prosecutors reportedly will arrest Carlos Ghosn on fresh claim, prolonging custody

Tokyo prosecutors plan to arrest Carlos Ghosn on a fresh claim of understating his income, the Sankei newspaper reported on Tuesday, in a move that could keep the former chairman of Nissan Motor in detention until the end of the year.

Ghosn has been detained in Tokyo since his Nov. 19 arrest on suspicion of conspiring with former Nissan Representative Director Greg Kelly to understate his compensation by about half of the actual 10 billion yen ($88 million), over five years from 2010. Tokyo authorities on Friday extended their detention until the maximum Dec. 10 for the alleged crime.

Citing unnamed sources, the Sankei daily said prosecutors plan to arrest Ghosn and Kelly on Dec. 10 for the same crime covering the period from 2015 to 2017, during which the suspects allegedly understated Ghosn’s income by about 4 billion yen. If authorities approve the maximum detention for that case, Ghosn and Kelly would remain in custody until Dec. 30, the paper said.

The Tokyo prosecutors’ office declined to comment on the report.

Ghosn has been unable to respond to the allegations, which public broadcaster NHK has said he has denied. Calls to Ghosn’s lawyer, Motonari Otsuru, at his office went unanswered.

In Japan, crime suspects can be kept in custody for 10 days and that can be extended for another 10 days if a judge grants prosecutors’ request for extension. At the end of that period, prosecutors must file a formal charge or let the suspect go.

However, they can also arrest suspects for a separate crime, in which case the process starts over again. This process can be repeated, sometimes keeping suspects detained for months without formal charges and without bail.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: getty images
Keywords: news, cnbc, companies, reportedly, carlos, dec, ghosn, yen, kelly, crime, suspects, fresh, japanese, custody, arrest, claim, tokyo, prosecutors, prolonging, detention


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Arrest of ousted Nissan Chairman Ghosn invites conspiracy theories

But, as the investigation drags on without formal charges, there are mounting questions about what the case is really about. Ghosn wouldn’t be the first senior industry executive to face allegations of financial abuses. But barring instances of bribery or other serious crimes, arrests are extremely rare. They asked not to be named because they still have strong ties to the industry or directly to Nissan. Ghosn’s abrupt arrest, lack of charges and the timing — just before what was expected to be


But, as the investigation drags on without formal charges, there are mounting questions about what the case is really about. Ghosn wouldn’t be the first senior industry executive to face allegations of financial abuses. But barring instances of bribery or other serious crimes, arrests are extremely rare. They asked not to be named because they still have strong ties to the industry or directly to Nissan. Ghosn’s abrupt arrest, lack of charges and the timing — just before what was expected to be
Arrest of ousted Nissan Chairman Ghosn invites conspiracy theories Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: paul a eisenstein, marlene awaad, bloomberg, getty images
Keywords: news, cnbc, companies, chairman, ghosn, lack, charges, theories, french, invites, conspiracy, nissan, questions, alliance, ousted, renault, arrest, industry, ties


Arrest of ousted Nissan Chairman Ghosn invites conspiracy theories

But, as the investigation drags on without formal charges, there are mounting questions about what the case is really about.

Ghosn wouldn’t be the first senior industry executive to face allegations of financial abuses. But barring instances of bribery or other serious crimes, arrests are extremely rare.

If anything, a number of industry executives — as well as some Nissan insiders — are asking whether the Brazilian-born Ghosn has actually become a pawn in an increasingly bitter dispute between France’s Renault and Nissan over control of their global empire, according to interviews with at least a half-dozen people close to Nissan, the alliance or Ghosn himself. They asked not to be named because they still have strong ties to the industry or directly to Nissan.

Ghosn’s abrupt arrest, lack of charges and the timing — just before what was expected to be an important meeting of alliance leaders — has industry executives wondering whether the charges are justified or even real. His immediate dismissal from Nissan and lengthy detention, without being able to address the accusations, has elicited questions across the globe about the lack of due process, with even French officials weighing in.

“It’s a coup,” contended George Peterson, an auto-industry veteran and head of the California-based consulting firm Auto Pacific, Inc.

Peterson said he believes the Japanese side of the nearly 20-year-old alliance wanted to see Ghosn out before he made an anticipated move that would have seen the French side of the alliance formally take over its two Asian allies, both of which have continued to operate as independent companies, despite their close ties to Renault.


Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: paul a eisenstein, marlene awaad, bloomberg, getty images
Keywords: news, cnbc, companies, chairman, ghosn, lack, charges, theories, french, invites, conspiracy, nissan, questions, alliance, ousted, renault, arrest, industry, ties


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Nissan board meets to end Ghosn’s two-decade rule

Nissan will hold a board meeting on Thursday to oust Chairman Carlos Ghosn after the shock arrest of its once-revered leader, ushering in a period of uncertainty for its 19-year alliance with Renault. Japanese media said that given Nissan’s board composition Ghosn’s removal from the post is expected to be approved. Renault has refrained from firing Ghosn as chairman and CEO, although he remains in detention along with Kelly, whom Nissan also accuses of financial misconduct. But Mitsubishi Motors


Nissan will hold a board meeting on Thursday to oust Chairman Carlos Ghosn after the shock arrest of its once-revered leader, ushering in a period of uncertainty for its 19-year alliance with Renault. Japanese media said that given Nissan’s board composition Ghosn’s removal from the post is expected to be approved. Renault has refrained from firing Ghosn as chairman and CEO, although he remains in detention along with Kelly, whom Nissan also accuses of financial misconduct. But Mitsubishi Motors
Nissan board meets to end Ghosn’s two-decade rule Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-22  Authors: akio kon, bloomberg, getty images
Keywords: news, cnbc, companies, alliance, kelly, vote, twodecade, meets, ghosn, end, meeting, chairman, ghosns, arrest, rule, nissan, board


Nissan board meets to end Ghosn's two-decade rule

Nissan will hold a board meeting on Thursday to oust Chairman Carlos Ghosn after the shock arrest of its once-revered leader, ushering in a period of uncertainty for its 19-year alliance with Renault.

The Franco-Japanese alliance, enlarged in 2016 to include Japan’s Mitsubishi Motors, has been rattled to its core by Ghosn’s arrest in Japan on Monday, with the 64-year-old group chairman and industry star accused of financial misconduct.

Ghosn had shaped the alliance and was pushing for a deeper tie-up including potentially a full Renault-Nissan merger at the French government’s urging, despite strong reservations at the Japanese firm.

Japanese prosecutors said Ghosn and Representative Director Greg Kelly, who has also been arrested, conspired to understate Ghosn’s compensation at Nissan over five years from 2010, saying it was about half the actual 10 billion yen.

Nissan’s board meeting will be held sometime after 4:00 p.m. (0700 GMT) at its headquarters in Yokohama and the company is likely to issue a statement afterwards, one senior Nissan official told reporters on Wednesday, requesting anonymity as the details were confidential.

Renault executives are expected to join by video conference.

Japanese media said that given Nissan’s board composition Ghosn’s removal from the post is expected to be approved.

Nissan executives have five seats on the nine-member board, Renault loyalists have two seats and the remaining two are held by unaffiliated outside directors, a former bureaucrat and a race driver.

With Ghosn and Kelly still in detention, neither of the men will be able to vote or defend themselves at the meeting. A majority vote by the remaining seven members of board will be sufficient to strip them of their positions.

Renault has refrained from firing Ghosn as chairman and CEO, although he remains in detention along with Kelly, whom Nissan also accuses of financial misconduct.

But Mitsubishi Motors plans to remove Ghosn from his post of chairman at a board meeting next week.

Amid growing uncertainty over the future of the alliance, Japan’s industry minister and France’s finance minister are due to meet in Paris on Thursday to seek ways to stabilise it.

“For me, the future of the alliance is the bigger deal,” said the Nissan official, when asked about Ghosn’s arrest. “It’s obvious that in this age, we need to do things together. To part would be impossible.”


Company: cnbc, Activity: cnbc, Date: 2018-11-22  Authors: akio kon, bloomberg, getty images
Keywords: news, cnbc, companies, alliance, kelly, vote, twodecade, meets, ghosn, end, meeting, chairman, ghosns, arrest, rule, nissan, board


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Japan prosecutors reportedly consider bringing case against Nissan after Ghosn arrest

Japanese prosecutors are considering bringing a case against Nissan Motor after Chairman Carlos Ghosn’s arrest on suspicion of financial misconduct, the Asahi Shimbun daily said on Wednesday. Reuters could not contact Ghosn or Kelly for comment. Ghosn is also chairman and chief executive of Nissan’s French partner Renault, and chairman of Japan’s Mitsubishi Motors, the third partner in the alliance. Shares in Nissan rose 0.6 percent on Wednesday after falling nearly 6 percent a day earlier. Sepa


Japanese prosecutors are considering bringing a case against Nissan Motor after Chairman Carlos Ghosn’s arrest on suspicion of financial misconduct, the Asahi Shimbun daily said on Wednesday. Reuters could not contact Ghosn or Kelly for comment. Ghosn is also chairman and chief executive of Nissan’s French partner Renault, and chairman of Japan’s Mitsubishi Motors, the third partner in the alliance. Shares in Nissan rose 0.6 percent on Wednesday after falling nearly 6 percent a day earlier. Sepa
Japan prosecutors reportedly consider bringing case against Nissan after Ghosn arrest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: philippe wojazer
Keywords: news, cnbc, companies, comment, arrest, nissan, japan, chairman, bringing, yen, nissans, partner, case, ghosn, prosecutors, consider, company, kelly, reportedly


Japan prosecutors reportedly consider bringing case against Nissan after Ghosn arrest

Japanese prosecutors are considering bringing a case against Nissan Motor after Chairman Carlos Ghosn’s arrest on suspicion of financial misconduct, the Asahi Shimbun daily said on Wednesday.

Ghosn, one of the global car industry’s best-known leaders, was arrested on Monday after Nissan’s internal investigations found he had allegedly engaged in years of wrongdoing, including personal use of company money and under-reporting earnings. The Japanese company plans to remove him as chairman on Thursday.

Prosecutors said Ghosn and Representative Director Greg Kelly conspired to understate Ghosn’s compensation over five years starting in fiscal 2010 as being about half of the actual 10 billion yen ($88.65 million).

The Asahi quoted unnamed sources as saying that the mis-stating meant the company also bore responsibility and that prosecutors were eyeing the possibility of putting together a case against it.

Prosecutors were not immediately able to comment. Nissan declined to comment on the report.

There has been no comment from Ghosn or Kelly on any of the allegations against them, including a report in Japan’s Nikkei business daily on Tuesday that Ghosn had received share price-linked compensation of about 4 billion yen over a five-year period to March 2015 but that it went unreported in Nissan’s financial reports.

Reuters could not contact Ghosn or Kelly for comment.

Ghosn is also chairman and chief executive of Nissan’s French partner Renault, and chairman of Japan’s Mitsubishi Motors, the third partner in the alliance.

Renault on Tuesday tapped its chief operating officer and a senior board member to fill in for Ghosn, but the board refrained from firing him while awaiting for detail on the allegations – a decision that could buy more time for an accelerated, permanent succession process.

Shares in Nissan rose 0.6 percent on Wednesday after falling nearly 6 percent a day earlier.

Separately, the Tokyo District Court has decided that Ghosn and Kelly will be detained for 10 days, Kyodo News reported on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: philippe wojazer
Keywords: news, cnbc, companies, comment, arrest, nissan, japan, chairman, bringing, yen, nissans, partner, case, ghosn, prosecutors, consider, company, kelly, reportedly


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