Renault's Boss Carlos Ghosn to be Removed

Carlos Ghosn will no longer act as a boss for Renault. This announcement came after Carlos Ghosn was arrested by Japanese authorities for misconduct.

Carlos Ghosn leads the biggest car maker in the world and the lions of three giants in the industry; Renault, Nissan and Mitsubishi. But now, Carlos Ghosn could be faced with up to ten years behind bars, he stands accused of under reporting his income by 44million dollars. His arrest sent the company shares falling up to 6.8%.

Asian stocks also slide on the news, this is something the government is keeping a close watch on.




"I understand that Nissan's Chairman Carlos Ghosn was arrested. It is extremely regrettable that we are seeing a development like this, a decline to comment to details of the case's prosecutors investigation is underway regarding its impact on the economy, the government will closely watch the development",  Japanese Chief Cabinet Secretary Yoshhide Suga said.

Prosecutors say that they are holding Mr Ghosn for allegedly collaborating with a modern Nisan executive to falsify security statements and under report his income for over five years. Nissan reportedly also bought the Chairman's houses in Rio, Paris, Amsterdam and Beirut.

The Brazilian executive became one of the auto industry's most powerful figures by engineering a turn around at Nissan and leading the company for nearly two decades.




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