Ghosn Likely to Remain in Jail for Another 10 Days

Renault-Nissan-Mitsubishi Chairman Carlos Ghosn is likely to be detained for another 10 days after being arrested on Monday in Tokyo, according to Kyodo News.

Japanese law allows authorities to hold a suspect in custody for as long as 23 days without specifying charges. Ghosn’s exact location has not been disclosed.

Kyodo News notes that the executive, who has been revered in Japan for saving Nissan Motor Co. from bankruptcy, cannot be released on bail until prosecutors decide whether to proceed with an indictment. In the meantime, authorities have the right to question him without an attorney present.

Bloomberg News says Nissan’s board, which is scheduled to meet tomorrow afternoon, is divided about whether to dismiss him. Ghosn was arrested after a multi-month internal investigation that the company says turned up significant evidence of financial wrongdoing.

The Nikkei reports that Ghosn received five years of unreported compensation indexed to Nissan’s stock price that was worth a total of about 4 billion yen ($35 million). The newspaper says he also may have received 100 million yen ($885,000) in unreported funds from a Renault-Nissan venture in the Netherlands.