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Report: Saudi Associate Gave Ghosn a $27 Million Credit Guarantee
Former Nissan Motor Co. Chairman Carlos Ghosn reportedly received a 3 billion-yen ($27.2 million) loan guarantee from a Saudi acquaintance in 2009.
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Former Nissan Motor Co. Chairman Carlos Ghosn reportedly received a 3 billion-yen ($27.2 million) loan guarantee from a Saudi acquaintance in 2009.
Sources tell The Nikkei that Japanese prosecutors are investigating a $15 million payment from Ghosn’s discretionary Nissan reserve account to the Saudi friend’s business for “promotional costs.”
Authorities aim to determine whether the funds actually were compensation for backing the loan, according to the newspaper.
The Nikkei’s sources say Ghosn suffered a hefty paper loss on currency swaps with Japan’s Shinsei Bank after the global financial crisis in 2008. When the bank asked for more collateral, Ghosn’s Saudi colleague provided a letter of credit, according to the sources.
Ghosn’s attorney says the payments were for the Saudi associate’s lobbying efforts to resolve problems between Nissan and its dealerships in Saudi Arabia.
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