Mexican Media Brands
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.
#legal
Share
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.
RELATED CONTENT
-
Court Ruling Exposes GM to Punitive Damages Over Ignition Switches
A new ruling by the federal judge who presided over General Motors Corp.’s 2009 bankruptcy could expose post-bankruptcy General Motors Co. to a wave of costly punitive damage awards linked to the company’s defective ignition switches.
-
Tesla Faces Second Autopilot Fatality Lawsuit
Tesla Inc. has been sued for the second time in three months by families of drivers killed in crashes while using the company’s Autopilot semi-self-driving feature.
-
Report: Ghosn Kept List of Hidden Compensation
Japanese prosecutors have found a list apparently created by former Nissan Motor Co. Chairman Carlos Ghosn that charts compensation the company didn’t report but he expected to receive, The Nikkei says.