Ghosn allegedly had Nissan cover yacht club fees

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Earlier this week, we had reported that Nissan chairman Carlos Ghosn was arrested by the Japanese Police following a financial misconduct. Mr Kelly previously worked in Mr Ghosn's chief executive office, but had no specific assignment for the last three years, according to the broadcaster. In the course of Nissan internal investigation revealed that the gon use company assets for personal purposes.

Nissan's board directors ousted him in response.

It also throws the future of the alliance into doubt as Ghosn was the architect of the far-flung partnership-which employs 450,000 people globally-and the glue holding it together.

Nissan Chairman Carlos Ghosn arrested for under-reporting income
It said Nissan's chief executive, Hiroto Saikawa, will recommend to the board that Ghosn is removed from his role as chairman. Ghosn added Mitsubishi to the alliance two years ago after the tiny automaker was caught in a gas-mileage cheating scandal.

Ghosn and former Nissan Representative Director Greg Kelly are being investigated over alleged conspiracy to understate Ghosn's compensation over five years from fiscal 2010 by about half of the actual 9.998 billion yen ($88.9 million). He hasn't commented on the allegations or been seen in public since his arrest.

In a joint statement, Bruno Le Maire and Hiroshige Seko said they both wanted "to maintain this winning cooperation". His fate as Nissan chairman appeared sealed just hours later as his hand-picked successor as CEO, Hiroto Saikawa launched an impassioned broadside at his former mentor, muttering about a "dark side" to the Ghosn era and urging his sacking. Renault has made a decision to appoint temporary deputy chief executive to take over the running of the firm while Mitsubishi will meet next week to consider their reacting to this situation.

Ghosn himself had worked toward a merger of Nissan and Renault to solidify their two-decade-old relationship, a union that would create a direct rival to Volkswagen Group and Toyota Motor Corp. for the title of the world's largest automaker.

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