Carlos Ghosn
Japanese Prime Minister Shinzo Abe and French President Emmanuel Macron were arranging to meet on the sidelines of the G20 summit meeting, media said, amid signs of a brewing diplomatic feud over the power balance at the troubled Renault-Nissan alliance.
The 19-year partnership between Renault SA and Nissan Motor Co is facing its biggest test to date after the arrest this month of its larger-than-life leader, Carlos Ghosn, for suspected financial misconduct.
Ghosn, 64, has been detained in Tokyo since his Nov. 19 arrest, and prosecutors are widely expected to seek a maximum 10-day extension of his detention. If the court approves, authorities will have to file charges by Dec. 10 or arrest him on suspicion of fresh crimes to keep him in custody.
Ghosn's detention in Tokyo has left the Franco-Japanese auto alliance without a leader and an advocate for the French government, which has said it wants to retain the current capital structure. Renault controls Nissan through its 43 percent stake, while Nissan holds a non-voting 15 percent stake in its partner.
A Bank of Japan board member declined on Thursday to comment on a media report that she was involved in an alleged attempt by former Nissan chairman Carlos Ghosn to shift personal investment losses to the automaker during her time at a commercial bank.Japanese tabloid Shukan Bunshun reported on Thursday that as an executive at Shinsei Bank Ltd, Takako Masai was involved in an alleged attempt by Ghosn to pass 1.7 billion yen ($15 million) in personal derivatives-trading losses incurred during the 2008 financial crisis onto Nissan. The suspected transaction was first reported by the Asahi newspaper on Tuesday."I'd like to refrain from commenting about individual transactions due to my duty of confidentiality," Masai told a news conference after meeting with business executives in Fukuoka, southern Japan."I also cannot comment on individual transactions made by Shinsei Bank." The bank also declined comment on the Shukan Bunshun report. ($1 = 113.2600 yen) 
Japan central banker mum on alleged involvement in Ghosn transaction
After meeting in Paris last week, Japanese Industry Minister Hiroshige Seko and French Finance and Economy Minister Bruno Le Maire reaffirmed the two countries' support for the alliance.
A few days later, however, Le Maire said on French television that he and Seko agreed that keeping the alliance's current capital structure was desirable - an agreement the Japanese minister denied making.
The Mainichi Shimbun daily reported on Friday that Seko had sent a rare letter of protest to Le Maire for the remarks. Officials at Japan's Ministry of Economy, Trade and Industry said they could not immediately comment on the reported letter.
Carlos Ghosn, the former chairman of Nissan Motor Co, shifted personal investment losses incurred during the 2008 financial crisis to the automaker to avoid millions of dollars in losses himself, the Asahi Shimbun reported on Tuesday.Citing multiple unnamed sources, the paper said that when Ghosn's bank had called for more collateral from the executive, he instead handed the rights over the derivatives trade to Nissan, which effectively shouldered 1.7 billion yen ($15 million) in losses.Japan's Securities and Exchange Surveillance Commission (SESC) discovered this incident during that year's routine inspection, the Asahi said.Nissan said it could not comment on the report. An SESC spokesman said the watchdog could not comment on individual cases.Ghosn is being held in detention in Tokyo after his arrest last week for financial misconduct, including allegedly understating his income for years. He has denied those allegations, public broadcaster NHK has reported.Ghosn, who was unanimously voted out as chairman of Nissan last week, was also ousted as chairman of alliance partner Mitsubishi Motors Corp on Monday.($1 = 113.4900 yen)
Ghosn suspected of shifting personal investment losses to Nissan
MACRON'S FIGHT
Ghosn's arrest, including for allegedly under-reporting his income, has triggered new attempts by Nissan to shake off what it considers Renault's outsized control of it, adding to problems at Macron's Elysee.
As economy minister, Macron had masterminded the French government's surprise increase of its Renault stake in 2015, raising alarm bells inside Nissan that the Elysee was out to wield more influence over the Japanese company.
Macron has requested a meeting with Abe at the G20 summit starting on Friday, the Mainichi reported. A Japanese government spokesman said nothing had been decided.
Mitsubishi Motors Corp said on Monday its board removed Carlos Ghosn from his role as chairman, following his arrest and ouster from alliance partner Nissan Motor Co last week for alleged financial misconduct.Ghosn's sacking in a unanimous board vote marks the end of his chairmanship of Japanese automakers, just two years after he was praised for bringing a steadying hand to Mitsubishi Motors following a cheating scandal in 2016. CEO Osamu Masuko will become temporary chairman, the automaker said."Ghosn has lost the confidence of Nissan" and it is "difficult for him to fulfill his duties", spurring the dismissal, Mitsubishi Motors said in a statement. Nissan holds a controlling 34 percent stake in Mitsubishi Motors and has two executives on the board.The move comes amid discontent over French partner Renault SA's role in the 19-year Franco-Japanese alliance of which Ghosn was the driving force.Nissan CEO to workers: ties with Renault 'not equal', needs reviewSealed in 1999 when Nissan was rescued from near-bankruptcy, it was enlarged in 2016 to include Mitsubishi and enabled the members to jointly develop products and control costs. The alliance vies with Volkswagen AG and Toyota Motor Corp for the ranking of the world's biggest automaker.Even as Nissan has recovered and grown rapidly, it remains a junior partner in the shareholding structure. Renault owns 43 percent of Nissan and the Japanese automaker holds a 15 percent non-voting stake in the French firm. And Nissan is almost 60 percent bigger than Renault by sales.Top alliance executives are meeting this week in Amsterdam, aiming to shield their joint operations from the fallout of Ghosn's arrest as a power struggle between Nissan and Renault looms. Renault has refrained from firing him as chairman and CEO.Former Nissan chairman Carlos Ghosn denies allegations against himMitsubishi Motors already had plans to discuss its position in the alliance with Ghosn and, following the ouster, it needs to consider focusing on regions and technology where it can retain competitiveness, CEO Masuko told reporters after the board meeting.Cooperation among alliance members is needed amid the rise of new technology like automated and internet-connected vehicles, he said.Nissan CEO Hiroto Saikawa told staff on Monday that power was too concentrated with Ghosn and that in future better communication between alliance board members and executives would help preserve independence and generate synergies among the automakers, a Nissan spokesman said.Arrested Nissan executive Kelly says Ghosn paid appropriatelyGhosn was pushing for a deeper tie-up, including potentially a full merger between Renault and Nissan at the French government's urging, despite strong reservations at the Japanese firm.Nissan removed Ghosn at a high-stakes board meeting on Thursday after alleging he understated his income and used company money for personal use.Ghosn has denied the allegations, public broadcaster NHK reported on Sunday.Mitsubishi Motors is conducting its own probe into potential wrongdoing by Ghosn, and plans to announce the results at its December board meeting.While the automakers have stressed that operations and business are proceeding as normal, Nissan has postponed the launch of its high-performance Leaf electric car "to ensure that this important product unveiling could receive the coverage it merits", a Nissan spokesman said.Shares in Mitsubishi Motors closed up 3.3 percent ahead of the announcement while Nissan climbed 1.8 percent, outperforming the broader market's 0.8 percent gain. 
Mitsubishi Motors ousts Ghosn as chairman, days after Nissan firing
The auto alliance, which also includes Japan's Mitsubishi Motors Corp, for its part "emphatically reiterated" its commitment to the partnership on Thursday after executives met in Amsterdam for the first time since Ghosn's arrest.
A review of the capital structure was not discussed at the meeting, Mitsubishi Motors' CEO Osamu Masuko said.
Former Nissan chairman Carlos Ghosn, arrested last Monday on suspicion of financial misdoing, has denied the allegations against him, Japanese public broadcaster NHK said on Sunday.Ghosn, who has not spoken publicly, has told investigators that he had no intention of under-reporting his remuneration on financial documents and has denied allegations against him, NHK said, without giving sources.Greg Kelly, a former Nissan executive arrested along with Ghosn on Monday, was quoted by NHK on Saturday as defending Ghosn's compensation, saying it was discussed with other officials and paid out appropriately.
Former Nissan chairman Carlos Ghosn denies allegations against him