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> Japanese companies generally provide homes for their senior executives, and for Ghosn, Nissan provided five—in Paris, Tokyo, and Amsterdam, but also in Beirut
by devereaux 8y ago
> Japanese companies generally provide homes for their senior executives, and for Ghosn, Nissan provided five—in Paris, Tokyo, and Amsterdam, but also in Beirut and Rio de Janeiro, where he had negligible business ties but extensive personal ones.
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> Ghosn didn’t have enough in his personal accounts, so he arranged for Nissan to take on the contracts temporarily. Later he took them back, secured by a letter of credit from Khaled Juffali, a Saudi businessman whose family firm later received $14.7 million in payments from Nissan’s CEO Reserve, a source of money the company says Ghosn controlled with little oversight … Ghosn’s representatives maintain that the transaction was properly approved and that Juffali, who owns a car dealership chain, was paid for helping with regional distribution, not for getting Ghosn out of a jam.
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> Nissan covered the cost of his Rio yacht club membership, and his sister was on the company payroll for more than a decade, performing ill-defined consulting duties in Brazil.
Looks fishy to me.
- prasadjoglekar 8y agoMight be fishy - but doesn't feel like any crime was committed
- hodgesrm 8y agoAnd much of it seems to have been known to the Nissan board. It feels a bit like Captain Renault being shocked about gambling at Rick's in Casablanca.
- scurvy 8y agoBy Brazilian standards, this is peanuts...borderline clean, legal, and normal.
- kochikame 8y agoHe was foolish to mix his money and the company's money; CEOs should always be explicit about this, if only for the optics. Not sure it's a crime, though, and the Nissan senior management seem to have known about it for a long time without doing anything about it. This seems quite negligent of them.