- 'Your Honor, I Am Innocent:' Carlos Ghosn Defends Himself in First Court Appearance Since Arrest
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- Innocent, your honor : a book of lawyer cartoons
- “I’m Innocent, Your Honor” | medicine for real
While he was dismissed as Nissan chairman shortly after his detention, Renault has kept him on as chairman and chief executive officer because it needs evidence of wrongdoing. He said four major companies tried to recruit him while he was Nissan CEO. Ghosn turned them down.
'Your Honor, I Am Innocent:' Carlos Ghosn Defends Himself in First Court Appearance Since Arrest
The transaction over four years was for legitimate business purposes, the firm said. Nissan has also accused Ghosn of misusing company funds, including over homes from Brazil to Lebanon and hiring his sister on an advisory contract. No matching results for ''. Tip: Try a valid symbol or a specific company name for relevant results. Give feedback on the new search experience. Finance Home. Markets closed. Fortune January 8, New Dimension His appearance in court lends a new dimension to a legal battle that has been largely one-sided. Recently Viewed Your list is empty.
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TrimTabs' All-Cap U. Free-Cash Flow exchange-traded fund is beating the market this year by focusing on high-quality buyback programs, says its manager. Ghosn's appearance in court came at a hearing his lawyers requested to ask prosecutors to justify why the auto executive has not been granted bail.
In a lengthy statement Ghosn denied attempting to hide his compensation. Here are his full comments:. I am grateful to finally have the opportunity to speak publicly. I look forward to beginning the process of defending myself against the accusations that have been made against me. First, let me say that I have a genuine love and appreciation for Nissan.
I believe strongly that in all of my efforts on behalf of the company, I have acted honorably, legally, and with the knowledge and approval of the appropriate executives inside the company—with the sole purpose of supporting and strengthening Nissan, and helping to restore its place as one of Japan's finest and most respected companies. I have long been concerned about the volatility of the yen relative to the U.
I wanted predictability in my income in order to help me take care of my family. To deal with this issue, I entered into foreign exchange contracts throughout my tenure at Nissan, beginning in Two such contracts are at issue in this proceeding. It was a perfect storm that no one predicted.
The entire banking system was frozen, and the bank asked for an immediate increase in my collateral on the contracts, which I could not satisfy on my own. Resign from Nissan, so that I could receive my retirement allowance, which I could then use to provide the necessary collateral. But my moral commitment to Nissan would not allow me to step down during that crucial time; a captain doesn't jump ship in the middle of a storm.
Ask Nissan to temporarily take on the collateral, so long as it came to no cost to the company, while I gathered collateral from my other sources. I chose option 2.
The FX contracts were then transferred back to me without Nissan incurring any loss. Khaled Juffali has been a long-time supporter and partner of Nissan. During a very difficult period, Khaled Juffali Company helped Nissan solicit financing and helped Nissan solve a complicated problem involving a local distributor—indeed, Juffali helped Nissan restructure struggling distributors throughout the Gulf region, enablingNissan to better compete with rivals like Toyota, which was outperforming Nissan. Juffali also assisted Nissan in negotiating the development of a manufacturing plant in Saudi Arabia, organizing high-level meetings with Saudi officials.
Khaled Juffali Company was appropriately compensated—an amount disclosed to and approved by the appropriate officers at Nissan—in exchange for these critical services that substantially benefited Nissan. Even though their proposals were very attractive, I could not in good conscience abandon Nissan while we were in the midst of ourturnaround.
Nissan is an iconic Japanese company that I care about deeply.
Although I chose not to pursue the other opportunities, I did keep a record of the market compensation for my role, which those companies offeredme if I had taken these jobs. This was an internal benchmark that I kept for my own future reference—it had no legal effect; it was never shared with the directors; and it never represented any kind of binding commitment.
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Infact, the various proposals for non-compete and advisory services post-retirement made by some members of the board did not reflect or reference my internal calculations, underscoring their hypothetical, non-binding nature. Contrary to the accusations made by the prosecutors, I never received any compensation from Nissan that was not disclosed, nor did I ever enter into any binding contract with Nissan to be paid a fixed amount that was not disclosed.
Moreover, I understood that any draft proposals for post-retirement compensation were reviewed by internal and external lawyers, showing I had no intent to violate the law. For me, the test is the "death test": if I died today, could my heirs require Nissan to pay anything other than my retirement allowance?
The answer is an unequivocal "No.
Innocent, your honor : a book of lawyer cartoons
I have dedicated two decades of my life to reviving Nissan and building the Alliance. I worked toward these goals day and night, on the earth and in the air, standing shoulder to shoulder with hardworking Nissan employees around the globe, to create value. The fruits of our labors have been extraordinary. We transformed Nissan, moving it from a position of a debt of 2 trillion yen in to cash of 1.
“I’m Innocent, Your Honor” | medicine for real
Nissan's asset base tripled during the period. Petersburg, Russia, Chennai, India, and Resende, Brazil; the pioneering of a mass market for electric cars with the Leaf; the jumpstarting of autonomous cars; the introduction of Mitsubishi Motors to the Alliance; and the Alliance becoming the number one auto group in the world in , producing more than 10 million cars annually. We created,directly and indirectly, countless jobs in Japan and reestablished Nissan as a pillar of the Japanese economy. These accomplishments—secured alongside the peerless team of Nissan employees worldwide—are the greatest joy of my life, next to my family.
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Your Honor, I am an innocent of the accusations made against me. I have always acted with integrity and have never been accused of any wrongdoing in my several-decade professional career. I have been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations.