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Nissan shares slump on Carlos Ghosn's arrest over financial misconduct

Updated : November 20, 2018 07:17 AM IST

Nissan said on Monday Ghosn was arrested for alleged financial misconduct and would be fired from the board this week. Ghosn is also chairman and chief executive of Nissan's French partner, Renault.
Speaking at a late-night news conference on Monday, Nissan CEO Hiroto Saikawa conceded that too much power had been concentrated on Ghosn, and that the implications of his stewardship of both Renault and Nissan had gone unquestioned since 2005.
Shares in Mitsubishi Motors Corp, another member of the Franco-Japanese partnership, also slid by about 6 percent. Mitsubishi also said on Monday it would remove Ghosn as its chairman. Renault shares lost 8.4 percent on Monday.
Nissan shares slump on Carlos Ghosn's arrest over financial misconduct

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