Japan’s Mitsubishi Announced the Removal of Carlos Ghosn

Japan’s Mitsubishi Motors has followed the example of its sister Nissan and announced the removal of its chairman Carlos Ghosn from his position on Monday on charges of tax evasion. While Ghosn denied on Sunday accusations against him, Japanese media reported that the French businessman of Lebanese origin reduced his income data by about 71 million dollars.

Japan’s automaker Mitsubishi Motors dropped its chairman Carlos Ghosn on charges of financial irregularities. The Group also announced the appointment of Chief Executive Officer Osamu Masuko as Interim Chairman of the Board.

The company’s board members said in a brief statement that it was “difficult” to keep Ghosn in office after his arrest a week ago in Tokyo. Ghosn is under investigation to hide part of his income from the financial authorities and is also accused of exploiting the company’s property for his own benefit.

Mitsubishi’s decision comes days after a similar action by Nissan in the same case. When questioned on Sunday, Ghosn denied the charges, pointing out that he had no intention of hiding his returns.

Carlos hid about $ 71 million of his income

Japanese media reported on Friday that the former president of the Nissan-Mitsubishi-Renault alliance Carlos Ghosn reduced his income data by about $ 71 million, much more than was initially reported.

As the chapters of this issue, which shocked the world of the automotive industry, were reaffirmed, France and Japan reiterated their support for Renault-Nissan’s leading group.

But authorities now suspect that Ghosn has reduced his income data by another 3 billion yen for the next three fiscal years, the Asahi Shimbun newspaper and the Nikkei daily economic newspaper reported.

Prosecutors are now planning to issue a warrant for his arrest on charges of reducing his income by up to 8 billion yen ($ 71 million) since June 2011, the newspaper said.

Under Japanese law, detained suspects can face additional arrest warrants, which could expose them to greater charges.

The Nikkei newspaper also said Ghosn was also have reported a profit of 4 billion yen through equity rights, a method that gives companies a reward for strong profits.

Hülya Karahan:The Founder