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Home » IANS » Ousted Nissan chief Ghosn granted release on bail

Ousted Nissan chief Ghosn granted release on bail

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Tokyo, April 25 (IANS) The Tokyo District Court on Thursday granted ousted Nissan Motor Co. Chairman Carlos Ghosn’s release on bail after he was indicted for the fourth time over alleged misuse of company funds.

The bail was set at 500 million yen ($4.5 million), reports Kyodo News Agency.

The fresh charges relate to accusations that payments from Nissan to a distributor in Oman were funnelled to an investment company effectively owned by Ghosn for his personal use, causing the automaker to sustain a $5 million loss.

The prosecutors, who are expected to appeal, believe that in this instance the misuse of funds cost Nissan around $5 million in losses.

Ghosn’s earlier release following 108 days in detention through early March was cut short after the prosecutors served him with a warrant on April 4.

In a video message released by his lawyers after he was arrested, Ghosn maintained his innocence and claimed that he had been the victim of a conspiracy at Nissan involving other executives.



(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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