Japanese car maker Nissan has proposed to remove chairman Carlos Ghosn from his post over financial misconduct claims. It has been reported that Mr Ghosn has been under-reporting his pay package, including personal use of company assets.
According to Japanese media, Mr Ghosn has been arrested in Tokyo earlier today.
Mr Ghosn is being accused of under reporting $44 million over a period of 5 years.
Who is Carlos Ghosn?
Brazilian born with Lebanese’s descent and a French citizenship, he is considered as a hero in Japan and in fact his life was serialized in one of Japan's famous cartoon comic books.
Aswell as being chairman of Nissan, he is also chairman and chief executive of Renault and chairman of Mitsubishi Motors. In addition, he is chairman and chief executive of the Renault-Nissan-Mitsubishi Motors strategic alliance.
Mr Ghosn, who became famous when he been dubbed as the ‘cost killer’ in the 1990s for slashing jobs and closing factories made to revive Renault, become successful after his strategy thrived.
Nissan stocks (traded in Japan) have already ceased trading when the news broke out and are expected to open drastically lower tomorrow. Share prices for Renault are currently down 15% on the French exchange.