Renault Says ‘Non’ To Ghosn’s Severance Package

by under News on 15 Feb 2019 04:08:23 PM15 Feb 2019

Reports suggest a hole of up to €11-million.

Renault Says ‘Non’ To Ghosn’s Severance Package – Gallery

The board of directors at French automaker Renault have moved to deny former supremo Carlos Ghosn his severance package, citing unmet terms & conditions as their official reasoning. However it’s also worth noting that prior to making the call, internal audits at the company revealed some potential financial improprieties by Ghosn at the French firm, which we’re pretty sure played no small part in this decision.

According to Bloomberg, Ghosn will be denied about €11-million in one go, while Renault will also be withholding stock-based pay of an undisclosed amount, as that was dependent on his ‘continued presence’ in the company. 

Renault Says ‘Non’ To Ghosn’s Severance Package – Gallery
“The board unanimously notes that such condition [continued presence] is not met, thereby triggering the loss of Ghosn’s rights to the definitive acquisition of such shares.” – Statement, Board of Directors, Renault

Renault very recently revealed to the media the findings of internal audits, which shows that some €50,000 was given to the Château de Versaille as a ‘charitable contribution’ shortly before Ghosn’s lavish wedding there. The timing of the ‘contribution’ has led many to believe that this might have been Ghosn’s way of getting Renault to at least partially pay for his elaborate Marie Antoinette-themed wedding to his second wife.

Renault Says ‘Non’ To Ghosn’s Severance Package – Gallery

On the opposing side, Ghosn’s family have reiterated the same response that he has since he’s been granted time with the media. Ghosn & his family maintain that his removal as chairman of the Renault-Nissan-Mitsubishi Alliance and the allegations of financial misconduct are part of a conspiracy, with the ultimate goal to prevent the “irreversible” merger of the three Alliance component companies. Caroline Ghosn, speaking to the New York Times, noted that Nissan boss Hiroto Saikawa “didn’t waste a breath,” or even “try to cover up” that the potential merger was perhaps the main reason behind Nissan’s actions.

Stay tuned to CarShowroom as this story develops. 

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