Nissan executives deride attacks from Carlos Ghosn

Mr Ghosn hosted a lengthy news conference in Beirut on Wednesday, hitting out at his former colleagues

Hitoshi Kawaguchi, former vice president at Nissan, speaks to the media in Tokyo. Mr Kawaguchi, the senior Nissan manager accused by Carlos Ghosn of helping to orchestrate his arrest, said he wasn’t surprised that the former chairman and chief executive officer singled him out at his news conference. BloombergShow less

Nissan executives mostly derided attacks by Carlos Ghosn, who lashed out at the car maker he used to lead in a closely watched news conference in Lebanon, following his stunning escape from trial in Japan.

"I don't have time to be dealing with a one-man show by someone who broke the law and escaped justice," said Nissan independent director Masakazu Toyoda, one of the people singled out in a lengthy tirade by the company's former chairman and chief executive.

Mr Ghosn struck out at Japanese prosecutors and Nissan’s top managers in a two-and-a-half hour news conference in Beirut on Wednesday, the first since his arrest in November 2018 on suspicion of financial crimes, and a Hollywood-worthy journey to freedom by train, concealment in a black box and flight to Lebanonvia private jet.

He mostly blamed the likeliest suspects, including successor-turned-accuser Hiroto Saikawa, who himself had to step down as Nissan’s chief executive following a scandal over compensation in September.

Renault-Nissan boss Carlos Ghosn addresses a large crowd of journalists in 2021 on his reasons for dodging trial in Japan, where he is accused of financial misconduct, at the Lebanese Press Syndicate in Beirut. AFP

Carlos Ghosn said he was ready to serve Lebanon, albeit not as a politician but as an adviser. Bloomberg

Former Nissan chairman wipes his brow during the marathon press conference. Reuters

Carlos Ghosn, chooses a journalist to ask a question. Japanese media were left in the cold, Hasan Shaaban/Bloomberg

Pedestrians walk past a big screen showing images of former Nissan boss Carlos Ghosn in a news program on January 09. Getty Images

Japan’s Justice Minister Masako Mori attends a press conference in Tokyo. AFP

Carole Ghosn, centre, the wife of former Nissan chairman Carlos Ghosn attends a press conference at the Lebanese press syndicate in Beirut, Lebanon. EPA

Hitoshi Kawaguchi, former vice president of Nissan, speaks to members of the media in Tokyo, Japan. Kawaguchi, the senior Nissan manager accused by Carlos Ghosn of helping to orchestrate his arrest, said he wasn’t surprised that the former chairman and chief executive officer singled him out at his news conference yesterday. Bloomberg

The metal instrument cases, allegedly to be used for escaping of ousted Nissan boss Carlos Ghosn seen at Ataturk International Airport, in Istanbul. EPA

Carlos Ghosn points to documents. Bloomberg

Journalists chase a car that left a house said to belong to former Nissan chief Carlos Ghosn in Beirut. AFP

"If that's all he was going to say, he could have just said it in Japan," Mr Saikawa said in Tokyo, the morning after Mr Ghosn's news conference. "The real reason he ran away is because he was afraid of being found guilty."

Mr Saikawa was instrumental in Mr Ghosn's arrest and attacked him in a news conference on the day the executive was arrested, barely containing his anger over accusations that Mr Ghosn had sought to pay himself more than what was publicly disclosed, and using Nissan's money for his personal gain.

Mr Ghosn returned the favour, singling out Mr Saikawa for attack. Mr Ghosn said when Mr Saikawa became chief executive, he told him “you take care of it, now it’s your turn", leaving him $20 billion (Dh73.46bn) in cash. Mr Ghosn said Nissan started to decline in 2017, the year Mr Saikawa took over, and implied that Mr Saikawa needed to find an excuse for underperformance and therefore orchestrated his predecessor’s downfall.

Mr Saikawa in turn said: “I feel, very strongly, that I was betrayed by a former boss I used to trust.”

Nissan's shares are down about 37 per cent since Mr Ghosn's arrest, and the car maker has reported decade-low profits with plans to cut 12,500 jobs. Auto sales are slowing across the globe and new technologies from self-driving cars to electrification are disrupting the industry. The stock rose 1.8 per cent as of midday in Tokyo Thursday.

In addition to Mr Toyoda and Mr Saikawa, Mr Ghosn also identified Hitoshi Kawaguchi, another Nissan executive in charge of government liaisons, as being part of the plot against him.

In response, Mr Kawaguchi told reporters he has no regrets over Mr Ghosn’s ouster and was not surprised that he was singled out by the former chief executive. “I’m surprised that he wasn’t able to explain his misdeeds and personal use of company funds.”

“Saikawa, Kawaguchi — the names that came out were mostly expected,“ said Koji Endo, analyst at SBI Securities, said of Mr Ghosn’s remarks. “The protestations of innocence and criticism of the criminal justice systems were also predictable.”

Mr Saikawa had struggled to mend the ties that were frayed between Nissan and Renault, its top shareholder and partner in a car-making alliance that also includes Mitsubishi. He stepped down as chief executive in September after an internal investigation by Nissan found he had been overpaid by ¥96.5 million (Dh3.24m) via stock appreciation rights, or ¥47m after tax.

Nissan issued a statement ahead of Mr Ghosn’s news conference, saying the former leader was removed after a “robust, thorough” internal investigation and said it will continue to take appropriate legal action.

The deterioration of relations between Renault and Nissan after Mr Ghosn’s arrest has taken its toll on their stock performance. The French car maker is trading near a seven-year low, while the Japanese manufacturer is at levels not seen in almost a decade. An industry-wide sales slump and Renault’s failure to merge with Fiat Chrysler Automobiles have also weighed on the stocks.