Friday , February 26 2021

Renault Nissan is considering the future of the alliance … France is holding the leadership

As leaders of the Renault-Nissan-Mitsubishi alliance met in the Dutch city of Amsterdam, due to the expectation of the future of the alliance after the slowdown of President Carlos Ghoso from Japanese companies, French Economy Minister Bruno Lemerre voiced his opposition to any change in the Renault-Mitsubishi leadership for the auto industry , and not in the "balance" of the authorities, especially since Renault's CEO "should remain president of the group", a week after Ghosn was arrested.

"At the management level, there is a decision that Renault's CEO should be the president of the group," the French Minister of LCA said on Tuesday night. This rule should not change. "" Renault's CEO is Thierry Bollory (Acting Executive Director after the Ghosno Arrest), and he should remain president of the alliance, "Lemerre said, while Ghosn was relieved of Nissan and Mitsubishi.

When it comes to sharing powers within the group and the possibility that the Japanese side will use doubts that have driven Ghosn to redress the balance in his favor within the group, the French minister has taken a firm stand. He said: "At the moment, it seems to me that it seems to be good balance and good. There are intersections between Renault and Nissan and should not be changed."

Renault owns just over 43 percent of Nissan's capital, which in turn has 15 percent of the capital of a French company. The French state holds the same share of capital, about 15%. "I do not want to change the balance of power between Renault and Nissan and the cross-cut level," he said.

Over the past few days, no one claims to be making radical changes in the alliance formula, especially since it has become the strongest company in terms of sales and profits.

Nissan Motors has decided to release Ghosn as president at a board meeting on Thursday after being arrested on suspicion of violating financial laws. The board unanimously voted in favor of the dismissal of Ghosn, who was also chairman of Renault and Mitsubishi Motors. However, Renault said Ghosn will continue to function as chairman and CEO of the company, although the company's board of directors decided to temporarily manage Terry Pulory's operations manager.

In the meantime, the senior executive of Mitsubishi Motors said on Tuesday that the alliance with Nissan Motors and Renault could withstand changes in governance, the day after Ghosn was dismissed as president.

The future of the 19-year alliance, one of the largest car manufacturers in the world, has become uncertain after Ghosn made it on 19 November. Ghosn is an architect and president of the federation and continues to serve as the executive director and chairman of the board. Renault.

Senior coalition officials meet at a regular meeting this week in Amsterdam, for which sources could begin Wednesday. A source in April told Reuters, demanding that he not be named because the agenda for the meeting was not public, and managers were also expected to discuss the presidency of the Ghosn alliance.

Mitsuiko Yamashita, executive vice president of Mitsubishia, told reporters at the research and development center in Okazaki, central Japan that, regardless of the form of alliance, the three companies will continue to supply more components and use their relationships to develop new technologies.

"I can not say that a tripartite partnership will develop, but with a permanent automotive industry that needs new technologies, it will not be possible for just one automotive company to do it all alone," said Yamashita, a former senior Nissan engineer. He added that the coalition will have to determine the decision maker and how to take it, without Ghosn, but he is convinced that the partnership is enough to meet the challenge.

Ghosn denied reports in Tokyo that he had suffered personal losses to Nissan, the first official comment since his arrest. Ghosn acknowledged to hold consultations with Nissan on providing security to cover one of the contracts, but did not pass the loss to the company, Bloomberg claims Motunari Utsuru, Ghosn's attorney. Japanese Asahi reported on Tuesday that Ghosn may have suffered a personal loss of $ 1.7 billion ($ 14.9 million) in a 2008 derivative contract. Nissan.

In a new surprise source, which was known yesterday, it was said that the company that audited the company Nissan Motors had repeatedly inquired about transactions involving financial irregularities committed by Ghosn, but Nissan said these transactions sound.

Ernst and Young Shin Nihon, a specialist in auditing from Nisan, has repeatedly requested, especially around 2013, the purchase of luxury homes abroad to use their own personal and capital rights, which are similar to capital options. Be guided by cash if the action is raised at a certain price.

But the source who asked not to identify, said for Reuters, a Japanese automaker said the transactions and financial reports were healthy. This shows that Nissan and its auditor talked about financial transactions, in clear contrast to what Nissan said was the alleged manipulation of data on the benefits given to Ghosn by Ghosn himself and senior assistant.

Spokeswoman Ernst & Young Shin Nihon, a Japanese branch of the global accounting firm Ernst & Young, said she can not comment on certain issues. Nissan's spokesman declined to comment.

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