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Carlos Ghosn claims to be victim of 'Pearl Harbor' plot - business live Carlos Ghosn claims to be victim of 'Pearl Harbor' plot - business live
(32 minutes later)
Rolling coverage of the latest economic and financial newsRolling coverage of the latest economic and financial news
Ghosn is asked whether he has any political ambitions in Lebanon.
He replies that he’s willing to use his expertise to help the country (who he spoke warmly about earlier). However he’s not planning to move into politics.
Ghosn denies that he’s signed a deal with Netflix to create a TV drama about his escape.
Carlos Ghosn is back to answer some questions from the media.
But he repeats his refusal to reveal how he escaped Japan, as it will “expose several people” who helped him, and could lead to problems for them.
BREAKING! While Ghosn was delivering his monologue, Lebanon’s top state prosecutor Ghassan Oueidat announced he is calling him for questioning tomorrow.
Oueidat wants to quiz Ghosn over the Red Notice issued by Interpol for his arrest, following his decision to flee Japan.
Ghosn is now outlining why it’s terribly unfair to claim he is a cold, greedy dictator.
He insists he was committed to Japan, saying he was the first foreign business leader to return to the country after the 2011 tsunami. He says he was the first to dare to go to Nissan’s plant near the Fukushima nuclear disaster.
On the greed charge, Ghosn claims he turned down an offer to run General Motors on double his salary.
And he insists he’s not a dictator, citing his long period of success turning Nissan around.
And with that, we’re taking a break! Ghosn is mopping his face with a handkerchief, and the media are looking hungry to ask some questions.
After presenting his case for an hour, Ghosn is proposing to hold a break before taking questions from reporters.
But not before he’s defended himself some more.
He insists that the case against him is political.
Ever the businessman, Ghosn is now railing against Nissan for botching his plan to merge with rival Fiat-Chrysler.
Bringing the Italian-US carmaker into the Nissan-Renault alliance would have been a success, he says.
But this deal died when Ghosn was arrested -- Fiat-Chrysler is merging with Peugeot owner, Groupe PSA, instead.
Ghosn berates his former company:
Ghosn also denies another key part of the case against him, that he illicitly used Nissan’s money to buy houses around the world.
He produces a letter approving these payments, signed by former CEO Hiroto Saikawa (who Ghosn claims is a key conspirator against him).
Dozens of journalists were gathered outside Beirut’s press syndicate building for Ghosn’s press conference, including many who had flown in especially from Japan.
They stood in the rain guarded by heavily armed Lebanese police officers, descending on each car that pulled up the building. The arrival of two black Toyota Land Cruisers around 3pm caused a flurry - until what appeared to be a group of private security officers emerged. Ghosn had appeared to use the temporary rush to enter the building unseen through a side entrance, and appeared in the conference room a few moments later.
Ghosn now turns to the notorious party which he and wife Carole hosted at France’s Palace of Versailles to celebrate the 15th anniversary of the Renault-Nissan-Mitsubishi alliance.
We didn’t want to act like Louis XIV and Marie Antoinette, he insists. We chose Versailles because it is a symbol of France’s genius, and its openness to the world.
That party cost €635,000, but Ghosn denies there was anything suspicious - even though some friends from Lebanon and the US also attended.
Forty five minutes into his opening statement, Ghosn is now arguing that Nissan and Renault investors are also victims of the conspiracy against him.
He says they are the only major carmakers whose shares have fallen since his arrest, with €20m per day wiped off Renault’s value.
That’s a heavy price, compared to the $11m of allegedly dubious expenses, Ghosn says.
[Perhaps, but I don’t think fraud cases should really balanced against the impact on market capitalisation]
Carlos Ghosn is now denying that there was anything irregular in the “CEO reserve” payments at the heart of the fraud charges against him.Carlos Ghosn is now denying that there was anything irregular in the “CEO reserve” payments at the heart of the fraud charges against him.
Pointing to a financial statement, he insists that he couldn’t use these funds for illicit purposes.Pointing to a financial statement, he insists that he couldn’t use these funds for illicit purposes.
Last year, Reuters revealed how Ghosn and close associates spent money from a fund that some insiders dubbed ‘the CEO Reserve’ to help pay for residences used by the Ghosn family as well as for other personal expenses.Last year, Reuters revealed how Ghosn and close associates spent money from a fund that some insiders dubbed ‘the CEO Reserve’ to help pay for residences used by the Ghosn family as well as for other personal expenses.
Ghosn now produces another plank of his defence -- even if one was guilty of such financial misconduct charges, no other country would punish them so harshly as Japan.Ghosn now produces another plank of his defence -- even if one was guilty of such financial misconduct charges, no other country would punish them so harshly as Japan.
Not that he is admitting any guilt, of course.Not that he is admitting any guilt, of course.
Carlos Ghosn is now defending his decision to flee Japan, claiming he was effectively a hostage.Carlos Ghosn is now defending his decision to flee Japan, claiming he was effectively a hostage.
He says he was told he faced a five year wait before a judgement would be made on his fraud charges - giving him a choice between dying in Japan or escaping.He says he was told he faced a five year wait before a judgement would be made on his fraud charges - giving him a choice between dying in Japan or escaping.
He’s also furious about the way he was portrayed.He’s also furious about the way he was portrayed.
Nissan was “in the dirt” before my arrival, Ghosn says, and now he am described as “a cold, greedy dictator”.Nissan was “in the dirt” before my arrival, Ghosn says, and now he am described as “a cold, greedy dictator”.
Carlos Ghosn has now been speaking without interruption for 30 minutes -- speaking passionately about his (claimed) innocence, and slamming Japan’s legal system.Carlos Ghosn has now been speaking without interruption for 30 minutes -- speaking passionately about his (claimed) innocence, and slamming Japan’s legal system.
He’s now claiming that the whole arrest was staged, and that there is collusion between Nissan and the prosecutor -- who is effectively the judge, he blasts.He’s now claiming that the whole arrest was staged, and that there is collusion between Nissan and the prosecutor -- who is effectively the judge, he blasts.
Ghosn is now explaining how he was arrested last year.Ghosn is now explaining how he was arrested last year.
He slams the “bullshit” claim that he was arrested on a plane, insisting that he was apprehended going through airport security.He slams the “bullshit” claim that he was arrested on a plane, insisting that he was apprehended going through airport security.
In a highly provocative, and distasteful move, Ghosn is comparing this alleged plot to remove him to the Pearl Harbor attacks!In a highly provocative, and distasteful move, Ghosn is comparing this alleged plot to remove him to the Pearl Harbor attacks!
He says his friends have asked how he didn’t notice he was being set up -- and he reminds them how the Japanese air force caught the Americans by surprise in 1941.He says his friends have asked how he didn’t notice he was being set up -- and he reminds them how the Japanese air force caught the Americans by surprise in 1941.
That is going to cause fury in Japan, we suspect.That is going to cause fury in Japan, we suspect.
Ghosn also claims that Japanese government officials were involved in this plot to get rid of him.Ghosn also claims that Japanese government officials were involved in this plot to get rid of him.
But, pressing his hands together in prayer, Ghosn says he is “imposing silence” on himself on this issue, as he doesn’t want to hurt the Lebanese people or their government.....But, pressing his hands together in prayer, Ghosn says he is “imposing silence” on himself on this issue, as he doesn’t want to hurt the Lebanese people or their government.....
After that vigorous defence, Ghosn is getting down to details, and outlining his theory for why he ended up being arrested on fraud charges.
Ghosn says the plot against him was triggered by Nissan’s declining performance at the start of 2017. He blames Hiroto Saikawa, the former CEO, for this.
He explains that there was big bitterness in Japan about the links between Nissan and Renault, which gave the French carmaker some influence over Nissan.
Unfortunately there was no trust in the partnership, Ghosn continues.
Some Nissan insiders concluded that the only way to get rid of Renault’s influence on Nissan is to get rid of me, and they were right, he adds.
So who cooked up this plot?
Ghosn says Saikawa was obviously part of it, along with whistleblower Hari Nada. He also names Masakazu Toyoda, Nissan director, as a key link.
Ghosn blames “unscrupulous, vindictive individuals” at Nissan and its legal firm Latham and Watkins for launching the legal charges against him.
I am not above the law, he insists -- but had no choice but to escape Japan because its legal system and its 99% conviction rate.
Choosing to escape was the most difficult decision of my life, he continues.
But as the charges against him are “baseless” he had “no other choice” but to protect himself and his family.
Carlos Ghosn turns to Greg Kelly, his former aide who was also arrested last year -- and remains in custody.
Ghosn says that Kelly has been persecuted because he refused to sign up to a plea bargaining deal, alongside Hari Nada- a senior vice-president at Nissan who blew the whistle on Ghosn.
Kelly is a “victim of the system” and an honourable man, “with no release date in sight”, Ghosn says, asking the media to remember him.
Carlos Ghosn says he won’t reveal how he escaped from Japan -- and you can feel the wave of disappointment rippling through the press conference.
Instead, he is going to outline how he is innocent, and how the charges should never have been brought.
He thanks his family, his wife Carole (cue some applause), his friends and his lawyers.
And he takes another swipe at Japan, saying baseless media attacks had been orchestrated by Japanese authorities.
Carlos Ghosn says his imprisonment went against United Nations standards.
Ghosn is laying into the Japanese criminal justice system, saying he was interrogated for up to eight hours a day without a lawyer present, and without knowing what evidence was held against him.
It is impossible to express the depths of my deprivation, he declares.
Ghosn claims investigators threatened him, saying things would get even worse if he didn’t confess. He had no contact with his family, apart from through letters.
The feeling of hopelessness was profound, he adds, hitting out at prosecutors for re-arresting him after he was released on bail the first time last year.
Carlos Ghosn begins by welcoming the press to today’s event.
As you can imagine, today is a very important day for me, he says.
Ghoshn says he has looked forward to it for 400 days, since he was taken into custody in Japan and “brutally” taken away from his family, his friends and his company.
Ghosn is being introduced now - here’s a live feed.
And here’s the scene inside:
Here’s the scene outside the press conference a few minute ago: