November 20, 2018 / 7:50 AM / a month ago

Ghosn not currently fit to lead Renault, says French finance minister

PARIS, Nov 20 (Reuters) - Carlos Ghosn is no longer fit to lead Renault following his arrest in Japan, said French Finance Minister Bruno Le Maire on Tuesday.

“Carlos Ghosn is no longer in a position capable of leading Renault,” Le Maire told France Info radio.

Nissan said on Monday that an internal investigation had revealed that Ghosn engaged in wrongdoing including personal use of company money and under-reporting for years how much he was earning. He was arrested and would be fired from Nissan’s board this week, added Nissan.

The French state owns 15 percent of Renault, which in turn holds a 43.4 percent stake in Nissan.

Le Maire said he would contact his Japanese counterpart over the matter, and reiterated that France’s priority was to ensure the stability of the Renault company.

Le Maire added that Renault’s partnership with Nissan was in the interests of both France and Japan and of both companies. (Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)

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