2/7/2019

Renault Helped Pay Ghosn’s Wedding Costs

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Renault SA says an internal probe discovered that the company paid a portion of the costs for a wedding reception for then-Chairman and CEO Carlos Ghosn.

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Renault SA says an internal probe discovered that the company paid a portion of the costs for a wedding reception for then-Chairman and CEO Carlos Ghosn.

Renault replaced Ghosn last month following his arrest in November on suspicion of financial wrongdoing as chairman of Nissan Motor Co. Among those suspicions are questions about Ghosn’s use of several homes purchased by the company for his use, and is temporary transfer to Nissan of personal currency trading losses.

The carmaker says Ghosn derived a personal benefit worth €50,000 ($57,000) when he tapped a company credit with the Palace of Versailles to help pay for a lavish wedding reception there, Reuters reports.

The credit was the result of Renault’s sponsorship in 2016 of €2.3 million ($2.6 million) in renovations at the palace. In exchange, the company received a credit for €575,000 in palace services. Ghosn used €50,000 worth of those services for his wedding reception, according to Renault.