7/12/2019

Renault Submits Ghosn Audit to Prosecutors

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Renault SA has turned over the conclusions of an audit it commissioned in January on joint finances with the Renault-Nissan-Mitsubishi alliance.

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Renault SA has turned over the conclusions of an audit it commissioned in January on joint finances with the Renault-Nissan-Mitsubishi alliance.

The investigation found €11 million ($12 million) in questionable spending by Renault-Nissan BV, the Dutch entity that management the partnership’s business. Renault hired French auditors Mazars Group in January to head its investigation into possible financial misconduct.

Carlos Ghosn, former chairman of all three carmakers and RNBV, awaits trial in Japan on charges of financial wrongdoing at Nissan.

 Earlier media reports say the audit questioned €11 million in Ghosn expenses for nonbusiness activities, such as attending the Cannes film festival and Rio di Janeiro’s Carnival.

Those reports say French prosecutors also are looking into payments made by RNBV to Nissan and Renault’s sole distributor in Oman, which may have been diverted to Ghosn. He has denied all claims of misconduct.