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Nissan said an internal investigation, triggered by a tip-off from a whistleblower, had revealed that Ghosn engaged in wrongdoing including personal use of company money and under-reporting his earnings for years creative cufflinks uk sale. “This is shocking,” said Toru Ibayashi, executive director of Wealth Management at UBS Securities Japan. “By under-reporting his corporate salary, he basically deprived Nissan’s shareholders of opportunities to judge if the amount of his salary was appropriate. This incident will make investors review if Japanese corporate governance is working.”..

While the market is in shock, some traders said that the downside for Nissan’s share price may be limited creative cufflinks uk sale. “This is a big corporate governance issue, but it’s not something that would affect its earnings right away,” said Makoto Kikuchi, chief executive of Myojo Asset Management.”With its stock trading way below its book value, it makes sense that some short-term investors are attracted to its cheap valuations.”. Nissan supplier Nissan Shatai dropped 2.5 percent and dealer Nissan Tokyo Sales Holdings stumbled 4.1 percent..

Mitsubishi Motors, another member of the Franco-Japanese partnership, also plunged 6.9 percent. Mitsubishi said it would also remove Ghosn as its chairman creative cufflinks uk sale. Tuesday’s losers included Apple Inc suppliers after the iPhone maker’s shares dived overnight. Murata Manufacturing shed 3.5 percent, TDK Corp and Kyocera Corp dropped 1.9 percent and 1.6 percent, respectively. Chip-equipment makers were sold as well, with Tokyo Electron falling 1.8 percent and Advantest Corp sliding 2.7 percent. The broader Topix shed 0.7 percent to 1,625.67..

PARIS (Reuters) – Carlos Ghosn should not remain in charge of Renault (RENA.PA) after his arrest in Japan, France’s finance minister said on Tuesday, urging the carmaker to move swiftly to install an interim management team to limit the damage creative cufflinks uk sale. Ghosn, one of the best known leaders in the car industry, was arrested in Japan on Monday after Renault partner Nissan (7201.T) said he had engaged in wrongdoing including personal use of company money and under-reporting how much he was earning for years. Nissan plans to oust him as chairman on Thursday..

“Carlos Ghosn is no longer in a position where he is capable of leading Renault,” Finance Minister Bruno Le Maire told France Info radio. “Nevertheless, we have not demanded the formal departure of Ghosn from the management board for a simple reason, which is that we do not have any proof and we follow due legal procedure,” added Le Maire. The French state owns 15 percent of Renault, which in turn holds a 43.4 percent stake in Nissan creative cufflinks uk sale. Le Maire also called on Renault’s board to meet “in the coming hours” to set up an interim management structure in light of the arrest of Ghosn, who is chairman and chief executive..