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Ghosn could not be reached for comment. “To have so greatly violated the trust of many, I feel full of disappointment and regret,” Saikawa told a late night news conference. “It’s not just disappointment, but a stronger feeling of outrage, and for me, despondency.”. Saikawa took over as Nissan CEO from Ghosn last year. Ghosn once told reporters the two thought alike. Saikawa said he would propose at a board meeting on Thursday to remove Ghosn and Representative Director Greg Kelly, who was also accused of financial misconduct. Kelly could also not be reached for comment letter o cufflinks uk sale.

Renault shares tumbled 11 percent in Paris to be among the worst performing stocks in Europe letter o cufflinks uk sale. Nissan’s German-listed securities 7201.TG dropped 10 percent. French Finance Minister Bruno Le Maire said the government, Renault’s top shareholder, would safeguard the long-term viability of the carmaker. “The key question for us is to ensure the stability of Renault and of the alliance between Renault and Nissan, so I am working on that with all the parties,” he told reporters in Brussels after a meeting of euro zone finance ministers..

Known as “Le Cost Killer” for overseeing turnarounds that included cuts, Ghosn has remained popular in Japan despite pushing through massive job losses and recent controversy over his pay letter o cufflinks uk sale. Japanese media said Ghosn had reported about 10 billion yen ($88.9 million) of annual compensation as about 5 billion yen for several years. Ousting Ghosn, 64, is bound to raise questions about an alliance that he personally shaped and had pledged to consolidate with a deeper tie-up, before eventually stepping back from its operational leadership..

“It is hard not to conclude that there may be a gulf opening up between Renault and Nissan,” said Bernstein analyst Max Warburton, raising the prospect of a potential “re-Japanization” of Nissan and the end of the alliance. Citi analyst Raghav Gupta-Chaudhary said the share price reaction showed how important Ghosn was to the partnership, adding that the alliance had long undervalued Nissan shares held indirectly by Renault investors letter o cufflinks uk sale. “Ghosn is viewed as critical for value unlock,” he added..

Renault owns 43.4 percent of Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999. Since 2016 Nissan has held a 34 percent controlling stake in its smaller Japanese rival, Mitsubishi letter o cufflinks uk sale. A statement from Mitsubishi said it would propose removing Ghosn from its board. Monday’s news is likely to raise questions about Nissan’s accountability at a time when Japan has been pushing companies for better governance. Recent cases of corporate malfeasance have hit companies including accounting irregularities at Toshiba Corp (6502.T) and data falsification and improper inspections by manufacturers including Nissan..