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Renault Requires More Details Regarding CEO Carlos Ghosn’s Allegations

Reportedly, Renault has granted CEO Carlos Ghosn’s compensate arrangements a clean check of health but has yet not arrived at a conclusion regarding accusations of financial offense that caused his detention in Japan. Renault in its statement said that its panel of directors has now been informed on the inspection by alliance collaborator Nissan that caused Ghosn’s arrest on November 19, 2018. But the French car manufacturer has requested its lawyers to update the panel again “on time” after evaluating further the information provided by Nissan.

The statement also stated that Renault yet “does not have details concerning Carlos Ghosn’s justification.” Ghosn stays in a Tokyo jail till then. His legal difficulties have sunk the future of the association he forged among Renault, Nissan, and Mitsubishi Motors into disbelief, and cost him the leadership of both Japanese car companies. Renault has employed provisional management while placing Ghosn in his positions as chairman and CEO. In the meantime, Renault has been performing its own evaluation of Ghosn’s compensate package between 2015 and 2018 at the French carmaker. Renault said that the initial findings of that examination showed no irregularities. Tokyo prosecutors accused Ghosn, on claims that he under-reported his earnings in Nissan corporate filings by almost $44 Million between 2010 and 2015.

Recently, Renault was in news as the carmaker plans to increase the prices by 1.5% across vehicles from January 2019. The price hike is being done to “moderately counterbalance the effect of surging input costs and roller coasters in foreign exchange rates,” Renault said in its statement. With the price climb, Renault joins a crowd of automakers which already have declared to hike their vehicle costs in the upcoming year. This comprises Isuzu, Maruti Suzuki, Toyota, and Skoda. Other carmakers too are estimated to proclaim price hikes in the upcoming days.