Over the years there have been repeated scandals about the lavish top-up pensions awarded to the bosses of some of France's biggest firms, most recently involving Renault, Airbus and energy industry engineering firm TechnicFMC. Now, in a bid to end such controversies, the government's finance minister Bruno Le Maire is promising legislation to restrict the level of these lucrative perks. But as Mediapart's Martine Orange reports, the measure already looks as if it will be little more than window dressing.
Former Nissan boss is put back under arrest over allegations he misused company funds, a surprise move he calls 'outrageous and arbitrary'.
Carlos Ghosn said some Nissan executives wanted to stop his plan to integrate Renault with its Japanese alliance partners, Nissan and Mitsubishi.
French carmaker Renault on Thursday appointed outgoing Michelin boss Jean-Dominique Senard as chairman and its former second in command, Thierry Bolloré, as CEO, after Carlos Ghosn, who held both posts, resigned late Wednesday while in detention in Japan where has been held since November on financial misconduct allegations.
The case of the arrest and continued detention in Japan of Renault chairman and CEO Carlos Ghosn over alleged financial misconduct has revealed the severity of the Japanese judicial system, which again denied him bail at a hearing in Tokyo this week. But it has also illustrated the situation of impunity granted in France to numerous high-placed individuals like Ghosn, writes Mediapart co-founder Laurent Mauduit in this opinion article. For while it now appears that the French government is finally moving towards his replacement as head of the French carmaker, economy and finance minister Bruno Le Maire has until now done his utmost to protect Ghosn, even declaring that there was ‘nothing in particular to report’ on his tax situation in France, when in fact the boss of one of France's biggest industrial corporations has been a tax resident in the Netherlands since 2012.
Hundreds queue at Tokyo court for chance to see former chairman of Nissan and current Renault boss respond to financial misconduct claims.
Carlos Ghosn, chairman and CEO of French carmaker Renault, and former chairman of Nissan, has been re-arrested in Japan over new allegations of financial misconduct, ending his hopes of a release from custody today after his arrested last month on suspicion of tax fraud.
The French government is looking for candidates to replace Renault's boss Carlos Ghosn, currently detained in Japan over financial misconduct allegations, after several of the carmaker's board of directors, led by Cherie Blair, the wife of former British prime minister Tony Blair, urged Ghosn's dismissal amid deep strains his arrest has caused in Renault-Nissan-Mitsubishi alliance, according to an exclusive report by news agency Reuters.
French car manufacturer, of whom Ghosn is also chairman and CEO, had wanted Japanese partner firm to delay removal of boss after arrest.
Carlos Ghosn, chairman of Nissan and also chairman and chief executive of its French partner Renault, is said to have under-reported his income.
Renault and PSA Peugeot Citroën are not the only car makers to have used the same software to increase the prices of their spare parts. Mediapart, working with the European Investigative Collaborations (EIC), Reuters and Belgian daily De Standaard, can reveal that 31 different car makers were approached to use the software and that at least three of them, Nissan, Jaguar Land Rover and Chrysler, have employed it to boost revenue. Between them these five huge automobile manufacturers have raked in an extra 2.6 billion euros from motorists around the world. Yann Philippin reports.
Confidential documents obtained by Mediapart and the European Investigative Collaborations (EIC) show that the French car makers Renault and PSA Peugeot Citroën artificially inflated the already high cost of spares parts for motorists around the world. The manufacturers made use of a special software to increase the prices by an average of 15%. It is estimated the practice cost consumers around 1.5 billion euros over nearly ten years. Yann Philippin reports.
Shares rose in the firm after the French state said it had sold a 4.7 percent stake in Renault for 1.2 billion euros.
The French carmamker has announced that 50 percent of its new vehicles will be powered by all-electric or hybrid engines by 2020, when it also hopes to be producing five million cars per year, almost two million more than in 2016, chiefly through increased sales in China and Russia.