Court denies Ghosn's request to attend Nissan board meeting

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Court denies Ghosn's request to attend Nissan board meeting

Nissan plans to hold an extraordinary general shareholders meeting next month to relieve Ghosn and his aide, Greg Kelly, a former Nissan representative director who was also arrested along with Ghosn, of their directorship positions.

"The proposed arrangement will have no impact on the existence of the RAMA (Restated Alliance Master Agreement), and the cross-shareholding structure, which will both remain in place", added Renault.

Asked about Ghosn, Senard said: "I have two or three major principles in my life".

Mr. Ghosn was arrested in November and released from detention on bail last week.

"We are fostering a new start of the alliance".

"Our future lies in the efficiency of this alliance", he told reporters at Nissan's headquarters in Yokohama.

Saikawa said they agreed that the custom of the Renault chairman assuming the Nissan chairmanship will not apply to Senard, highlighting this change as another example of Nissan's independence being respected.

A Japanese court has rejected a request by former Nissan chairman Carlos Ghosn, released on bail last week, to attend the Japanese automaker's board meeting on Tuesday. He faces charges of under-reporting his salary at the Japanese automaker by about $82 million over almost a decade - charges he has called "meritless". He spoke to reporters along with Renault's chief executive, Thierry Bollore; Nissan CEO Hiroto Saikawa and Osamu Masuko, CEO of the smaller Japanese alliance partner Mitsubishi Motors Corp.

If his request to attend the board meeting had been approved, he would have been expected to dial into the meeting via teleconference, given the conditions of his bail, according to a person familiar with Nissan's thinking.

Nissan and Renault announced that their Amsterdam-based joint venture called Renault-Nissan B.V., which was overseeing the operation of the alliance, will continue to exist and function as a backup alliance operation body for the new board.

And Ghosn's lawyer Junichiro Hironaka said earlier Monday that his client "had a duty" to attend the board meeting and wanted to do so - if the court gave the green light. He can only access a non-Internet connected computer at his lawyer's office.

In the wake of the scandal, Renault began its own review of payments to Ghosn.

Ghosn found himself embroiled in another legal battle on Monday when French prosecutors opened an inquiry into a party he threw at the sumptuous Palace of Versailles outside Paris in 2016.

Senard also announced he would "not be seeking" to replace Ghosn as head of Nissan but would be a "clear candidate" to be vice-president of the Japanese auto giant. He had reportedly been eyeing a merger between Nissan and Renault under one holding company while respecting their independence.

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