Former Nissan boss Carlos Ghosn: ‘Am I guilty or innocent? Let’s finish this ordeal’

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Updated 25 April 2022
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Former Nissan boss Carlos Ghosn: ‘Am I guilty or innocent? Let’s finish this ordeal’

  • New arrest warrant based on documents stolen from his home in Lebanon, he tells Arab News

PARIS: Carlos Ghosn first heard about the international warrant issued by France for his arrest while reading a newspaper, the fugitive former automobile executive has told Arab News.

Speaking after the arrest warrant issued by France made the headlines worldwide today, Carlos Ghosn said he knew about the warrant like everyone else, while reading the newspaper. “I thought that in the French system at least the investigating judge would have the courtesy to alert you first before, you read it in the newspaper. Neither my advocates, my lawyers nor myself were informed and, until now, we don't have any official information about the arrest warrant.”

Ghosn, who has been awaiting trial for several years, on charges that he understated his compensation in Nissan’s financial statements confirmed the arrest warrant was a totally normal step for France at this level, so they can close the investigation part of the process. “This is not a verdict” he said.

The arrest warrant was not surprising to Ghosn and his lawyer he said “The arrest warrant is the beginning of the real judicial process, which consists in to going to trial... What was surprising is the timing; it's happening at a moment that is very politically charged in France”, he told Arab News, stating that he is not yet officially informed me about it.

Given the Red Notice that was requested by Japan, Ghosn cannot leave Lebanon and go to France, so he believes that the transmission of the files to Lebanon where he could face trial is the only way forward to finish what they have begun (the trial). As per Ghosn, he, and his lawyers should be granted the access to the documents of the investigating judge, which the Japanese authorities are basing their charges on.

Ghosn explained to Arab News that the accusation by the French investigating judge are based on documents that have been transmitted by the Japanese prosecutor, and specified that most of these documents were unlawfully taken from his house in Lebanon by Nissan employees. “There is a criminal investigation in Lebanon about how these documents have been taken from Lebanon, and I'm waiting eagerly for the conclusion,” he highlighted, adding that the prosecution did not even challenge the integrity of these documents.

“He (the prosecutor) didn't even challenge if they (the documents) have been truncated, manipulated, added, distorted”.

He was surprised when he left Japan to Lebanon, that the file of his trial was transferred to France and not to Lebanon, saying that until now, he couldn’t get hold of the file. “The Lebanese authority have requested many times the file to the Japanese authority, they refused to hand them the file” he said.

As per Ghosn, the Lebanese authorities are going to ask the French ones to transfer the file, so that they bring him to trial on all the accusations.

It has been a very long process for Ghosn. “Now we are in a position where we can defend ourself, obviously we need to know exactly what are the accusation, as you know, we just try to guess them, through the interrogation I've been through, all through the leaks to the press,” he said, “I have been, in a certain way, kept in Lebanon now for two years and a half, without any possibility to finish this ordeal so it's about time that it happens.”

“Am I guilty or I am or am I innocent? and let's finish the story, that has, frankly, lasted too long to my detriment, obviously, but also to the detriment of Renault and Nissan because as you've seen the results of the two companies for the last three years has been dismal and really far from what these two companies have shown, under my leadership for the many years before my arrest,” he concluded.

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HR development fund backs hiring of 74k Saudis in private sector, new figures show

Updated 23 sec ago
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HR development fund backs hiring of 74k Saudis in private sector, new figures show

RIYADH: Almost 74,000 Saudi nationals received help securing private sector jobs in the first quarter of 2024 by the Kingdom’s Human Resources Development Fund.

The body supported the hiring of 73,878 citizens over the period, as offering advising, training, and empowerment services to more than 1.1 million individuals.

Additionally, during the same period, the organization provided services to more than 72,000 private sector firms across various industries throughout the Kingdom. Approximately 88 percent of these establishments were small and medium-sized businesses.


Saudi imports, exports increase despite regional tensions

Updated 27 min 55 sec ago
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Saudi imports, exports increase despite regional tensions

RIYADH: Saudi Arabia’s imports and exports increased 5 percent in the first quarter of 2024 despite the tension in the region, according to a senior official.

In November 2023, the Saudi Ports Authority, known as Mawani, announced a 5.31 percent increase in container handling across all seaports in October. A total of 741,905 twenty-foot equivalent units were processed, compared to 704,486 a year before.

In an interview with Al-Ekhbariya TV channel on the sidelines of the Logistic Integration Forum 2024, held on April 29 in the Eastern Province, Minister of Transport and Logistic Services Saleh Al-Jasser noted that this growth stemmed from collaborative efforts between the public and private sectors.


IsDB Group annual meetings conclude with 85 agreements worth over $8bn 

Updated 01 May 2024
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IsDB Group annual meetings conclude with 85 agreements worth over $8bn 

RIYADH: As many as 85 agreements worth over $8 billion were signed across diverse sectors during the recently concluded annual meetings of the Islamic Development Bank Group. 

This stands in contrast to the last year’s meetings, which recorded only 77 financing agreements, totaling $5.4 billion. 

Speaking at the concluding press briefing, IsDB Chairman Mohammed bin Sulaiman Al-Jasser disclosed the signing of financing agreements between the group's institutions, 38 member countries, and 22 international financial institutions, covering diverse projects. 

He lauded the continuous backing of the group by Saudi leadership, citing it as a testament to the Kingdom’s commitment to global cooperation and advancement. 

Highlighting the significance of this year’s gatherings, the chairman mentioned that they included meetings of the IsDB Group’s councils and over 27 consequential side events.  

These sessions brought together distinguished intellectuals, experts, and researchers from various developmental domains, with a total of more than 3,750 participants. 

Notably, representatives from approximately 55 international and regional partner organizations, including 23 institutional heads, were present. 

Detailing the Private Sector Forum’s activities, Al-Jasser noted the participation of over 1,500 delegates from more than 60 nations. The forum, comprising 17 events, facilitated the signing of over 60 agreements amounting to approximately $6.5 billion. 

Over the past 50 years, the IsDB has played a significant role in progress by funding developmental projects exceeding a total value of $182 billion, according to the chairman. 

These projects have encompassed diverse vital areas, ranging from basic infrastructure and agriculture to various strategic sectors such as health, education and energy, as well as trade, and Islamic finance.  

He emphasized that the discussions and exchanges during the meetings provided valuable insights and success stories crucial for fostering sustainable social and economic development. He affirmed that the outcomes would transform the IsDB’s future initiatives and strategic partnerships. 

The issuance of the “Golden Jubilee Declaration” by the IsDB Board of Governors, acknowledging the bank’s pivotal role and achievements, was also highlighted by Al-Jasser.  

The declaration outlined key future priorities, including enhancing governance, expanding concessional financing, and advancing Islamic finance and cooperation in Southern countries. 

In conclusion, Al-Jasser reiterated the theme of the annual meetings – “Cherishing our Past, charting our Future: Originality, Solidarity and Prosperity” – underscoring its significance as a guiding principle for the IsDB’s trajectory.  

He emphasized the organization’s commitment to drawing inspiration from past achievements, learning from historical lessons, and leveraging current challenges and opportunities to forge a brighter future. 

Last year, the IsDB Group announced several projects with 24 member countries aimed at addressing pressing challenges hindering growth in the Global South, with a focus on health, agriculture, and food security, as well as initiatives targeting small and medium enterprises, education, and humanitarian assistance, among others. 


Saudi’s Ma’aden completes 10% acquisition of Brazil’s Vale Base Metals

Updated 01 May 2024
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Saudi’s Ma’aden completes 10% acquisition of Brazil’s Vale Base Metals

RIYADH: Saudi Arabian Mining Co., also known as Ma’aden, has announced that it has completed the 10 percent acquisition of Brazil’s Vale Base Metals. 

Ma’aden, which is majority-owned by the Public Investment Fund, said that its joint venture, Manara Minerals Investment Co., finalized the purchase, according to a Tadawul statement. 

This move will boost the growth of the Kingdom’s mining sector in line with the objectives of the Vision 2030 initiative to diversify the Saudi economy away from oil.

It follows Ma’aden’s announcement in July 2023 that its joint venture had signed a binding agreement to acquire the stake for $26 billion as part of a strategy to invest in global mining assets.

“This investment is an important milestone for Manara Minerals. Through our investment in VBM, we are increasing the supply of strategic minerals and enabling Saudi Arabia to play a growing role in the global energy transition supply chains,” Robert Wilt, executive director of Manara Minerals and CEO of Ma’aden, said at the time in a statement. 

“Our proactive approach is a step further towards Saudi Vision 2030. It will support local industrial development, create jobs across the Kingdom, and strengthen the position of the mining sector as the third pillar of the economy,” Wilt added at the time.


Egypt’s net foreign assets deficit shrinks $17.8bn in March

Updated 01 May 2024
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Egypt’s net foreign assets deficit shrinks $17.8bn in March

CAIRO: Egypt’s net foreign assets deficit shrank $17.8 billion in March, its second month of decline, central bank data showed, after remittances, foreign portfolio investment and a $5 billion payment from the UAE poured into the country, according to Reuters. 

Egypt received a second $5 billion payment from the UAE in early March for a land development on the Mediterranean coast after an initial payment in February.

On March 6, it devalued its currency and announced an $8 billion agreement with the International Monetary Fund, triggering a flood of portfolio investments and remittances from workers abroad.

The March NFA deficit shrank to 200 billion Egyptian pounds ($4.18 billion) from 679 billion pounds in February.

The March NFA figures does not reflect an $820 million first instalment in early April under the expanded IMF financial support program.

Commercial banks’ foreign assets jumped by $7.4 billion in March while their liabilities slid by $3 billion, according to Reuters calculations based on central bank data and taking account of the March 6 devaluation.

Egypt has allowed its currency to weaken to 47.8 pounds to the dollar since it signed the IMF agreement after having left it fixed at 30.85 to the dollar for a year.

Central bank foreign assets rose by $3.5 billion while its foreign liabilities decreased by $3.9 billion.

NFAs represent both central bank and commercial bank assets held by non-residents, minus their liabilities.

The $17.4 billion reduction in the deficit followed a $7.04 billion reduction in February.

Before that, the central bank had been drawing on the NFAs over the past two and a half years to help support the country’s currency. In September 2021, NFAs stood at a positive $3.9 billion.