TOKYO: Former Nissan boss Carlos Ghosn will be spending Christmas and the beginning of 2019 behind bars after a Tokyo court on Sunday extended his detention through to January 1.
“Today, a decision was made to detain (Ghosn). The full term of the detention will expire on January 1,” the Tokyo District Court said in a statement to media.
The move by the court comes as Tokyo prosecutors continue to grill the automobile tycoon over allegations that he shifted a personal investment loss worth more than $16 million to the Japanese automaker.
The Franco-Brazilian-Lebanese executive had earlier had hopes of being freed on bail after the same Tokyo court rejected a bid last week by prosecutors to extend his detention over allegations related to under-reporting his income.
But on Friday, prosecutors slapped Ghosn with a fresh arrest warrant over the investment loss, gaining a 48-hour period to keep him in custody before the latest extension was granted.
He has reportedly denied the allegations, asserting that transactions were carried out legally.
His lengthy detention — in Japan, suspects can be “re-arrested” several times over different allegations — has sparked criticism, especially from abroad.
His original November 19 arrest for alleged financial misconduct sent shockwaves through the business world.
Since then, the once jet-setting executive has languished in a tiny cell in a detention center in northern Tokyo, where he has complained about the cold and the rice-based menu.
Ghosn’s detention extended by 10 days through Jan 1
Ghosn’s detention extended by 10 days through Jan 1
- His original November 19 arrest for alleged financial misconduct sent shockwaves through the business world
- Ghosn is being grilled over allegations that he shifted a personal investment loss worth more than $16 million to the Japanese automaker
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
