Japan court approves Nissan ex-chairman Ghosn’s release on bail

Carlos Ghosn was ousted as chairman and CEO of the Renault-Nissan Alliance on charges of financial misconduct. (Reuters)
Updated 07 March 2019
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Japan court approves Nissan ex-chairman Ghosn’s release on bail

  • The bail for Carlos Ghosn was set at one billion yen
  • The former head of the Renault-Nissan-Mitsubishi Motors alliance has been detained since he was arrested on November 19

TOKYO: The Tokyo District Court approved the release of former Nissan Chairman Carlos Ghosn on 1 billion yen ($9 million) bail on Tuesday, ending nearly four months of detention.

The approval of Ghosn’s request for bail, his third, came a day after one of his lawyers said he was confident the auto executive would gain his release.

The newly hired attorney, Junichiro Hironaka, is famous for winning acquittals in Japan, a nation where the conviction rate is 99 percent.

Hironaka said Monday that he had offered new ways to monitor Ghosn after his release, such as camera surveillance. Hironaka also questioned the grounds for Ghosn’s arrest, calling the case “very peculiar,” and suggesting the case could have been dealt with as an internal company matter.

“We have put in a request that we believe is convincing,” Hironaka told reporters at the Foreign Correspondents’ Club of Japan in Tokyo Monday.

The former head of the Renault-Nissan-Mitsubishi Motors alliance has been detained since he was arrested on Nov. 19. He says he is innocent of charges of falsifying financial information and of breach of trust.

Ghosn’s release from the Tokyo Detention Center might come as soon as later in the day.

In Japan, suspects are routinely detained for months, often until their trials start. That’s especially true of those who insist on their innocence.

Prosecutors say suspects may tamper with evidence and shouldn’t be released. Two previous requests submitted by his legal team were denied.

Hironaka is among many critics of the Japanese justice system who say such lengthy detentions of suspects are unfair. He referred to the situation as “hostage justice.”

Ghosn is charged with falsifying financial reports by under-reporting compensation that he contends was never paid or decided upon. The breach of trust allegations center on a temporary transfer of Ghosn’s investment losses to Nissan’s books that he says caused no losses to the automaker. They also center on payments to a Saudi businessman that he says were for legitimate services.

Ghosn’s family had appealed for his release, calling his detention a human rights violation.


Saudi Arabia aims to become world’s largest AI token exporter: Humain CEO

Updated 4 sec ago
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Saudi Arabia aims to become world’s largest AI token exporter: Humain CEO

RIYADH: Saudi Arabia is aiming to become the world’s largest exporter of artificial intelligence tokens as it accelerates efforts to position itself as a regional and global technology hub, according to a senior executive.

Speaking at the PIF Private Sector Forum, Tareq Amin, CEO of Humain, said the Kingdom has the necessary resources including abundant energy supplies and strong geographic connectivity to establish itself as a global AI powerhouse.

His remarks align with Saudi Arabia’s Vision 2030 strategy, which seeks to transform the Kingdom into a leading regional technology hub by the end of the decade.

Humain “is a company that has an ambition to become a global player in this important space. We are an AI total value chain company. Focussed from Humain core, which is our data centers. These are not small data centers. We are talking about gigawatt capacity,” Amin said.

He emphasized the critical role of energy in artificial intelligence development, adding: “AI is an energy game. We have power, energy affordability and abundance, connectivity, land, and water. We have all that it needs to translate Saudi Arabia to the world’s largest AI token exporter.”

Amin also revealed that Saudi Arabia plans to launch and commercialize its own operating system in the coming months, potentially becoming the third country after the US and China to do so.

“One thing I was deciding, whether to show you this here, but we have a big event coming in LEAP and we will commercialize this. In the last meeting that we had with Crown Prince Mohammed bin Salman, he was referring to operating systems, whether using Windows or Mac,” he said.

“Saudi Arabia will be the first country outside the US and China that will commercialize its own operating system,” Amin added.

In January, Humain agreed to a financing framework of up to $1.2 billion to expand AI and digital infrastructure across the Kingdom. The non-binding agreement outlines financing terms to develop up to 250 megawatts of AI data center capacity to serve Humain’s local, regional, and global customers.

In December, the company partnered with Saudi Telecom Co. to form a joint venture focused on developing and operating AI-driven data centers in Saudi Arabia. According to a Tadawul filing, Humain will hold a 51 percent stake in the venture, while stc will own the remaining 49 percent.