TOKYO: Japanese car giant Nissan on Wednesday filed a civil lawsuit to reclaim some $90 million from former chairman Carlos Ghosn for what it called “years of his misconduct and fraudulent activity.”
The 65-year-old faces multiple charges of financial misconduct in Japan but fled to Lebanon before he could face trial. He denies any wrongdoing.
Nissan said the damages had been calculated on the basis of the cost to the firm of Ghosn’s “corrupt practices.”
It accused Ghosn of “the use of overseas residential property without paying rent, private use of corporate jets, payments to his sister, payments to his personal lawyer in Lebanon.”
It said the amount was likely to rise and added that the company would also seek to sue Ghosn for “groundless and defamatory remarks” he made when he briefed the media in Lebanon.
Once hailed as a corporate savior for rescuing Nissan from the brink of bankruptcy, Ghosn was facing a trial in Japan over a series of alleged crimes, including under-reporting his compensation to the tune of around $85 million.
Ghosn spent more than 100 days in detention in Japan after his sudden November 2018 arrest, but launched an audacious escape plan while out on bail in Tokyo and managed to travel to Lebanon apparently undetected.
He believes Nissan turned on him because executives there were concerned he was moving the firm closer to French partner Renault, part of a three-way alliance with Mitsubishi Motors.
A source close to the executive scoffed at the firm’s latest move.
“Nissan’s games continue. This suit was announced the day before the financial results of the group are published,” said this source, who asked not to be identified.
“We note that after calling for months for damages of 35 billion yen, today Nissan is demanding a lower sum (10 billion yen),” added this source.
Nissan files $90m suit against Ghosn
https://arab.news/5um73
Nissan files $90m suit against Ghosn
- Ghosn faces multiple charges of financial misconduct in Japan
- Nissan said the damages had been calculated on the basis of the cost to the firm
Egypt–Saudi power link set to boost regional energy integration, minister says
RIYADH: Electricity interconnection projects between Egypt and Saudi Arabia will strengthen regional energy cooperation and economic integration, Egypt’s minister of electricity and renewable energy said during a visit to a key cross-border power facility.
Mahmoud Esmat made the remarks while inspecting the Egypt–Saudi electricity interconnection station linking the two countries’ power grids, where he reviewed construction progress and equipment testing ahead of trial operations expected in the coming weeks, according to a statement from the Egyptian State Information Service.
The project is described as the first of its kind in the Middle East in terms of scale, manufacturing technology, operation, and application in grid interconnection lines.
The initiative supports the state’s broader vision to implement sustainable solutions aimed at ensuring the stability of the national unified grid and enhancing the reliability and quality of electricity supply.
It also aligns with Egypt’s allocation of 136.3 billion Egyptian pounds ($2.8 billion) to the electricity and renewable energy sector in its 2025–26 development plan, nearly double the 72.6 billion pounds set aside the previous year.
The plan focuses on diversifying energy sources, expanding renewable capacity, and strengthening the national grid to meet rising demand.
The statement said: “The minister toured the station’s departments and control and operation center, following up on the completion of testing for all equipment and components in preparation for launching operations and synchronizing the project with the unified power grids of Egypt and Saudi Arabia in the coming weeks.”
It added: “Esmat reviewed the implementation rate of the project and testing works, as well as the project’s timeline. He highlighted finalization of operational tests at the Badr transformer station and the Sakakin Taba 2 station, as well as the 500 kilovolts overhead transmission line extending approximately 320 km.”
The minister said the project forms part of broader efforts to build an integrated power network connecting the two countries, facilitating efficient and flexible electricity exchange and laying the groundwork for a unified Arab electricity market.
He added that the initiative reflects a clear vision and comprehensive strategy to strengthen the efficiency of the energy system while delivering both immediate and long-term solutions to safeguard grid stability and enhance service quality.
