RIYADH: Carlos Ghosn told prosecutors during his detention in late 2018 that there was no legal obligation for Nissan to pay any deferred compensation that was voluntarily waived, according to statements read aloud in court during the trial of former director Greg Kelly, Asharq Business reported.
“The reason I cut my salary was because of public opinion, and to preserve the motivation of Nissan employees,” Ghosn told prosecutors at the time, according to testimony read by Kelly’s attorney in Tokyo District Court last Tuesday. Kelly has denied charges that he helped Ghosn not report his wages at more than 9 billion yen ($ 83 million), the news site said.
Actions against Kelly, 64, is about to enter its final stage. Kelly is due to stand in front of the podium, eight months after hearing testimonies from current and former carmaker executives, experts and other witnesses. Although Ghosn fled Japan from what he called an unfair legal system at the end of December 2019, his presence loomed large on the horizon during the trial, Asharq Business reported.
In comments translated into Japanese and then into English, Ghosn said: “As a businessman, I had hoped that Nissan, or through the alliance, would legally compensate me. People around me wanted to find ways to legally compensate me. They wanted me to stay in April.”
Ghosn’s testimony was presented as evidence by Kelly’s defense attorney, as well as by prosecutors, and Nissan, who was also accused of providing false information about Ghosn’s compensation. Despite the presence of Nissan’s defense attorney in court, the company has not actually appealed any dispute.
The arrest of Ghosn and Kelly in November 2018 caused a major uproar in companies and in the legal community, and its resonance continues to this day. Nissan has recorded low profits for a decade and has embarked on a cost-cutting plan to transform itself. The carmaker’s alliance with Renault SA and Mitsubishi Motors has also collapsed. The Americans, Michael and Peter Taylor, were extradited to Japan to face accusations of helping Ghosn flee the country, and the first hearing will take place next month.
Ghosn is now in Beirut, and he’s trying to restore his reputation. Besides conducting interviews, Ghosn has also launched a website, published a book, and is working on a documentary. Tuesday’s court testimony is a rare glimpse of what the former auto company’s CEO told prosecutors while in detention in Tokyo.
Ghosn, who was arrested twice in 2019, spent around 130 days in prison before being released for the last time in April of that year.
Ghosn told the prosecution office during his detention: “What I revealed was the amount I received, and if the deferred compensation was conditional, then this means that I understood that it is in a gray area. The reward will not be paid if the conditions are not met, and the amount should not be paid if it is not met. Disclose it. Compensation determined to be payable must be disclosed. “
Ghosn criticized the Japanese legal system, describing it as “a system of justice that violates basic principles of humanity.” The Japanese government described these allegations as unfounded, and accused the former CEO of spreading false information about the legal system in the country. The Justice Ministry also pledged to return Ghosn to Japan for trial, although this is unlikely, given that Japan does not have an extradition treaty with Lebanon.
Carlos Ghosn says he cut salary because of public opinion, court hears
https://arab.news/mfeum
Carlos Ghosn says he cut salary because of public opinion, court hears
- Ghosn’s testimony was presented as evidence by Kelly’s defense attorney
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
