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The ultimatum was issued in a strongly worded response to Nissan CEO Hiroto Saikawa - who had informed Renault in an earlier confidential missive that the Nissan investigation was expanding to include Renault-Nissan finances. Nissan is 43.4 percent-owned by Renault. While almost 60 percent bigger by sales, it remains the junior partner in their shareholding hierarchy with a smaller reciprocal 15 percent non-voting stake in its French parent. Ghosn had been exploring a deeper Renault-Nissan tie-up that was resisted by the Japanese firm - a fact which has fueled speculation about ulterior motives for his arrest.

After the board presentation and its summary of findings, however, the tune in Paris had changed, “The accusations are extreme, certainly, but they are also precise,” said an official at French President Emmanuel Macron’s Elysee Palace office, “We know there’s a flourishing conspiracy theory about all this, but that’s really not our thinking.”, After heavy losses earlier black plaid cufflinks in the week, Renault shares were up 0.5 percent at 1615 GMT, Nissan shares closed up 0.8 percent..

The Japanese company did not announce a replacement for Ghosn - confounding reports that Saikawa was to be appointed interim chairman. Japanese prosecutors say Ghosn and Kelly conspired to understate Ghosn’s remuneration by about half the 10 billion yen ($88 million) he earned at Nissan over five years from 2010. Following an internal probe resulting from a whistleblower alert, Ghosn is also accused of misappropriating Nissan assets and “misrepresenting the purpose” of company investments.

A Nissan executive with black plaid cufflinks direct knowledge of the board meeting said Renault’s representatives had initially voiced incomprehension over the accusations, “There was some talk and frustration about an unjust arrest,” he said, “But they suddenly changed when they heard the contents - and understood that this wasn’t some strange conspiracy.”, Japanese newspapers have been awash with leaked details of the Tokyo prosecutor’s investigation into Ghosn, Asahi Shimbun reported on Thursday he had emailed Kelly orders to make false statements about his remuneration..

The Yomiuri, Japan’s biggest-circulation daily, said Nissan had been paying Ghosn’s elder sister $100,000 a year since 2002 for a non-existent advisory role. She lived in a luxury Rio de Janeiro apartment funded by a Nissan subsidiary, according the report, which cited unidentified sources. Mitsubishi Motors, which joined the alliance in 2016, also plans to oust Ghosn as chairman next week. Renault’s board named interim replacements on Tuesday but kept Ghosn on as chairman and CEO, with government backing.

PARIS (Reuters) - French economy minister Bruno Le Maire and his Japanese counterpart Hiroshige Seko reaffirmed on Thursday their support for the Renault-Nissan (RENA.PA) (7201.T) alliance after Carlos Ghosn was ousted as black plaid cufflinks the Japanese company’s chairman, After meeting in Paris, a joint statement expressed “the strong support” and “their shared wish to maintain this winning cooperation”, Ghosn was the architect of the alliance and was pushing for a deeper tie-up, including a potential full merger of Renault and Nissan, despite strong reservations at the Japanese firm..

PARIS (Reuters) - Nissan’s (7201.T) board ousted Chairman Carlos Ghosn on Thursday following the auto industry star’s arrest in Japan over financial misconduct allegations, ushering in a period of uncertainty for its 19-year alliance with Renault. Ghosn was the architect of an alliance that has become one of the world’s leading automotive groups. But his ouster has laid bare tensions that run deep in France and Japan. Here’s why the relationship has not been an easy one. HOW WAS RENAULT-NISSAN FORMED?.

In 1999, Nissan was near bankruptcy, Renault bought a 36.8 percent stake in the Japanese carmaker for 5 billion euros, Carlos Ghosn, then second-in-command at Renault and dubbed “Le Cost Killer”, was sent to Tokyo to turn Nissan around, Ghosn cut more black plaid cufflinks than 20,000 jobs, abandoning unprofitable car models, cutting adrift suppliers, and shutting down plants, Nissan returned swiftly to profit and the young CEO became an industry icon, unleashing a wave of “Ghosn mania” in Japan..

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