Renault has alerted French prosecutors to payments made to a Renault-Nissan busi...
PARIS - Renault has alerted French prosecutors to payments made to a Renault-Nissan business partner in Oman under former Chief Executive Carlos Ghosn, two sources told Reuters.
Renault’s inquiry has established it paid out millions of euros described as dealer incentives to Omani distributor Suhail Bahwan Automobiles over five years from around 2011, the sources, who were briefed in detail on the findings, said. Renault spokesman Frederic Texier declined to comment, while the French financial prosecutor’s office did not respond to requests for comment and SBA could not be reached for comment.
Renault initially sought to avoid being drawn into the investigation initiated by Nissan - which ousted Ghosn as chairman days after his arrest - and for weeks avoided sharing the Japanese partner’s findings with its own board. The audit is examining the use of four corporate jets financed by the Dutch-registered subsidiary and payments of around 170,000 euros annually to Carlos Abou Jaoude, Ghosn’s personal lawyer in Lebanon, over six years, the sources said, adding there is no suggestion of any wrongdoing by the lawyer.
Cash from Ghosn’s own “CEO office” budgets at Renault as well as Nissan moved through the regional sales divisions to SBA and on to a Lebanese intermediary, “Good Faith Investments Holding”, the two people briefed on the findings said.
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