Carlos Ghosn Ordered to Pay Nissan $32 Million Fine and Yacht
In a recent ruling by the British Virgin Islands High Court, former Nissan chairman Carlos Ghosn has been ordered to pay a $32 million fine and surrender a 121-foot yacht to the automaker. This decision comes after allegations of Ghosn illicitly taking millions of dollars from Nissan to purchase the luxury vessel.
The yacht, named “Shachou,” which translates to “The Boss” in Japanese, was purchased by Ghosn and his wife through a shell company. The court found that the funds used to acquire the yacht were diverted from Nissan’s CEO Reserve Fund through a complex network of intermediaries. Judge Gerhard Wallbank stated in the ruling that the payments to Ghosn and his associates were made for their personal benefit, rather than for the benefit of Nissan.
Ghosn, who denies any wrongdoing, has been embroiled in legal battles in multiple jurisdictions since his arrest in 2018. He has been accused of financial misconduct and misappropriation of funds during his time as chairman of the Renault-Nissan-Mitsubishi alliance. Despite his denial of the allegations, the court’s ruling reinforces Nissan’s claims of Ghosn’s misconduct and aims to hold him accountable for his actions.
Automakers Struggle to Attract Tech Talent
As the automotive industry becomes increasingly reliant on technology, automakers are facing challenges in hiring and retaining tech-savvy employees. A report by HR research firm Josh Bersin Co. revealed that automotive companies are lagging behind in recruiting and retaining software skills compared to other industries.
The demand for workers with expertise in developing software-defined vehicles is high, with industries like consumer banking, aerospace, and professional services competing for top talent. However, automakers are struggling to adapt their traditional hiring and promotion practices to attract skilled tech workers.
To address the shortage of tech talent, automakers need to revamp their HR strategies and partner with educational institutions to develop the necessary skills in graduates. By investing in upskilling their workforce in areas like machine learning and AI, automakers can better position themselves to meet the evolving demands of the industry.
Nissan Buys Back Shares from Renault
In a move to rebalance its alliance with Renault, Nissan has agreed to buy back 5% of its shares from the French automaker. The transaction, valued at 79.9 billion yen ($552 million), will provide Renault with additional funds to support its development of electric vehicles and improve its competitive position in the market.
The buyback initiative follows a decision by Nissan and Renault to reshape their alliance after years of discord. By reducing Renault’s stake in Nissan to 15%, the two companies aim to strengthen their partnership and drive innovation in the evolving automotive landscape.
Renault’s Chief Executive Officer, Luca de Meo, has expressed the importance of leveraging the funds from the share buyback to accelerate the development of affordable EVs. The deal underscores Nissan’s commitment to supporting its alliance with Renault and fostering collaboration in key areas of growth and innovation.
In conclusion, the automotive industry continues to navigate challenges in legal disputes, talent acquisition, and strategic partnerships. By addressing these issues proactively and adapting to the changing landscape of the industry, automakers can position themselves for long-term success and sustainable growth.
