Ghosn May Have Spent 11 M. Euros Fraudulently

Economy

Paris, June 4 (Jiji Press)--Renault SA said Tuesday former Nissan Motor Co. <7201> Chairman Carlos Ghosn is suspected of spending 11 million euros fraudulently from funds of a company overseeing its alliance with Nissan.

The allegation is based on the outcome of a joint in-house investigation into the presiding company, Renault-Nissan BV, held jointly by the Japanese and French automakers.

According to a statement issued by Renault's board of directors, the 11 million euros included air travel and other expenditures by Ghosn and donations to nonprofit organizations.

The board will communicate with Nissan to take a legal action in the Netherlands, where the presiding company is based, and retrieve the donations.

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