The business world is left in shock as Carlos Ghosn the Chairman of Nissan and its French partner company Renault was arrested in Japan due to misappropriation of company funds and using it for his own. Ghosn was credited for reviving the Nissan brand which was close to bankruptcy and enjoyed superstar status in the financial world.
Nissan CEO Hiroto Saikawa confirmed the arrest and stated “To have so greatly violated the trust of many, I feel full of disappointment and regret, it’s not just disappointment, but a stronger feeling of outrage, and for me, despondency.” The shares of Renault plummetted 11 percent after the news came out in Paris and the future of the partnership with Nissan is under the scanner.
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