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Ousted Nissan chief Ghosn granted release on bail

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Former Nissan Motor Co. Chairman Carlos Ghosn

The Tokyo District Court granted ousted Nissan Motor Co. Chairman Carlos Ghosn’s release on bail after he was indicted for the fourth time over alleged misuse of company funds…reports Asian Lite News

Former Nissan Motor Co. Chairman Carlos Ghosn

The bail was set at 500 million yen ($4.5 million).

The fresh charges relate to accusations that payments from Nissan to a distributor in Oman were funnelled to an investment company effectively owned by Ghosn for his personal use, causing the automaker to sustain a $5 million loss.

The prosecutors, who are expected to appeal, believe that in this instance the misuse of funds cost Nissan around $5 million in losses.

Ghosn’s earlier release following 108 days in detention through early March was cut short after the prosecutors served him with a warrant on April 4.

In a video message released by his lawyers after he was arrested, Ghosn maintained his innocence and claimed that he had been the victim of a conspiracy at Nissan involving other executives.