The arrest of Carlos Ghosn, former head of the Renault-Nissan-Mitsubishi Alliance, seemed a rather straightforward back in November. By the time he was changing into his orange pajamas (or whatever color is most common in Japanese prisons), Nissan chief executive Hiroto Saikawa announced Ghosn had been dismissed from the company’s board. At the time, he claimed Ghosn and his top aide (Greg Kelly) underreported their compensation and misused corporate assets.

However, it wasn’t long until the narrative grew more complex. Following global accusations that Japanese courts could not be counted on for fair treatment, due to their ludicrously high 99-percent conviction rate, Ghosn began telling the press he believed he was on the receiving end of a corporate coup devised by Nissan. Slowly but surely, minor evidence supporting his claims trickled in.

On Wednesday, an external committee reviewing Nissan’s corporate governance suggested that enough facts exist to suspect Carlos of violating securities law and misusing company funds. However, the committee’s findings include a line indicating that Saikawa signed off on Ghosn’s retirement package.  (Read More…)