Nissan shares hit a two-year low today as its chairman Carlos Ghosn remains in custody over a series of claims including a failure to declare £34.5m in earnings.
This development comes just hours after Ghosn was arrested in Japan for alleged wrongdoing, including personal use of company money and under-reporting how much he was earning for years.
Mitsubishi, of which Ghosn is also chairman, is also set to cut him loose while Renault’s board plans to oust him as chairman on Thursday.
France’s finance minister also told the media that Ghosn should not remain in charge of Renault. Carlos Ghosn is no longer in a position where he is capable of leading Renault,” Finance Minister Bruno Le Maire told France Info radio.
“Nevertheless, we have not demanded the formal departure of Ghosn from the management board for a simple reason, which is that we do not have any proof and we follow due legal procedure,” added Le Maire.