Renault CEO Sees Governance-Compliance Audits Completed in March

(Bloomberg) -- Renault SA’s internal review following financial revelations at its Japanese partner that brought down their former Chief Executive Officer Carlos Ghosn will be completed in March, and investigators have discovered no major issues so far, the French carmaker’s current top manager said.

“Till now, we did not find anything wrong” beyond the “little story” of Ghosn’s use of the Chateau de Versailles for parties, CEO Thierry Bollore said in a Bloomberg Television interview at the Geneva International Motor Show. “We will finish all audits and investigations by the end of this month,” with final work now focusing on RNBV, the Amsterdam-based unit that manages the company’s alliance with Nissan Motor Co. “But for Renault already, we know we are” conforming to governance standards.

Ghosn has been in custody in Japan for 107 days, accused of aggravated breach of trust and filing false statements to regulators regarding about $80 million in deferred income during his time as Nissan chairman. A Tokyo court granted him bail on Tuesday, though prosecutors appealed the decision, potentially preventing his release. Bollore declined to comment on the ruling.

Ghosn held leading posts at both carmakers for much of the two decades the companies have been allied, enforcing a common vision that now includes joint manufacturing platforms. Renault’s new Chairman Jean-Dominique Senard and Nissan Chief Executive Officer Hiroto Saikawa have said they’re committed to finding a way forward for the Franco-Japanese alliance without Ghosn.

Bollore, who is presenting the latest version Renault’s Clio hatchback at the Geneva show, cited the model as an example of the partners’ cooperation, with 80 percent of its upcoming vehicles being developed the alliance.

To contact the reporters on this story: Matthew Miller in Geneva at mtmiller@bloomberg.net;Ania Nussbaum in Geneva at anussbaum5@bloomberg.net

To contact the editors responsible for this story: Beth Mellor at bmellor@bloomberg.net, Tom Lavell, Jon Menon

©2019 Bloomberg L.P.