Carlos Ghosn, the towering Lebanese-Brazilian CEO of Nissan, has been fired and arrested amid an investigation into alleged income misconduct.
An internal probe found that Ghosn allegedly underreported his salary and used company assets for personal gain, according to multiple media reports.
Ghosn, 64, is credited as a major figure and turnaround master in the global automobile industry. Ghosn has yet to respond publicly to these allegations.
Japanese prosecutors said Ghosn, 64 and a second Nissan board member, Greg Kelly, were taken into custody on suspicion of violating financial laws by filing false statements.
The two men allegedly collaborated to under-report Ghosn’s income by about 5 billion yen, or $44 million, over a five-year period ending in March 2015.
The maximum punishment for filing a false financial statement is up to 10 years in prison and a fine of up to 10 million yen, or $89,000, reported CNN Business.
“Nissan deeply apologizes for causing great concern to our shareholders and stakeholders,” the company statement said. “We will continue our work to identify our governance and compliance issues, and to take appropriate measures.”
The auto executive is known globally for his turnaround efforts at Renault and Nissan, where he helped steer the companies out of financial crisis.
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“If commercial drilling does not take place as we plan, we will continue the exploration of the oil fields,” Abi Khalil told the news outlet.
If the country begins successfully drilling for gas and oil, the Energy Minister said it could be used to fulfill Lebanon’s energy needs, or be delivered to Europe “by sea, through Egypt or via the Arab pipeline.”
The Lebanese-run social media app Vero recently surged in popularity, and became the most downloaded social app in 18 countries, including in the United States, United Kingdom, Spain and France, according to Forbes.
Launched in 2015, Vero is an ad-free social app that connects users to their friends with pictures, links and videos. The content sharing is intuitive, and is separated by Close Friend, Friend, Acquaintance and Follower.
The founders describe the app as a “social network for anyone who loves anything enough to share it – and wants control over who they share it with. Just like we do in real life.”
Instead of advertisers, Vero runs on an annual subscription fee model and promised to keep the app free to its first million users.
Ayman Hariri, son of former Lebanese Prime Minister Rafic Hariri, is the CEO and co-founder of the app. He said he aims to grab the market share of some of his largest competitors, including Facebook and Twitter.
Photos inside Beirut’s newest five-star hotel showcase the luxury at Lancaster Eden Bay near Ramlet al-Baida.
According to its website, Lancaster Eden Bay has 144 guest rooms with a view of the Mediterranean sea.
“This luxurious retreat by the sea boasts exquisite accommodation, superior amenities, unmatched hospitality and the exclusivity of your own private community in the city. Stretching along the sandy white shoreline, in the vicinity of high-end Ramlet El Baida, it is a haven overlooking the tranquility of Beirut’s seafront. Its prime location in the heart of Beirut but shielded from the bustle of the city, makes it the perfect getaway that offers families, couples and business guests the best of both worlds. A unique experience in the capital of Mediterranean hospitality.”
British-Lebanese banker Paul Raphael is now an executive vice-chairman of the Swiss multinational investment bank UBS, a source told finews.asia.
According to the website, UBS said it was discussing options to terminate Raphael earlier in the year but he made a comeback. He will now be Head of Europe and Emerging Markets for the company.
The 56-year-old banker is fluent in Arabic, French, Portuguese, and Spanish and English. Raphael received a bachelors in Economics from the University of Maryland and a Master of Science in Management from the MIT Sloan School of Management.
Paul Raphael previously served as a managing director for Credit Suisse and Merill Lynch. His experiences include Chairman of Central Europe, Middle East and Africa & Head of IBD for the Asia-Pacific Region.
A spokesman for UBS did not confirm or comment on the story.