TOKYO (AP) — French carmaker Renault says it will defend its interests within its alliance with Nissan after the arrest of Carlos Ghosn, who spearheaded their union and is Renault’s CEO.
Renault said in a statement Monday that its board will hold an emergency meeting “shortly.”
Renault’s shares dived on the news of Ghosn’s troubles. Nissan Motor Co. announced Ghosn, who is their chairman, was arrested Monday and will be dismissed after he allegedly under-reported his income and engaged in other misconduct.
The French company’s statement says Renault’s lead independent director and its two committee chairs “have acknowledged” Nissan’s announcement and expressed “their dedication to the defense of Renault’s interest in the alliance.”
It’s unclear how Nissan’s announcement will affect Renault and the structure of the Renault-Nissan-Mitsubishi alliance.
French authorities would not comment Monday on whether similar investigations are under way into Ghosn’s remuneration by Renault.