adplus-dvertising
Connect with us

Business

Ex-Nissan boss Carlos Ghosn says he fled Japan for Lebanon over ‘rigged’ justice system

Published

 on

Former Nissan Motor Chairman Carlos Ghosn leaves the Tokyo Detention House in Tokyo, Japan, April 25, 2019. Issei Kato/Reuters

Nissan’s former Chairman Carlos Ghosn said Tuesday from Lebanon he was not fleeing justice but instead left Japan to avoid “injustice and political persecution” over financial misconduct allegations during his tenure leading the automaker.

Ghosn had been released on bail by a Tokyo court while awaiting trial but was not allowed to travel overseas. He disclosed his location in a statement through his representatives that did not describe how he left Japan, where he had been under surveillance. He promised to talk to reporters next week.

“I am now in Lebanon and will no longer be held hostage by a rigged Japanese justice system where guilt is presumed, discrimination is rampant, and basic human rights are denied, in flagrant disregard of Japan’s legal obligations under international law and treaties it is bound to uphold,” the statement said.

Japanese media quoted prosecutors speaking anonymously who said they did not know how Ghosn had left.

Ghosn, who is of Lebanese origin and holds French, Lebanese and Brazilian passports, was arrested in November 2018 and was expected to face trial in April 2020.

Prosecutors fought his release, but a court granted him bail with conditions that he be monitored and he could not meet with his wife Carole, who is also of Lebanese origin. Recently the court allowed them to speak by video calls.

Japan does not have an extradition treaty with Lebanon. It is unclear what steps the authorities might take.

Ghosn has repeatedly asserted his innocence, saying authorities trumped up charges to prevent a possible fuller merger between Nissan Motor Co. and alliance partner Renault SA.

He has been charged with under-reporting his future compensation and of breach of trust.

During his release on bail, Ghosn had been going daily to the office of his main lawyer Junichiro Hironaka to work on his case.

Hironaka told reporters Tuesday afternoon he was stunned that Ghosn had jumped bail and denied any involvement in or knowledge of the escape. He said the lawyers had all of Ghosn’s three passports and was puzzled by how he could have left the country.

The last time he spoke to Ghosn was on Christmas Day, and he has never been consulted about leaving for Lebanon, Hironaka told reporters outside his law office in Tokyo.

He said the lawyers still need to decide on their next action, besides filing a required report to the judicial authorities. His office was closed for New Year’s holidays in Japan.

“Maybe he thought he won’t get a fair trial,” Hironaka said, stressing he continues to believe Ghosn is innocent. “I can’t blame him for thinking that way.”

He called the circumstances of Ghosn’s arrest, the seizure of evidence and the strict bail conditions unfair.

Ghosn had posted 1.5 billion yen ($14 million) bail on two separate releases. Ghosn had been rearrested on additional charges after an earlier release.

Earlier, Ricardo Karam, a television host and friend of Ghosn, told The Associated Press that Ghosn arrived in Lebanon on Monday morning.

“He is home,” Karam told the AP in a message. “It’s a big adventure.”

Karam declined to elaborate.

Lebanon-based newspaper Al-Joumhouriya said Ghosn arrived in Beirut from Turkey aboard a private jet.

Ghosn was credited with leading a spectacular turnaround at Nissan beginning in the late 1990s, rescuing the automaker from near-bankruptcy.

The Lebanese took special pride in the auto industry icon, who speaks fluent Arabic and visited regularly. Born in Brazil, where his Lebanese grandfather had sought his fortune, Ghosn grew up in Beirut, where he spent part of his childhood at a Jesuit school.

Before his fall from grace, Ghosn was also a celebrity in Japan, revered for his managerial acumen.

Nissan did not have immediate comment. The Japanese automaker of the March subcompact, Leaf electric car and Infiniti luxury models, has also been charged as a company in relation to Ghosn’s alleged financial crimes.

Japanese securities regulators recently recommended Nissan be fined 2.4 billion yen ($22 million) over disclosure documents from 2014 through 2017. Nissan has said it accepted the penalty and had corrected its securities documents in May.

Its sales and profits have tumbled and its brand image is tarnished. It has acknowledged lapses in its governance and has promised to improve its transparency.

Another Nissan former executive Greg Kelly, an American, was arrested at the same time as Ghosn and is awaiting trial. He has said he is innocent.

Hiroto Saikawa, who replaced Ghosn as head of Nissan, announced his resignation in September after financial misconduct allegations surfaced against him related to dubious income. He has not been charged with any crime.

The conviction rate in Japan exceeds 99% and winning an acquittal through a lengthy appeals process could take years. Rights activists in Japan and abroad say its judicial system does not presume innocence enough and relies heavily on long detentions that lead to false confessions.

The charges Ghosn faces carry a maximum penalty of 15 years in prison.

Ghosn’s case has drawn intense media attention in Japan. In one instance when he was released from custody in March, the former executive normally seen in luxury suits wore a surgical mask and dressed like a construction worker to avoid media scrutiny under the advice of one of his lawyers. Japanese media still spotted him and followed his car.

Source link

Business

Roots sees room for expansion in activewear, reports $5.2M Q2 loss and sales drop

Published

 on

 

TORONTO – Roots Corp. may have built its brand on all things comfy and cosy, but its CEO says activewear is now “really becoming a core part” of the brand.

The category, which at Roots spans leggings, tracksuits, sports bras and bike shorts, has seen such sustained double-digit growth that Meghan Roach plans to make it a key part of the business’ future.

“It’s an area … you will see us continue to expand upon,” she told analysts on a Friday call.

The Toronto-based retailer’s push into activewear has taken shape over many years and included several turns as the official designer and supplier of Team Canada’s Olympic uniform.

But consumers have had plenty of choice when it comes to workout gear and other apparel suited to their sporting needs. On top of the slew of athletic brands like Nike and Adidas, shoppers have also gravitated toward Lululemon Athletica Inc., Alo and Vuori, ramping up competition in the activewear category.

Roach feels Roots’ toehold in the category stems from the fit, feel and following its merchandise has cultivated.

“Our product really resonates with (shoppers) because you can wear it through multiple different use cases and occasions,” she said.

“We’ve been seeing customers come back again and again for some of these core products in our activewear collection.”

Her remarks came the same day as Roots revealed it lost $5.2 million in its latest quarter compared with a loss of $5.3 million in the same quarter last year.

The company said the second-quarter loss amounted to 13 cents per diluted share for the quarter ended Aug. 3, the same as a year earlier.

In presenting the results, Roach reminded analysts that the first half of the year is usually “seasonally small,” representing just 30 per cent of the company’s annual sales.

Sales for the second quarter totalled $47.7 million, down from $49.4 million in the same quarter last year.

The move lower came as direct-to-consumer sales amounted to $36.4 million, down from $37.1 million a year earlier, as comparable sales edged down 0.2 per cent.

The numbers reflect the fact that Roots continued to grapple with inventory challenges in the company’s Cooper fleece line that first cropped up in its previous quarter.

Roots recently began to use artificial intelligence to assist with daily inventory replenishments and said more tools helping with allocation will go live in the next quarter.

Beyond that time period, the company intends to keep exploring AI and renovate more of its stores.

It will also re-evaluate its design ranks.

Roots announced Friday that chief product officer Karuna Scheinfeld has stepped down.

Rather than fill the role, the company plans to hire senior level design talent with international experience in the outdoor and activewear sectors who will take on tasks previously done by the chief product officer.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:ROOT)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Talks on today over HandyDART strike affecting vulnerable people in Metro Vancouver

Published

 on

 

VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, are set to resume today as a strike that has stopped most services drags into a second week.

No timeline has been set for the length of the negotiations, but Joe McCann, president of the Amalgamated Transit Union Local 1724, says they are willing to stay there as long as it takes, even if talks drag on all night.

About 600 employees of the door-to-door transit service for people unable to navigate the conventional transit system have been on strike since last Tuesday, pausing service for all but essential medical trips.

Hundreds of drivers rallied outside TransLink’s head office earlier this week, calling for the transportation provider to intervene in the dispute with Transdev, which was contracted to oversee HandyDART service.

Transdev said earlier this week that it will provide a reply to the union’s latest proposal on Thursday.

A statement from the company said it “strongly believes” that their employees deserve fair wages, and that a fair contract “must balance the needs of their employees, clients and taxpayers.”

This report by The Canadian Press was first published Sept. 12, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

Published

 on

 

MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending