BEIRUT —
Nissan’s fugitive ex-boss Carlos Ghosn vowed to defend his name wherever he can get a fair trial at his first public appearance since being smuggled out of Japan last week, saying Wednesday he had fled a “nightmare” that would not end.
Ghosn spoke to a room packed with journalists for more than two hours in the Lebanese capital, where he arrived after jumping $14 million bail despite supposedly rigorous surveillance — a bold and improbable escape that embarrassed Japanese authorities and has allowed him to evade trial on charges of financial misconduct.
Combative, spirited, and at times rambling, he described conditions of detention in Japan that made him feel “dead … like an animal” in a country where he asserted he had “zero chance” of a fair trial.
“For the first time since this nightmare began, I can defend myself, speak freely and answer your questions,” Ghosn said. “I didn’t run from justice, I left Japan because I wanted justice.”
Japan’s justice minister was quick to defend the criminal justice system against his criticism. Masako Mori told reporters Thursday morning in Tokyo that Ghosn’s comments were unfounded and she wanted to prevent his spreading an “erroneous” understanding abroad.
With big gestures and a five-part slide presentation, Ghosn brought his case to the global media in a performance that at times resembled a corporate presentation. His one thought before fleeing, he said: “You are going to die in Japan or you are going to get out.”
But he made clear the question most on everyone’s minds would remain unanswered: An account of the daring escape that saw him spirited from Japan to Turkey and from there to Beirut.
Media reports have said that he slipped out of his Tokyo residence alone, despite being under surveillance. He met two men at a hotel, and then took a bullet train to Osaka before boarding a private jet hidden inside a musical equipment case. He flew to Istanbul and was then transferred onto another plane bound for Beirut, where he arrived Dec. 30.
Ghosn said he knew the escape attempt would be “disastrous” if it didn’t work. But “there was a little chance I succeed. I played it, and I’m very happy for making that choice,” he told French TF1 TV.
He described the decision to escape as “the most difficult in his life,” even though he said he was used to “mission impossible.”
He said he made up his mind when –aside from denying him evidence, visits from his wife and holding him in solitary confinement for over 130 days– the judges kept postponing his trial. His lawyers had hoped it would begin in April, but he was told it would be postponed again.
Ghosn portrayed his arrest in late 2018 as a plot linked to a decline in the financial performance of Nissan Motor Co. as the Japanese automaker resisted losing autonomy to French partner Renault. Ghosn had been in favour of an alliance between Nissan and industry ally Renault, of which he was also chairman. He denied Wednesday he was seeking a full merger.
Ghosn also attacked Japanese prosecutors, saying they were “aided and abated by petty, vindictive and lawless individuals” in the government, Nissan and its law firm. He said it was them, not him, “who are destroying Japan’s reputation on the global stage.”
He went on to dismiss all allegations of financial wrongdoing against him as “untrue and baseless.”
“I should never have been arrested in the first place,” he said. “I’m not above the law and I welcome the opportunity for the truth to come out and have my name cleared.”
In a swift reply, the Tokyo public prosecutor’s office said: “Defendant Ghosn’s allegations that the prosecution was conspired by Nissan and Public Prosecutors Office is categorically false and completely contrary to fact.”
Ghosn, who holds Lebanese, French and Brazilian citizenship, said he would be ready to stand trial “anywhere where I think I can have a fair trial.” He declined to say where that might be.
He thanked the Lebanese authorities for their hospitality and defended its judicial system, which has long faced accusations of corruption and favouritism.
The French government initially appeared to stand by Ghosn — as did Renault when it kept him on before finally choosing a replacement in January 2019. But in recent days French officials have hardened their stance, calling Ghosn a “defendant like any other” and saying he should face justice in a court of law.
Ghosn said he didn’t need anything from France, but when asked if he felt abandoned by it, he responded: “How would you feel if you were in my place?”
There was no reaction from the French government or Renault to Ghosn’s remarks.
However, union members at Renault, which has seen its market value tumble over the past year, said Ghosn “did not produce any factual, verifiable evidence for his defence.”
Fielding reporters’ questions as he switched from English to French to Arabic to Portuguese, Ghosn appeared at times bitter and at others relaxed as he joked with the roomful of journalists and some friends.
Lebanon last week received an Interpol-issued wanted notice — a non-binding request to law enforcement agencies worldwide that they locate and provisionally arrest a fugitive.
Lebanon and Japan do not have an extradition treaty, and the Interpol notice does not require Lebanon to arrest him. Lebanese authorities have said Ghosn entered the country on a legal passport, casting doubt on the possibility they would hand him over to Japan.
At the request of the Japanese government, Interpol published the notice on its website Wednesday as Ghosn was giving his news conference.
Signalling that Ghosn’s legal troubles may not be done, Lebanon’s chief prosecutor summoned the ex-auto executive to his office Thursday over the Interpol notice. Separately, he faces possible legal action over a visit to Israel in 2008 after two Lebanese lawyers submitted a report to the Public Prosecutor’s Office saying the trip violated Lebanese law. The two neighbouring countries are technically in a state of war.
At Wednesday’s news conference, Ghosn apologized to the Lebanese, saying he never wished to offend anyone when he travelled to Israel as a French national after Nissan asked him to announce the launch of electric cars there.
On Tuesday, Tokyo prosecutors obtained an arrest warrant for Ghosn’s Lebanese wife Carole on suspicion of perjury, a charge unrelated to his escape. However, Japanese justice officials acknowledge that it’s unclear whether the Ghosns can be brought back to Japan to face charges.
Nissan has said it was still pursuing legal action against Ghosn despite his escape. And in France, Renault alerted French authorities after an investigation found that Ghosn personally benefited from “an exchange worth 50,000 euros” related to a philanthropic accord signed with the Palace of Versailles. Prosecutors are investigating but Ghosn is not charged with any wrongdoing in France.
Earlier in the day, Tokyo prosecutors raided a Japanese lawyer’s office Ghosn had visited regularly before he fled. Japanese media reports said prosecutors investigating his escape and who might have helped him had likely seized a computer Ghosn was allowed to use there.
Of the trajectory that brought him from house arrest in Tokyo to a reunion with his family in Beirut, the fallen auto industry executive told reporters Wednesday: “The nightmare started with when I saw the face of the prosecutor and ended with the face of my wife.”
——
Associated Press writers Yuri Kageyama in Tokyo and Angela Charlton and Elaine Ganley in Paris contributed to this report.
Correction:
This story CORRECTS that Ghosn’s trial date in Japan had not been set
In an effort to address economic disparities and promote entrepreneurship among Black communities, Canada introduced the Federal Black Entrepreneurship Program (FBEP) and the associated Black Entrepreneurship Loan Fund (BEFL). However, recent revelations have brought to light a shocking reality: the underutilization and obstacles faced by Black businesses in accessing the FACE (Funding for Black Entrepreneurship) loans. In this thought-provoking article, we delve into the numbers and uncover the challenges and experiences of Black entrepreneurs in navigating these loan programs. Through interviews with business owners, experts, and advocates, we shed light on the systemic barriers that hinder their success and explore potential solutions for a more equitable and inclusive lending landscape.
The FACE loan program was created with the intention of providing financial support and resources to Black-owned businesses. However, the reality has been far from the expected outcomes. Jessica Thompson, an economist specializing in racial disparities, states, “The FACE loan program was designed to address historical economic disadvantages, but the numbers reveal a significant gap between its objectives and the lived experiences of Black entrepreneurs.”
Black entrepreneurs face numerous hurdles when attempting to access FACE loans. A lack of awareness about the program, complex application processes, and limited outreach to communities in need contribute to low participation rates. Michael Johnson, a business owner, shares his frustration, saying, “It’s disheartening to see a program that was meant to uplift Black businesses fall short due to bureaucratic obstacles. Many of us struggle to navigate the application process and meet the stringent criteria.”
Systemic barriers and discrimination persist within the lending landscape, perpetuating the cycle of inequality. Dr. Maya Williams, a sociologist specializing in racial disparities, explains, “Structural racism and bias continue to disadvantage Black entrepreneurs. Discrimination in loan approvals, higher interest rates, and limited access to capital contribute to the challenges faced by Black-owned businesses.”
The consequences of the FACE loan program’s shortcomings are far-reaching. Many Black-owned businesses struggle to access the capital needed for growth, expansion, and operational sustainability. Tanya Campbell, a business owner, emphasizes, “The lack of financial support hampers our ability to scale our businesses, hire employees, and contribute to the local economy. It perpetuates a cycle of limited opportunities and restricted growth.”
To address the disparities within the FACE loan program, experts and advocates propose several solutions. Improved outreach and community engagement, simplified application processes and tailored support services can increase access and awareness among Black entrepreneurs. John Stevens, a business consultant, suggests, “The government must invest in targeted initiatives that address the specific needs and challenges faced by Black-owned businesses, such as mentorship programs, financial literacy training, and capacity-building initiatives.”
Addressing the challenges faced by Black entrepreneurs requires collaboration and accountability from various stakeholders. Governments, financial institutions, and community organizations must work together to create an inclusive lending ecosystem. Mary Johnson, an advocate for Black economic empowerment, states, “Transparency, accountability, and ongoing dialogue between policymakers, lenders, and Black entrepreneurs are essential to drive meaningful change and ensure equal opportunities for all.”
The FACE loan program aimed to empower Black entrepreneurs and address economic disparities, but the reality falls short of expectations. The underutilization and obstacles faced by Black businesses in accessing FACE loans highlight the pressing need for systemic change within the lending landscape. By acknowledging and addressing the structural barriers, streamlining processes, and fostering collaboration, we can create a more inclusive and equitable environment where Black entrepreneurs thrive. It is through proactive measures, collective effort, and ongoing dialogue that we can dismantle systemic inequities and build a future where Black-owned businesses have equal access to the resources and support necessary for success.
Crude oil began trading this week with a gain after President Biden and House Speaker Kevin McCarthy were reported to have reached a provisional agreement on raising the debt ceiling.
At the time of writing, Brent crude was trading at over $77 per barrel and West Texas Intermediate was changing hands at over $73 per barrel.
Debt ceiling negotiations have been a major factor for oil price movements in the past couple of weeks, mostly because of the apparent inability of Republicans and Democrats in Congress to strike any semblance of an agreement on how to increase the federal government’s borrowing power.
According to early reports on the tentative deal, it involves flat spending over the next two years and the recycling of unused Covid funds.
Although such tense negotiations have been relatively regular in past years, they have eventually ended with an agreement, and default has invariably been avoided.
This historical evidence could have served to stabilize prices but it did not, and neither did mixed data about China’s recovery. On the one hand, PMI readings are showing an uneven rebound in economic activity, but on the other, demand for oil as evidenced by import rates, is going strong.
To complicate the picture further, OPEC+ is reportedly in two minds about what to do with its output at its next meeting.
According to reports quoting Saudi Energy Minister Abdulaziz bin Salman, he has hinted at another round of output cuts.
According to reports quoting Russia’s Deputy Prime Minister and top OPEC+ official Alexander Novak, the co-leader of the extended cartel is fine with production where it is right now.
Thanks to its recent gains, oil’s decline since the start of the year has shrunk from about 14% earlier this month to just 9% as of the start of this week, according to Bloomberg.
By Irina Slav for Oilprice.com
Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
American equity futures posted modest gains amid cautious optimism the U.S. will avert a catastrophic default after the weekend’s tentative debt-ceiling deal. European stocks wavered in muted holiday-affected trading.
Contracts on the S&P 500 climbed about 0.2 per cent, while those on the Nasdaq 100 were up around 0.3 per cent, with trading set to end early for Memorial Day. The dollar, which has benefited from angst around the statutory borrowing limit, held Friday’s decline while Treasury futures were flat in the absence of cash trading.
The Stoxx Europe 600 index edged lower, with Spain’s benchmark underperforming after Prime Minister Pedro Sanchez called a surprise snap election following heavy losses for his party in regional and local elections Sunday. Volumes were about 60 per cent lower than usual as markets in the U.K. and some European countries remained closed for national holidays. SBB gained after the embattled Swedish landlord said it may look to sell the company. A gauge of Asia-Pacific equities rose, though Chinese shares slid closer to a bear market.
President Joe Biden and House Speaker Kevin McCarthy expressed confidence that their agreement to curtail spending and extend the borrowing limit will pass through Congress. But even assuming lawmakers seal the deal before the U.S. government runs out of cash in about a week, traders still have much to contend with — from the prospect of another interest-rate hike from the Federal Reserve to a likely deluge of bond issuance from the U.S. Treasury Department.
“The obvious positive interpretation is that a negative tail risk is close to being taken off the table,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors. “With the distraction of the debt ceiling fading into the background, investors can now refocus their attention on the underlying fundamentals. One concern, though, is that the fundamental picture remains precarious.”
European bonds rose, with Germany’s 10-year yield falling about 11 basis points. Spain’s 10-year yield dropped by a similar amount.
Meanwhile, Turkey’s lira weakened after Recep Tayyip Erdogan won a presidential runoff election on Sunday, extending his time as the nation’s longest-serving leader and leaving investors looking for any signs he’ll start to relax the state’s tight grip over markets. The nation’s stocks benchmark gained.
Gold was flat on waning demand for havens, while as oil held onto most of Friday’s gains and Bitcoin climbed, reflecting a modestly buoyant tone.
‘UNCERTAINTY PERSISTS
The agreement struck by Biden and McCarthy is running against the clock given that June 5 is the date when Treasury Secretary Janet Yellen has said cash will run out. There is plenty in the deal that Democrats and Republicans won’t like.
“Uncertainty persists regarding the duration and severity of the ongoing earnings recession, and perversely, the near-term tightening of liquidity may worsen due to the government’s need to address its debt issuance backlog,” said Suzuki. “While the markets managed to avert an immediate crisis, the coast is far from all-clear just yet.”
The rate-sensitive two-year Treasury drifted Friday as traders considered how a debt agreement could play into the Fed’s path forward on interest rates. The two-year yield hovered around 4.65 per cent after a report on consumer spending showed the Fed still has more work to do to bring inflation back toward its target.
“Markets will have the liquidity hassles to deal with, as the Treasury will issue a deluge of bonds to restore its cash reserves,” said Charu Chanana, market strategist at Saxo Capital Markets. “Not to forget, the hawkish re-pricing of the Fed path that we have seen last week could possibly get firmer if we get a hot jobs print this week.”
Key events this week:
U.S. Memorial Day holiday. U.K., Switzerland and some Nordic markets also closed for holidays, Monday
