Mitsubishi Motors executives on Monday ousted Carlos Ghosn as chairman following his shock arrest for alleged financial misconduct, capping a stunning fall from grace for the tycoon credited with saving the scandal-hit Japanese firm. “During today’s board meeting, it was decided that he is dismissed as chairman,” the firm said in a statement following a gathering that lasted just over an hour. Together, the three-way alliance is the world’s top-selling car company, with some 10.6 million vehicles rolling off the production line. Meanwhile, further claims continued to leak out in the Japanese media of Ghosn’s alleged misconduct. At the Tokyo close, Nissan was up nearly two percent and Mitsubishi Motors enjoyed an even sharper bump — up more than three percent just ahead of the board meeting.

Source: Egypt Independent November 26, 2018 11:26 UTC