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Renault has refrained from dismissing Ghosn as chairman and CEO, while demanding that Nissan share findings from the months-long internal investigation that led to his arrest. Ghosn’s duties have been delegated to second-in-command Thierry Bollore and board director Philippe Lagayette. Behind the scenes, fundamental differences have opened up over Renault’s rights under the alliance’s Restated Alliance Master Agreement (RAMA), sources familiar with the matter said. Nissan, the larger partner by sales, has also revived a long-held ambition to force Renault to sell down its controlling stake.

On the eve of Ghosn’s Nov, 22 ouster from Nissan, Renault informed Saikawa and his board colleagues that it planned to appoint a fourth director under the terms of the 2002 founding pact, Reuters earlier reported, In his formal response, the Nissan CEO insisted Renault had no right to make further appointments, The French company currently has three Nissan board members - including Ghosn, whose directorship can be revoked only by a shareholder meeting, The number of Renault managers on Nissan’s executive committee cufflinks engraved might even be reduced, one company official told Reuters, “Discussions might include whether to let Renault keep its two positions,” he said..

The French government, Renault’s biggest shareholder, weighed in on Sunday. Finance Minister Bruno Le Maire said he was still waiting for evidence of wrongdoing by Ghosn - adding that a new audit would be carried out at Renault. Efforts underway to secure and deepen the Renault-Nissan alliance must “respect the crossed shareholdings such as they are today,” the minister also told BFM TV. Nissan currently holds a reciprocal non-voting 15 percent stake in Renault. Saikawa’s independence struggle is already drawing support from investors keen to unlock the discounted value of Renault’s large holding in its Japanese affiliate.

“The relationship between Nissan and Renault needs to cufflinks engraved be rebalanced,” Evercore analyst Arndt Ellinghorst said on Sunday, “We urge Renault to sell down its stake in Nissan ., toward 25 percent (and) use the proceeds to buy back its own stock.”, At Nissan’s Thursday board meeting, Renault appointees also voted to eject Ghosn, They did so after reviewing 400 pages of internal findings, sources said - but are barred from sharing the information even with the French carmaker..

The Amsterdam gathering is likely to see Bollore and Saikawa meet face-to-face for the first time since Ghosn’s arrest, sources close to the companies said. “These are purely operational sessions,” a Renault official said. All three carmakers have stressed that operations and alliance business are proceeding as normal. Nissan, however, called off the launch of a high-performance Leaf electric car, cancelling Nov. 28 events in Yokohama and Amsterdam. A Nissan spokesman gave no reason for the postponement and said the company had yet to set a new date for the announcement.

KUALA LUMPUR (Reuters) - The office of former Malaysian premier Najib Razak ordered changes to a 2016 audit report of scandal-plagued state fund 1MDB, including removing mention of financier Low Taek Jho’s presence at a board meeting, authorities said, Financier Low has been described as a central player in the alleged cufflinks engraved corruption and money laundering at 1MDB, according to Malaysian and U.S, authorities investigating the fund, He had no official role in 1MDB, but advised on investments and negotiated deals for the fund, the authorities have said..

Najib, ousted in a May 9 election by Prime Minister Mahathir Mohamad, is facing multiple charges of graft, abuse of power and criminal breach of trust related to 1MDB. He has pleaded not guilty to all the charges and has consistently denied wrongdoing. In a statement dated Saturday, Malaysia’s auditor-general Madinah Mohamad said “several” findings from the audit report submitted in February 2016 to Najib had been “dropped and amended”. “The former prime minister ordered the deletion of the paragraph containing two versions of the 1MDB financial statement for the year ended 2014 and directed an investigation to be carried out by the enforcement authorities,” she said.

The audit report before the amendments has been submitted to the Malaysian Anti-Corruption Commission (MACC) and the police for further investigation, Madinah said, Law firm Shafee & Co, which is representing Najib, said in a statement on Sunday that it was “standard procedure in any audit process that the auditors and the audited would ordinarily meet to discuss the draft report for clarification and to correct any inaccuracies, if any, before the report is made final”, Shafee & Co said Low’s presence at a 1MDB board meeting had been disclosed in parliament in December cufflinks engraved 2015 when the finance ministry stated that Low was there to represent Prince Turki Bin Abdullah as the owner of PetroSaudi Inc..




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