Former Nissan boss Carlos Ghosn was ordered by the courts to hand over his superyacht to Nissan and pay $32 million in damages to the company. The yacht, which has become a symbol of the financial excesses that are at the heart of accusations of financial mismanagement against the leader, was purchased using funds embezzled from Nissan, according to a ruling by the High Court of the British Virgin Islands.
The yacht of discord
The yacht in question, a Custom Line Navetta 37 built by Italian firm Ferretti, was named Shachou, a word meaning “The Boss” in Japanese. This luxurious boat has seven bathrooms, five master cabins and four crew cabins. It symbolizes the lavish behavior that is at the center of the accusations of questionable financial conduct brought against Carlos Ghosn.
Arrested in 2018 at the height of his career when he was head of the Renault-Nissan-Mitsubishi alliance, Carlos Ghosn has not yet been tried for these accusations in Japan.
Le yacht de Carlos Ghosn | Photo : X (SuperYachtFan)
A heavy sentence
In his August 9 ruling, Judge Gerhard Wallbank ordered that Carlos Ghosn, his wife, Carole, and a company they founded to purchase the yacht pay $32 million in damages to Nissan. The court found that millions of dollars from Nissan’s CEO Reserve Fund passed through a series of intermediaries and ultimately ended up in companies controlled by Carlos Ghosn or his close associates. These companies include Shogun Investments, owned by Carlos Ghosn and his son, as well as Beauty Yachts Pty Ltd., a company incorporated in the Virgin Islands and owned by Carole Ghosn.
The judge said the payments made by Nissan and its Middle East subsidiary were not for legitimate purposes. “The sums paid were made for the benefit of Mr. Ghosn or his relatives,” the judge said in his 56-page judgment.
Carlos Ghosn, in 2013 | Photo: Nissan
A long legal battle
Carlos Ghosn, who is now 70 years old, denies any wrongdoing. He announced that he would appeal this decision. Neither he nor his wife attended the trial, and no lawyer represented them. Nissan, for its part, welcomed this judgment, which it considers as confirmation of the embezzlement orchestrated by its former manager.
Global pursuits
This case in the British Virgin Islands is only part of the entire legal battles that Carlos Ghosn must face. In addition to this civil case, the man is also being prosecuted in Japan, where he is accused of embezzlement of millions of dollars through a complex network of entities. He is also the subject of an arrest warrant in France for similar charges. Despite these multiple prosecutions, Carlos Ghosn currently lives in Lebanon, a country where extradition does not apply, and from where he initiated proceedings against Nissan, demanding a billion dollars in damages.
Nissan, for its part, continues to seek to recover funds through ongoing lawsuits in Japan and abroad. The manufacturer also filed a lawsuit for 15.5 billion yen (or approximately 102.5 million USD) in a Yokohama court.
Carlos Ghosn, en 2023 | Photo : YouTube (Apple TV)
