Ghosn Prospect of Early Bail Dims After Losing Detention Appeal - EcoFinBiz Blog

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Ghosn Prospect of Early Bail Dims After Losing Detention Appeal

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(Bloomberg) -- Carlos Ghosn lost an appeal against his ongoing detention, diminishing prospects of an early release on bail for the auto industry icon fighting charges of financial misconduct while he was heading Nissan Motor Co.

The Tokyo District Court rejected the petition filed by Ghosn’s defense team, according to a statement from the court shared with the media by the Foreign Press in Japan Wednesday. The former Nissan chairman’s lawyers will appeal the decision in a higher court, NHK reported.

Wednesday’s decision by the judge means Ghosn could spend his time locked away in jail until an actual trial, which his main lawyer Motonari Otsuru has said may be as long as six months away. Ghosn’s current custody ends Jan. 11, and prosecutors are likely to slap new charges or request another extension as they build a case against him.

Read: In Ghosn’s Jet-Set World, a $120 Million Fortune Can Be Peanuts

Ghosn stands accused of understating his income by tens of millions of dollars and transferring personal trading losses to Nissan, an allegation prosecutors call “breach of trust.” In his first public appearance Tuesday since his Nov. 19 arrest, Ghosn denied the wrongdoings in prepared remarks addressed to the court.

In his defense, the fallen titan offered a two-pronged response. Ghosn said that he had been wrongly accused and unfairly detained, terming the accusations “merit-less and unsubstantiated.” He also painted a picture of a loyal company man who wouldn’t dream of harming a corporation for which he had “a genuine love and appreciation.”

Read: A QuickTake explainer on the vagaries of Japan’s legal system

To contact the reporter on this story: Ma Jie in Tokyo at jma124@bloomberg.net

To contact the editors responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net, Sam Nagarajan

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