It’s payback time. Around 90 institutional investors based outside Japan have filed a suit seeking damages from Nissan Motor Co., saying they suffered huge losses as former boss Carlos Ghosn’s financial misconduct cases dented share prices, sources say.
The plaintiffs, from countries including Britain, Germany and the U.S., are demanding that the Japanese automaker pay a total of around ¥34.4 billion ($315 million) in compensation for their financial losses, Kyodo reports.
Perhaps they smell blood. Just a week ago, fugitive tycoon Ghosn was ordered to repay nearly €5 million in wages to a Dutch joint venture set up by Nissan and Mitsubishi Motors, as a Dutch court threw out his own claim for damages.
Back in March, the Japanese government clinched a much-needed symbolic victory in its foiled prosecution of Ghosn with the extradition of two Americans accused of helping the ex-Nissan chairman escape trial by fleeing to Lebanon over a year ago.
Prosecutors have indicted Michael Taylor and his son Peter on a charge of enabling the audacious bail-jumping escapade, which saw Ghosn stuffed into a music equipment case and smuggled into a private jet to flee Japan. Stay tuned as the saga continues.