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Carlos Ghosn Not Currently Fit To Lead Renault, Says French Finance Minister

The Renault-Nissan-Mitsubishi alliance Chairman was arrested on Monday over alleged financial misconduct. Nissan has confirmed it will fire Carlos Ghosn over the matter.

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Carlos Ghosn is no longer fit to lead Renault following his arrest in Japan, said French Finance Minister Bruno Le Maire on Tuesday. "Carlos Ghosn is no longer in a position capable of leading Renault," Le Maire told France Info radio.

Also Read: Carlos Ghosn Renault-Nissan Alliance Boss Arrested For Misconduct, Corruption Charges

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Nissan said on Monday that an internal investigation had revealed that Ghosn engaged in wrongdoing including personal use of company money and under-reporting for years how much he was earning. He was arrested and would be fired from Nissan's board this week, added Nissan.

The French state owns 15 percent of Renault, which in turn holds a 43.4 percent stake in Nissan. Le Maire said he would contact his Japanese counterpart over the matter, and reiterated that France's priority was to ensure the stability of the Renault company.

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Le Maire added that Renault's partnership with Nissan was in the interests of both France and Japan and of both companies.

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