Disgraced Ex-Nissan CEO Ordered to Return Luxury Yacht
The fall of former Nissan CEO Carlos Ghosn is so packed with drama and intrigue that it could be a movie.
Once a highly regarded executive credited with a successful run at the helm of the Renault-Nissan Alliance, Ghosn was arrested in Japan in 2018 and accused of misappropriating company funds and violating securities laws. After posting bail and being put under house arrest, he famously escaped Japan in a wooden box, fleeing to the relative safety of Lebanon, where he is a citizen and unlikely to be extradited.
Still, Ghosn isn’t entirely insulated from the long arm of the law. Recent reports detail what Nissan says are efforts it has undertaken to “recover damages suffered due to Carlos Ghosn’s misconduct” and in the latest case, it appears the company can claw back a luxury yacht.
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A court in the British Virgin Islands says so, anyway. According to reports, the BVI High Court says – under Ghosn’s watch – millions of dollars flowed from Nissan’s CEO Reserve fund into several intermediaries – some owned by Ghosn himself. They also say some of the money went to a firm in the British Virgin Islands called Beauty Yachts Ltd., described by Autopian as “a California shell company, which is also owned by Ghosn's son.” The funds went to buy a luxury yacht that was then registered in the name of Ghosn’s wife, Carole.
The 121-foot Custom Line Navetta 37 yacht was built by Ferretti and has seven bathrooms, five main cabins, and four crew cabins and now the court says it must be given to its rightful owner – Nissan. The verdict also orders Ghosn to pay back $32 million.
And while the disgraced former exec says he is “obviously appealing,” he’s got a lot of other legal matters in demand of attention. For one, Nissan has filed a $100 million civil suit against Ghosn in Japan, and authorities in France are trying to prove he diverted millions from Renault. He’s also under the watchful eye of Interpol, who handed Lebanon a Red Notice for him which is basically a non-binding request that he be arrested.
Essentially this means Ghosn will need to address his legal battles – and perhaps carry out the rest of his days – in Lebanon, a place where reports suggest he carries one burden that’s heaviest of all: boredom.
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