Prosecutors further investigate Ghosn’s Versailles palace party, other finances
February 20, 2020, 10:24 am

Prosecutors further investigate Ghosn’s Versailles palace party, other finances

Carlos Ghosn, former Chairman and CEO of the Renault-Nissan Alliance, and his wife Carole pose at the Cannes Film Festival in 2017. (File photo Reuters)

French prosecutors have stepped up their investigation into alleged misappropriation of funds at Renault by former boss Carlos Ghosn, saying a judge had now been assigned to the case to launch a formal investigation.

The prosecutor’s office in Nanterre, on the outskirts of Paris, had since last year been looking into a party Ghosn had thrown for his wife at the sumptuous Versailles palace among other financial dealings.

It said in a statement on Wednesday a judge would now examine several charges linked to Renault and leveled at an unnamed person or people. A judicial source confirmed that Ghosn was among them.

A lawyer for Ghosn said he welcomed the opportunity to give his version of the events.

“We will provide our explanations to the designated magistrate after we can finally have access to the case file,” lawyer Jean-Yves Le Borgne told Reuters.

Ghosn - now in Lebanon after he last month fled prosecution in Japan on financial misconduct charges - has repeatedly denied any wrongdoing.

Reuters reported in January that judges, who have wider powers than investigators to pursue a criminal case, we're set to get involved, potentially bringing prosecution a step closer.

The prosecutor’s office said the case involved suspect financial flows between Renault and a car dealership in Oman, as well as spending on trips and events.

Prosecutors had been looking into whether Ghosn knowingly used company resources to throw a party that was for private purposes - his wife’s birthday - in 2016.

Ghosn’s lawyers have said he did nothing wrong, but there may have been a misunderstanding between Versailles and party planners over who was to foot the bill for renting the venue.

Another event at Versailles in 2014, when Ghosn held a corporate party to celebrate the 15th anniversary of Renault’s alliance with Japan’s Nissan, will now also fall under the scope of the investigation, the judicial source said.

At a news conference in January, Ghosn rejected allegations that most of the guests at the party - paid for by RNBV, a Dutch-based holding company for Renault and Nissan - were his friends and family, saying the companies had invited business contacts from dealerships and other partners.

Renault conducted its internal inquiry into Ghosn’s time at the carmaker and handed over information to prosecutors last year. This included its probe into millions of euros described as dealer incentives to an Omani distributor.

source: Reuters

Lebanon: 785 Restaurants, Cafes Closed, 25,000 Employees Laid Off Bloomberg rivals criticize billionaire businessman during presidential debate

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”