Stocks

Renault union calls for more transparency over Dutch holding

Reuters

PARIS, Dec 27 () - France's CGT union has called for more transparency at Renault and its Dutch holding company and asked the French government, one of the carmaker's shareholders, to try to shed light on its workings, a CGT representative said on Thursday.

Renault, and its alliance with Nissan Motor Co, has been in the spotlight after the partnership's architect Carlos Ghosn was arrested in mid-November in Japan amid allegations his Nissan income was understated.

The CGT wrote to French Economy Minister Bruno Le Maire in early December questioning the way Renault had handled the affair and to denounce a lack of transparency at RNBV, a joint Renault-Nissan holding company based in the Netherlands, FranceInfo reported on Thursday.

"Workers have no information about RNBV," the CGT spokesman said.

Spokesmen for Le Maire and for Renault declined to comment. The French state owns 15 percent of Renault.

Executives from both carmakers in the Renault-Nissan alliance looked at least twice at legal ways to pay Ghosn undisclosed income through the partners' shared finances, including via RNBV, reported earlier in December.

The two efforts discussed were ultimately abandoned.

Ghosn, who remains Renault's chairman and chief executive but was ousted as Nissan's chairman, has been in a Tokyo jail since mid-November.

He had been expected to possibly go free on bail last Friday but was re-arrested by Japanese prosecutors on new allegations of making Nissan shoulder $16.6 million in personal investment losses.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More