Mitsubishi Motors Dismisses Carlos Ghosn As Chairman |

TOKYO (AP) - The Latest on Mitsubishi Motors' decision to dismiss Carlos Ghosn as its chairman after his arrest for suspected financial misconduct (all times local):

6:30 p.m.

The board of directors of Mitsubishi Motors has voted to dismiss Carlos Ghosn as its chairman following his arrest for suspected financial misconduct.

The decision Monday follows Nissan Motor Co.'s unanimous board vote last week to dismiss him as its chairman. Mitsubishi is part of an alliance with Nissan and France's Renault, SA, the top selling auto group last year.

Ghosn still heads Renault. Its board opted to wait for evidence about his case, while appointing another executive to fill in for him for now.

On Nov. 19 Japanese prosecutors arrested Ghosn, along with another Nissan executive, Greg Kelly, for suspected underreporting of Ghosn's pay, among other allegations.

Nissan says an internal probe prompted by a whistleblower found serious misconduct including under-reporting of Ghosn's income and misuse of company assets.

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5:20 p.m.

The board of Japanese automaker Mitsubishi Motors, which is allied with Renault and Nissan, met Monday to decide whether to keep or oust Carlos Ghosn as its chairman after his arrest last week.

Prosecutors arrested Ghosn on Nov. 19 on suspicion of under-reporting his income by $44 million over five years. Nissan Motor Co., which already has ousted him as its chairman, says an internal investigation found Ghosn abused company money and assets.

Ghosn's arrest marked a stunning fall for an executive who dominated the Japanese auto industry for two decades and spearheaded Nissan's alliance with Renault SA of France.

Ghosn also led the addition of Mitsubishi into the alliance. Nissan took a 34 percent stake in Mitsubishi in 2016.

Nissan says Carlos Ghosn is dismissed as its chairman over alleged serious misconduct including under-reporting income.

7:10 p.m.

France's finance minister says Renault's new temporary leadership will ensure the car-maker functions efficiently after the arrest in Japan of its CEO, Carlos Ghosn, for alleged misuse of assets at Nissan, where is also chairman.

Speaking Wednesday, Bruno Le Maire said: "this governance is strong and this governance guarantees the good functioning of the Renault company, which is a flagship we are deeply attached to."

Le Maire noted Philippe Lagayette took over the administrative council presidency and Thierry Bollore is the new deputy CEO.

Le Maire said he asked Nissan to provide "all the elements" involved in the case against Ghosn, and that currently France doesn't have "any evidence justifying the charges."

Le Maire added he would receive Japanese Economy Minister Hiroshige Seko Thursday.

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1:00 p.m.

France's Renault says it has decided to keep its CEO Carlos Ghosn on despite his arrest in Japan on allegations that he misused assets of partner Nissan Motor Co. and misreported his income.

Renault's board of directors announced late Tuesday that the No. 2 at the company, Thierry Bollore, would temporarily fill in for Ghosn.

The French automaker said it would further consolidate its alliance with Nissan. The two automakers have a partnership, also, with smaller automaker Mitsubishi Motor Corp.

There was no update Wednesday in Tokyo from prosecutors on Ghosn's case, and no public word from Ghosn himself. It was unclear where he was being held.

The Japanese and French governments have confirmed their support for the Renault-Nissan-Mitsubishi alliance, the industry leader with 10.6 million vehicles sold in 2017.