Renault CEO sees audits completed in March

GENEVA • Renault SA’s internal review following financial revelations at its Japanese partner that brought down their former CEO Carlos Ghosn will be completed in March, and investigators have discovered no major issues so far, the French carmaker’s current top manager said.

“Till now, we did not find anything wrong” beyond the “little story” of Ghosn’s use of the Chateau de Versailles for parties, CEO Thierry Bollore said in a Bloomberg Television interview at the Geneva International Motor Show. “We will finish all audits and investigations by the end of this month”, with final work now focusing on Renault-Nissan BV, the Amsterdam-based unit that manages the company’s alliance with Nissan Motor Co Ltd. “But for Renault already, we know we are” conforming to governance standards.

A Tokyo court granted Ghosn bail yesterday, though prosecutors appealed the decision, potentially preventing his release. Bollore declined to comment on the ruling.

Ghosn held leading posts at both carmakers for much of the two decades the firms have been allied, enforcing a common vision that now includes joint manufacturing platforms. Renault’s new chairman Jean-Dominique Senard and Nissan CEO Hiroto Saikawa have said they’re committed to finding a way forward for the Franco-Japanese alliance without Ghosn.

Bollore, who is presenting the latest version of Renault’s Clio hatchback at the Geneva show, cited the model as an example of the partners’ cooperation, with 80% of its upcoming vehicles being developed by the alliance. — Bloomberg