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Carlos Ghosn Wants Charges Dismissed over 'Prosecutor Misconduct'

FILE PHOTO: Carlos Ghosn attends a press conference on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau/File Photo
FILE PHOTO: Carlos Ghosn attends a press conference on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau/File Photo
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Carlos Ghosn Wants Charges Dismissed over 'Prosecutor Misconduct'

FILE PHOTO: Carlos Ghosn attends a press conference on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau/File Photo
FILE PHOTO: Carlos Ghosn attends a press conference on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau/File Photo

Ex-Nissan chief Carlos Ghosn, who is awaiting trial in Japan, urged on Thursday a Tokyo court to dismiss the case against him, accusing Japanese prosecutors of a "pervasive pattern of illegal misconduct".

The claims, made in two filings to the Tokyo District Court by his lawyers, allege prosecutors colluded with Nissan and effectively subcontracted out their investigation to employees of the automaker who were trying to oust Ghosn.

"The court filings demonstrate that the prosecutors' case, which was politically motivated and poisoned from the start, is fundamentally flawed and contradicted by the evidentiary record," Ghosn's lawyers said in a statement.

Ghosn is out on bail in Tokyo, awaiting trial on four charges of financial misconduct. He denies any wrongdoing and laid out his defense again Thursday.

But he and his lawyers argue the entire case against him is "fundamentally flawed".

The filings allege the creation of a "secret task force" at Nissan created to "drum up allegations of wrongdoing by Mr. Ghosn as a pretext to remove him".

They formalize claims Ghosn has made previously -- that the allegations against him stem from resentment within Nissan over his plans to more closely integrate the firm with its alliance partner, French automaker Renault.

Along with Mitsubishi Motors, Nissan and Renault form a leading auto alliance, but relations inside the partnership have been tense at times.

Ghosn's legal team claim the opposition to further integration of the car firms drew in even government officials from the Ministry of Economy, Trade and Industry (METI).

"The prosecution against him resulted from unlawful collusion between the prosecutors, government officials at METI, and executives at Nissan," Ghosn's legal team said in a statement.

They wanted to prevent Ghosn from further integrating Nissan with its French alliance partner Renault SA, according to the lawyers.

Ghosn's legal team accuses prosecutors of wide-ranging misconduct, ranging from claims they used Nissan employees to investigate and even seize the former tycoon's property, to accusations of discrimination and denying him a speedy trial.

The formerly high-powered executive was detained last November as he landed in Tokyo on a private jet, and spent 108 days in detention before winning bail.

He was rearrested not long afterwards, as prosecutors added to his charge sheet, but won bail for a second time after spending another 21 days in detention.

His release came with strict conditions, including restrictions on seeing his wife and bail of $4.5 million.

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World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
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World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)

The World Bank on Friday projected that Lebanon's economy would contract by 6.4 percent this year, as the latest Israel-Hezbollah war derailed the country's efforts at recovery.

Lebanon has been dealing with an unprecedented financial crisis since 2019 and was still reeling from the 2024 Israel-Hezbollah war when the Iran-backed group drew it into the Middle East conflict by attacking Israel in March.

Israel responded with a heavy air campaign and ground invasion that Lebanese authorities say have killed more than 4,300 people.

Due to the war, "real GDP is projected to contract by 6.4 percent in 2026, reflecting the collapse in tourism, weaker consumption, disrupted supply chains, heightened insecurity, and prolonged displacement," the World Bank said in a report.

Inflation is also expected to rise to 17.5 percent this year, according to the report.

The World Bank said Lebanon's economy had strengthened before the latest conflict, with an estimated real GDP growth of 4.2 percent in 2025, "the fastest since the onset of the 2019 financial crisis".

"Advancing reforms -- particularly on banking sector restructuring and fiscal management -- will be critical to restoring confidence, protecting stability, and mobilizing the financing needed for reconstruction and recovery," Dahlia Khalifa, the World Bank's Middle East director, said.

The international community has been demanding that Lebanese authorities enact financial reforms in order to secure much-needed economic aid.

Last week, parliament passed amendments to a bank resolution law aimed at restructuring troubled banks and addressing the country's banking crisis.

The International Monetary Fund welcomed the law, describing it as "a very good step that reflects Lebanon's commitment to aligning its legislation with the best international practices".

Lebanon has been in discussions with the IMF, which said it would resume its meetings in Beirut next month.

Business

Tunisia Olive Oil Exports Surge 55%, Bringing in $1.6 billion

Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
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Tunisia Olive Oil Exports Surge 55%, Bringing in $1.6 billion

Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui

Tunisia's olive oil exports surged 55.3% to a record 368,000 metric tons in the first nine months of the 2025/26 season, bringing in $1.6 billion in export revenue, up 44.4% from a year earlier, official data showed on Friday.

The surge in olive oil shipments, a vital source of foreign currency and Tunisia's top agricultural export, will provide a much-needed boost to the country's finances as the government grapples with persistent economic and fiscal pressure.

The jump in exports was driven by strong global demand during the first nine months of the season, which began in November.

Extra virgin olive oil accounted for 83.6% of total shipments, the National Observatory of Agriculture said, Reuters reported.

The European Union remained the biggest destination, taking 57.1% of Tunisian olive oil exports, while North America accounted for 24%. More than 70 countries imported Tunisian oil during the period.

Exports to other markets included Saudi Arabia, which took 4.6%, Jordan with 3.1% and African markets at 3.8%, with Egypt accounting for 3.3%.

Bottled olive oil exports rose 50.8% to 51,500 tons, but bulk oil still accounted for the vast majority of shipments, underscoring Tunisia's challenge in capturing more value from one of its most important export products.

Business

South African Rand Hits Strongest Level since Start of Iran War

South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
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South African Rand Hits Strongest Level since Start of Iran War

South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration

The South African rand strengthened on Friday to its strongest level since the United States and Israel launched attacks on Iran on February 28, as rising gold prices and a weaker dollar boosted the commodity-linked currency.

At 1229 GMT, the rand traded at 15.9925 against the dollar , about 0.8% stronger from its previous close.

Gold, one of South Africa's main exports, rose to a more than three-month high on Friday and was on track for a third straight weekly gain.

The precious metal was supported by a weaker dollar and the US Treasury's announcement that it would increase buybacks of longer-dated securities, Reuters reported.

US Treasury Secretary Scott Bessent said he may further increase the government's repurchases of Treasuries. That came after the Treasury said it would double the size of buybacks on longer-dated securities over the next quarter.

The US dollar was set to end a bumpy week lower, making greenback-priced bullion more affordable for buyers overseas.

Like other emerging market currencies, the rand has been at the mercy of global market sentiment, particularly since the start of the Iran war.

On the Johannesburg Stock Exchange, the Top-40 index was last up 2.2%.

South Africa's benchmark 2035 government bond was also firmer in early deals, as the yield fell 0.5 basis points to 8.56%.