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.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.