Court: Ghosn Must Repay Nissan-Mitsubishi 5 Mn Euros in Wages

Carlos Ghosn, the former Nissan and Renault chief executive, gestures as he speaks during a news conference at the Holy Spirit University of Kaslik, in Jounieh, Lebanon September 29, 2020. REUTERS/Mohamed Azakir/File Photo
Carlos Ghosn, the former Nissan and Renault chief executive, gestures as he speaks during a news conference at the Holy Spirit University of Kaslik, in Jounieh, Lebanon September 29, 2020. REUTERS/Mohamed Azakir/File Photo
TT

Court: Ghosn Must Repay Nissan-Mitsubishi 5 Mn Euros in Wages

Carlos Ghosn, the former Nissan and Renault chief executive, gestures as he speaks during a news conference at the Holy Spirit University of Kaslik, in Jounieh, Lebanon September 29, 2020. REUTERS/Mohamed Azakir/File Photo
Carlos Ghosn, the former Nissan and Renault chief executive, gestures as he speaks during a news conference at the Holy Spirit University of Kaslik, in Jounieh, Lebanon September 29, 2020. REUTERS/Mohamed Azakir/File Photo

Fugitive auto tycoon Carlos Ghosn must repay nearly five million euros in wages to Nissan-Mitsubishi, a Dutch court ruled Thursday as it threw out his own claim for damages.

Ghosn was seeking 15 million euros ($18 million) for illegal dismissal but the court in Amsterdam said that there was no current contract between him and the Dutch holding firm of the Japanese automakers.

Ghosn is wanted by Japan on charges of financial misconduct but remains at large in Lebanon, where he fled while on bail.

"The former director of Nissan-Mitsubishi BV has to pay back almost five million euros to the company," AFP quoted the Amsterdam court as saying in a statement.

The court said Ghosn was "not entitled to fair compensation, transitional compensation or arrears, as no employment contract has existed between him and the company.

"The necessary permission from the board was lacking."

The court said the previous contract that began in July 2012 had expired in April 2018, and that Ghosn must now repay wages he earned between April and November 2018.

Ghosn's own request for compensation was "inadmissible", it added.

A spokesman for Ghosn said the former auto chief would challenge the verdict.

"As today's verdict has been rendered without hearing Mr. Ghosn and other key witnesses, the defense team will now take the case to the court of appeal where Mr. Ghosn's right to witness evidence will be granted," the spokesman said in a statement emailed to AFP.

"We are satisfied with the court verdict which ruled out any bad faith from Mr. Ghosn."

Ghosn was a global business superstar and head of an auto alliance joining Nissan, Renault and Mitsubishi Motors before his career came crashing to an abrupt end in November 2018, when Tokyo investigators stormed his private jet to arrest him.

The French-Lebanese-Brazilian national was eventually charged with four counts of financial misconduct -- which he denies -- over claims he hid compensation and misused Nissan funds.

Having spent months in detention, Ghosn was out on bail when he fled the country in what Japanese prosecutors termed "one of the most brazen and well-orchestrated escape acts in recent history".



Qatar Airways Names Hamad Al-Khater Group CEO

A Qatar Airways Airbus A350-900 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. (Reuters)
A Qatar Airways Airbus A350-900 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. (Reuters)
TT

Qatar Airways Names Hamad Al-Khater Group CEO

A Qatar Airways Airbus A350-900 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. (Reuters)
A Qatar Airways Airbus A350-900 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. (Reuters)

State-owned Qatar Airways has named Hamad al-Khater as the group's chief executive officer, effective December 7, replacing Badr Mohammed Al-Meer, it said on Sunday.

Al-Meer was appointed as the carrier's CEO in October 2023. He replaced Akbar Al Baker, one of the airline industry's most outspoken leaders, who retired after almost three decades of running the airline.

Khater served as the chief operating officer at Hamad International Airport and held other positions at Qatar's state-oil company QatarEnergy.


ECB's Rehn Sees Downside Risks to Inflation, Urges Action on Ukraine Funding

FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS
FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS
TT

ECB's Rehn Sees Downside Risks to Inflation, Urges Action on Ukraine Funding

FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS
FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS

Inflation in the euro zone faces downside risks in the medium term, even as price growth has returned to the ECB's 2% target, European Central Bank policymaker Olli Rehn said, according to a report in a magazine on Saturday.

The sharp drop from the October 2022 peak of 10.6% to around 2% currently was achieved without triggering mass unemployment or a severe slowdown, he told Italian financial magazine Milano Finanza.

"The good news is that inflation has stabilized around the ECB's symmetric 2% target, supporting real incomes in Europe," Reuters quoted him as saying. "Our latest forecast suggests inflation will remain slightly below 2% over the horizon."

Rehn also urged EU leaders to resolve a stalled plan for a Ukraine "repair loan" funded by Russia's frozen assets, calling it "essential, even existential."

He dismissed speculation about ECB involvement, saying such a move would breach the EU Treaty's ban on monetary financing.

Instead, he backed a European Commission proposal under Article 122, often called the 'EU's emergency clause,' that gives the EU Council the power to adopt measures proposed by the European Commission in exceptional circumstances, bypassing the ordinary legislative process and the European Parliament.

"Every European should support using frozen Russian assets to help Ukraine," he said.

The Finnish policymaker, who has served in senior EU roles for decades, confirmed he would be a strong candidate for ECB vice president when the post opens next year.

"I have received encouragement from various parts of Europe," Rehn added.


World Bank to Partner with Global Vaccine Group Gavi on $2 Billion in Funding

The Vaccine Alliance (GAVI) logo and US flag are seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
The Vaccine Alliance (GAVI) logo and US flag are seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
TT

World Bank to Partner with Global Vaccine Group Gavi on $2 Billion in Funding

The Vaccine Alliance (GAVI) logo and US flag are seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
The Vaccine Alliance (GAVI) logo and US flag are seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

The World Bank Group said on Saturday it is working with global vaccine alliance Gavi to strengthen financing for immunization and primary healthcare systems, planning to mobilize at least $2 billion over the next five years in joint financing.

The two organizations will also work together to advance vaccine manufacturing in Africa as part of a World Bank goal to help countries reach 1.5 billion people with quality, affordable health services by 2030, Reuters quoted the World Bank as saying.

Gavi is a public-private partnership that helps vaccinate more than half the world’s poorest children against diseases.

"Our expanded collaboration with the World Bank Group reflects a long-standing joint effort to support countries as they build robust and resilient health systems," said Sania Nishtar, Gavi's chief executive.

US Health Secretary Robert F. Kennedy Jr. said in June the United States would no longer contribute funding to Gavi, alleging that the group ignores safety and calling on it to "justify the $8 billion that America has provided in funding since 2001."

The Trump administration had also indicated in March it planned to cut annual funding of around $300 million for Gavi as part of a wider pullback from international aid.

In June, Gavi had more than $9 billion, less than a target of $11.9 billion, for its work over the next five years helping to immunize children.

Other donors, including Germany, Norway and the Gates Foundation, have pledged money this year for Gavi's future work.