Ghosn 'Faces New Under-Reporting Charge Worth $35mln'

 In this April 20, 2018, file photo, then Nissan Chairman Carlos Ghosn speaks during an interview in Hong Kong. (AP Photo/Kin Cheung, File)
In this April 20, 2018, file photo, then Nissan Chairman Carlos Ghosn speaks during an interview in Hong Kong. (AP Photo/Kin Cheung, File)
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Ghosn 'Faces New Under-Reporting Charge Worth $35mln'

 In this April 20, 2018, file photo, then Nissan Chairman Carlos Ghosn speaks during an interview in Hong Kong. (AP Photo/Kin Cheung, File)
In this April 20, 2018, file photo, then Nissan Chairman Carlos Ghosn speaks during an interview in Hong Kong. (AP Photo/Kin Cheung, File)

Ousted Nissan chairman Carlos Ghosn will face a further accusation of under-reporting his salary by about four billion yen ($35.5 million) over the last three years, Japanese media reported Wednesday.

Tokyo prosecutors plan to "rearrest" the business tycoon along with his right-hand man and former Nissan representative director Greg Kelly by Monday, according to major media including the Nikkei and the Mainichi newspapers.

If confirmed, the new allegation would come on top of an existing accusation that the pair conspired to understate Ghosn's pay by some five billion yen in official filings during the five years up to March 2015.

Japanese prosecutors declined to comment on the reports regarding the duo, who were arrested on November 19 and remain in custody.

In Japan, a suspect can be kept in custody and "rearrested" several times on different allegations, a system that has sparked some criticism in the international media.

They have yet to be officially charged with any crime and deny the allegations, reportedly insisting they had checked with authorities about the way they declared the money.

In a move that stunned the business world, Ghosn was arrested at a Tokyo airport on November 19 on suspicion of under-declaring his income.

Authorities then had 22 days to question him over these suspicions. That period runs out on Monday, meaning they are likely to rearrest him over the new allegations, giving them a further 22 days to interrogate the tycoon.

He is therefore likely to remain in detention until early next year at least.

Brazilian consul general Joao de Mendonca Lima Neto, one of the few visitors Ghosn has been allowed to see under Japan's stringent rules, said Ghosn was healthy and holding up well.

"My impression is that he is a strong man in the sense that he will fight this out properly. He doesn't look worried," Mendonca told The Associated Press on Wednesday at Brazil's consulate in Tokyo. "I admire him for his fortitude."

Mendonca declined to comment on the specifics of the allegations against Ghosn, saying his job was about helping Brazilian citizens with their problems.

He said he has conveyed Ghosn's verbal messages to his family and has relayed the family's messages back.

Born in Brazil, Ghosn holds French, Lebanese and Brazilian citizenships. Only representatives of a suspect's home country and attorneys can visit suspects in detention in Japan.

Consular officials have visited Ghosn four times in the last two weeks, Mendonca said. They brought history and philosophy books and fruit, but Ghosn asked for thriller books to pass the time.

Mendonca said he speaks with Ghosn in Portuguese through a glass barrier.

Japan had long celebrated Ghosn as a charismatic business leader who saved Nissan from the brink of failure and rebuilt it as a money-making subsidiary of Renault.

But since his unexpected arrest, he has been removed from the boards of Nissan and Mitsubishi Motors -- the third company in the alliance that outsold all its rivals last year.

Nissan has begun a process of choosing Ghosn's successor, with the final decision expected on December 17.



Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
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Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)

Saudi Arabia's real estate market continues to attract investment despite geopolitical challenges weighing on economic activity worldwide, supported by new housing developments and efforts to expand residential supply.

The Ministry of Municipalities and Housing announced that more than 15,000 residential land plots had been made available through the Sakani platform across the Kingdom between the beginning of 2026 and the end of October, alongside additional projects launched by private-sector developers.

The developments underscore the sector's continued momentum and its importance to the Saudi economy.

Government initiatives and private-sector projects aim to expand housing supply and meet growing demand, reinforcing real estate's position as a key driver of economic growth and diversification.

Strong domestic demand and ongoing urban development projects continue to underpin the market's appeal, attracting investment from both Saudi and international investors.

Against a backdrop of geopolitical uncertainty and war-related disruptions to trade, supply chains, financing costs and construction expenses, the real estate sector has gained importance as an industry driven largely by domestic demand and capable of sustaining economic activity.

Private-Sector Investment

Despite mounting global economic volatility and geopolitical tensions, Saudi Arabia's real estate market continues to attract international investment, supported by clear economic policies, expanding development opportunities and strong housing demand.

Real estate developer Arada recently announced its entry into the Saudi market through a partnership with local company XTOPIA, backed by a SAR 50 billion ($13.3 billion) portfolio of land and development opportunities.

The partnership's first project is a SAR 14 billion residential development in Riyadh's Al Rimal district.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP also recently announced the launch of the expression of interest, prequalification and proposal submission stages for a joint land investment project.

The initiative involves developing a municipal land plot in northern Riyadh through a 50-year partnership with the private sector, marking the municipality's first project under the joint investment model.

Real estate specialists described the initiative as an important step toward enabling private investors to develop property assets into sustainable projects with significant economic value.

They said the extended investment period would encourage developers to improve construction quality and services, strengthen project feasibility, diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Balancing the Real Estate Market

The importance of releasing more residential land lies in achieving greater balance in the property market, a government objective outlined by Crown Prince and Prime Minister Mohammed bin Salman.

The strategy seeks to increase housing supply by making more land available, broadening the options accessible to Saudi citizens and enabling more households to move from searching for a home to building and owning one.

Increasing the availability of residential land, particularly in cities and governorates experiencing rising demand, could ease pressure on land prices over the medium term, provided that plot locations and sizes correspond to actual market needs.

The release of additional land also creates opportunities for real estate developers, contractors, engineering firms and building materials suppliers to benefit from anticipated demand for construction projects.

As a result, businesses across the real estate and construction supply chain could see stronger activity despite the impact of the geopolitical crisis on other economic sectors in the region.

The initiative also expands housing choices, supports efforts to increase homeownership rates and improve quality of life, and encourages urban development beyond major metropolitan centers.

Lowering Prices

Real estate developer Ahmed Omar Basoudan believes the main challenge facing Saudi Arabia's property market in the coming period will not simply be increasing the number of land plots and housing units available.

Rather, he said, the priority must be ensuring that homes reach buyers at prices they can afford, while providing adequate infrastructure and services and keeping development and construction costs under control.

Speaking to Asharq Al-Awsat, Basoudan explained that genuine balance in the real estate market depends on the availability of housing that meets buyers' needs in terms of price, location and quality, rather than simply increasing overall supply.

He said the release of more than 15,000 residential land plots during the first 10 months of the year, together with recently announced private-sector projects, reflected the government's continued commitment to expanding housing supply and providing more residential options.

Basoudan stressed that the latest real estate developments represent an important step toward addressing one of the market's most pressing challenges: achieving a sustainable balance between supply and demand, particularly amid the Kingdom's population growth and continued urban expansion.


Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.