Former Nissan Chair Granted $8.9 million Bail

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Today, A court in Japan turned down a last-minute attempt by prosecutors to keep Carlos Ghosn, the former Chairman of Nissan in prison. The court ruled that the once-feted executive could be released on $8.9 million (6.8 million pounds) bail after being detained for more than three months in detention.

The Tokyo District Court had earlier granted Ghosn bail. It said that it had rejected an appeal that was made by prosecutors who had sought to keep him in prison, pending his trial for cases involving financial misconduct.

The decision gives way for the release of Ghosn as early tomorrow. It also marks a victory for his new legal team that was brought in last month and spearheaded by a lawyer that is known as “the Razor” for his success in various high-profile cases.

On what was the third bail request of Ghosn, the court accepted the assurances of the defence lawyers that he would submit to extensive surveillance.

Ghosn is the architect of the automaking partnership of Nissan with France’s Renault and one of the most celebrated executives in the industry. The release would allow him to frequently meet his lawyers and build defence before his trial.

Ghosn is facing charges of aggravated breach of trust and under-reporting of his compensation to the tune of $82 million at Nissan for almost a decade.

If he is convicted on all the charges, he will face a maximum of ten years in prison. The former chairman of Nissan, Renault and Mitsubishi Motors has since denied any form of wrongdoing and reiterated his position.

In a statement that was released today, Ghosn stated: “I am extremely grateful for my family and friends who have stood by me throughout this terrible ordeal.”

He added: “I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations.”

Nissan did not comment regarding the bail decision, which comes a day after the head of the new legal team of Ghosn said that he was optimistic that the executive would be released with a promise to submit to surveillance.