Nissan aims to nominate new chairman by around Dec

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The removal of Ghosn on Thursday clouds the direction of the Renault-Nissan alliance, which he had personally shaped and pledged to consolidate with a deeper tie-up despite reservations at Nissan.

Carlos Ghosn continues to be the chairman of Renault and Mitsubishi.

Although the Nissan board sacked Ghosn and Kelly, they have made it clear they want to their alliance with Renault and Mitsubishi survive.

It did not mention whether a new case would also target Kelly.

This was informed in the press service of Nissan. French Finance Minister Bruno Le Maire said Wednesday that the partnership is set to continue and will be deepened.

Prosecutors arrested Ghosn Monday, accusing him and fellow executive Greg Kelly of understating the former chairman's income by around five billion yen ($44 million) between June 2011 and June 2015.

Improving the system of management and control remuneration of the management company will be engaged specially created Advisory Committee of three independent Directors, chaired by Masakazu You. Prosecutors from the Japanese tax department have already raided the Nissan's Yokohama headquarters while the Renault board is expected to meet soon to decide Mr. Ghosn's future in their firm.

Nissan insisted Ghosn's arrest followed several months of internal investigation following allegations from a whistleblower.

But his conditions are likely to be a far cry from what the millionaire businessman is used to.

Ties and strings are removed to prevent suicide attempts, and former guards and lawyers said Ghosn was nearly certain to be held in a cramped cell on his own.

Deputy chief prosecutor Shin Kukimoto said the type of crime Ghosn is accused of is "one of the most serious types of crime" under Japan's Financial Instruments Act, and Ghosn could face a fine of 10 million yen ($89,000) and a 10-year prison sentence.