# Carlos Ghosn Ordered to Return Yacht and Pay $32 Million to Nissan


## Overview of the Legal Battle

Carlos Ghosn, the former automotive executive, continues to face significant legal challenges while residing in Lebanon. Despite an Interpol Red Notice issued against him, Ghosn has been embroiled in a series of legal disputes, including a recent ruling from a court in the British Virgin Islands.

## Court Ruling on Misappropriation of Funds

In a landmark decision, the British Virgin Islands High Court has ordered Ghosn to return a luxury yacht and pay $32 million in damages to Nissan. The court found that Ghosn misappropriated funds from Nissan to finance the purchase of a 121-foot Custom Line Navetta 37 yacht, built by Ferretti. This yacht features five main cabins, seven bathrooms, and four crew cabins.

The court’s ruling revealed that $32 million was funneled from Nissan’s CEO Reserve Fund through various intermediaries, including Nissan Middle East, into entities controlled by Ghosn and his family.

## Details of the Yacht Purchase

According to reports, some of the misappropriated funds were directed to Shogun Investments, a California-based company owned by Ghosn and his son. Additionally, funds were transferred to Beauty Yachts Pty Ltd, a company registered in the British Virgin Islands, for the yacht’s purchase, which was registered under Ghosn’s wife’s name.

High Court Judge Gerhard Wallbank stated, “The sums paid away from Nissan/NME [Nissan Middle East] were for purposes other than the proper purposes of Nissan or NME; and the payments to Mr. Ghosn, Beauty Yachts, and Shogun were made in order to benefit Mr. Ghosn or his nominees.”

## Ghosn’s Response and Nissan’s Stance

Ghosn has denied any wrongdoing and has announced plans to appeal the court’s decision. In contrast, Nissan has welcomed the ruling, asserting that it validates their claims of Ghosn’s financial misconduct.

Nissan stated, “This is a part of Nissan’s efforts to recover damages suffered due to Carlos Ghosn’s misconduct, including the misappropriation of Nissan’s assets through legal proceedings including lawsuits in Japan and overseas. Nissan will continue such efforts to make Carlos Ghosn accountable for his misconduct.”

## Ongoing Legal Issues

Ghosn is currently facing legal scrutiny in multiple jurisdictions. French authorities have accused him of diverting millions of euros from Renault for personal gain through an auto distributor in Oman. Additionally, Nissan has filed a civil claim against him for $102.5 million in a Japanese court.

As Ghosn navigates these complex legal waters, the implications of the court’s ruling in the British Virgin Islands could significantly impact his financial future and reputation in the automotive industry.

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