Today: Monday, 27 May 2024 year

Ex-Nissan boss Carlos Ghosn released on bail

Ex-Nissan boss Carlos Ghosn released on bail

Carlos Ghosn’s lawyer team paid the highest ever bail in Japan’s history – 1 billion yen, or $8.9 million. The ex-Nissan boss spent 108 days in jail but the Tokyo District Court agreed to set him such unprecedented high bail to ensure Ghosn does not attempt to leave the country.

Carlos Gjosn’s release at an early stage in the judicial process is a real victory of his lawyer team, say the judicial experts. In fact, only about 30% of Japanese criminal defendants were granted bail before the first trial. Apparently, the Tokyo District Court judge decided that 1 billion yen is a more than solid promise to stay in Japan and to obey the rules.

“We are glad that the court made the decision promptly,” Mr Hironaka, Carlos Ghosn’s lawyer, said.

A Tokyo court made the unexpected decision to allow his release on Tuesday, setting bail at 1bn yen, that amount became the highest ever paid bail for the criminal defendants in the country. The former Nissan Motor Co. Chairman has been charged with financial misconduct and aggravated breach of trust, but denies wrongdoing.

Big in Japan: top five highest bails

Traditionally, Japanese courts decide bail amounts based on the nature of the crime, the defendant’s assets and other criteria. Only one of three criminal defendants could meet the toughest criteria and to be released on bail. In light of this, Carlos Ghosn is a real lucky. According to the rules, bail money is returned to a defendant after a trial. However, some or all of the amount can be confiscated if the defendant fails to appear in court or abide by bail conditions.

The ¥1 billion bail, indeed, was not the highest ever in Japan. the highest bail amount since World War II is believed to be ¥2 billion. That amount was paid by the former chairman of Hannan Corp., a major meat wholesaler, who was held over a beef-mislabeling scam in 2004.

Yoshiaki Murakami, a founder of the Murakami Fund, paid ¥500 million for his release in 2006. Murakami was convicted of insider trading related to a takeover bid for Nippon Broadcasting System Inc.

Former Livedoor Co. President Takafumi Horie, who was indicted on charges of corporate accounting fraud, was released on bail of ¥300 million in 2006.

Former Daio Paper Corp. Chairman Mototaka Ikawa also paid bail of ¥300 million. He was indicted on breach of trust charges for misappropriating funds of Daio Paper group companies, causing them ¥5.5 billion in losses.