Ghosn to stay in jail after Tokyo court rejects bail application from ousted Nissan chairman

Ousted Nissan chairman Carlos Ghosn’s bid to be released from prison came crashing down this morning when his bail application was rejected by a court in Tokyo.

The request included an offer to wear an ankle bracelet, hire guards to monitor Ghosn and posting Nissan stocks as collateral, a spokesperson for the accused businessman said.

The court did not give a reason for turning down his application, however bail is rarely granted in Japan without a confession.

“I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself,” Ghosn said before the decision.

“I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom.”

The dramatic fall of the businessman started in November when he was arrested in Tokyo on accusations of financial misconduct.

Prosecutors charged him with of understating his Nissan salary for eight years and temporarily transferring personal financial losses to Nissan’s books.

Both Nissan and Mitsubishi quickly dismissed Ghosn from his chairmanship of the companies after his arrest.

However Renault, where Ghosn also acts as chief executive, has yet to decide on his fate.

The board of the French carmaker is expected to meet in the coming days to find his successor.

French authorities are now reportedly looking to integrate Renault and Nissan, two parts of the three-way alliance, in a bid to stabilise the venture.

The government of France owns a 15 per cent voting stake in Renault, which in turn owns over 43 per cent of Nissan.

Nissan and Renault were trading down around 0.4 per cent this morning, while Mitsubishi fell 1.5 per cent.