Ex-Nissan chairman Carlos Ghosn indicted, may remain in jail for months

In what could have been the biggest shake-up in the automotive industry past year, the arrest of Carlos Ghosn left us with a lot of questions.

"I have been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations".

Ghosn's detention was further extended after he was served with a third arrest warrant on December 21 for alleged aggravated breach of trust involving the transfer of personal investment losses to Nissan in 2008.

The breach of trust charge is regarded as particularly serious, and Ghosn's lawyer Motonari Otsuru admitted Tuesday it would be "very difficult" to secure bail for his client.

Japanese prosecutors plan to indict Ghosn on two more charges of financial misconduct on Friday, a person with knowledge of the issue said, bringing the total number to three. "We are fearful and very anxious his recovery will be complicated while he continues to endure such harsh conditions and unfair treatment", it said.

The judge said his ongoing detention was justified because he poses a flight risk and could tamper with evidence if released.

And that, he said, could take at least six months.

According to reports, Ghosn was led into the court in handcuffs and with a rope around his waist, and appeared notably thinner than previously.

"I have a genuine love and appreciation for Nissan", Ghosn told the court. His current detention term is scheduled to end on Friday.

The twists and turns since Ghosn's arrest have riveted Japan and the business world and the case is also being played out in local media, with another string of allegations leaking in the Japanese press Friday.

The arrest and detention of Ghosn, once among the most celebrated executives in Japan, has sparked global criticism of Japan's justice system, which effectively allows suspects to be held indefinitely and questioned without a lawyer present.

He also faces questioning in connection with alleged attempts to transfer personal investment losses to Nissan and making unnecessary payments to a Saudi associate from company funds.

French daily Le Figaro reported on Thursday that the board meeting was one of several informal gatherings held regularly since Ghosn's arrest to discuss developments in the case.

He was initially held in a small room with traditional Japanese tatami floor mats to sleep on, but has now been moved to a larger cell with a Western-style bed.

A doctor is attending to Ghosn who is exhausted from the long detention and interrogations, said his lawyer, Motonari Otsuru.

Renault's board said an independent review had looked into the compensation of the group's executive committee during the financial years 2017 and 2018 "and has concluded that it is both in compliance with applicable laws and free from any fraud".