Tokyo court extends Carlos Ghosn's detention by another 10 days
Posted December 31, 2018 4:00 a.m. EST
(CNN) — Former Nissan chief Carlos Ghosn is set for an even longer stay in a Tokyo jail cell.
The Tokyo District Court said Monday that Ghosn, who has been detained for the past six weeks, can be held for a further 10 days without bail. That means the auto industry legend will likely remain in prison until at least January 11.
Prosecutors have alleged that Ghosn temporarily shifted 1.85 billion yen ($16.6 million) of losses from his private investments onto a Nissan subsidiary as the global financial crisis erupted in October 2008.
Since his initial arrest on November 19, Ghosn has been re-arrested twice as prosecutors continue to build a case against him. The auto executive was indicted on December 10 on separate allegations he under-reported his income by tens of millions of dollars between 2010 and 2015 in Nissan disclosures. That charge carries a maximum prison sentence of 10 years.
Prosecutors have accused Ghosn of continuing the practice into the 2017 financial year but haven't indicted him on that allegation yet.
Greg Kelly, the US businessman accused of helping Ghosn under-report his income at Nissan, was released from jail in Japan on Christmas Day after being granted bail. Kelly denies any wrongdoing.
Ghosn's detention has shaken the international auto industry and strained the alliance he built between Nissan (NSANY), Renault (RNSDF) and Mitsubishi Motors (MMTOF).
He has been fired as chairman by both Nissan and Mitsubishi Motors. Renault has appointed interim management but kept Ghosn on the payroll.
Ghosn, a Brazilian-born French citizen who grew up in Lebanon, is yet to issue a detailed public statement in response to the allegations against him. Legal experts have said that may be because of the limitations of his detention and to avoid jeopardizing his defense.
Ghosn's Tokyo-based lawyer, Motonari Otsuru, said last week that his client maintains his innocence and hopes to restore his honor at trial, according to The Wall Street Journal. Otsuru's office could not be reached for comment on Monday, a public holiday in Japan.
A spokesman for Nissan said the company was "not in a position to comment" on Ghosn's detention and that an internal investigation is ongoing.