Prosecutors in Japan have filed two fresh charges involving financial crimes against former Nissan chairman, Carlos Ghosn.
Ghosn, who has been detained since November 2018, was charged with “aggravated breach of trust and understating his income.”
The former Chairman of the car making giants, who was the brain behind the Renault-Nissan alliance, is accused of transferring personal investment losses worth $17million to Nissan.
The Brazil-born businessman is also accused of making payment of $14.7million to Saudi businessman, Khaled al-Juffali, using Nissan funds in exchange for arranging a letter of credit to help with his investment losses.
He had already been indicted on a separate charge of underreporting his earnings in over five years.
He, however, has denied all charges. His lawyers said they will apply for bail, but experts say the request will likely not be granted.
His legal team has also said the new charges will likely keep the 64-year-old in prison until his first trial.
Ghosn was first charged with underreporting his pay package for the five years to 2015 in 2018.
He was first detained on November 19 and rearrested twice in December.
If found guilty of the financial charges, he could face up to 10 years in prison, as well as a fine of up to 700million yen, according to Japanese regulators.
Following his arrest last year, Nissan and Mitsubishi removed Ghosn as chairman. But Renault still regard him as its chair, saying it has not found any evidence of wrongdoing.
On Thursday, the board of the French firm said an investigation into executive pay had so far shown no signs of fraud.
“The review process has examined the compensation of the current Groupe Renault Executive Committee members for the financial years 2017 and 2018 and has concluded that it is both in compliance with applicable laws and free from any fraud,” it said in a statement.
The company said the review process “will continue with respect to previous financial years”.