Renault Finds No Fraud In Ghosn Pay Probe

The board of French automaker Renault on Thursday said an ongoing audit into executive pay had found no sign of fraud in the last two years, as CEO Carlos Ghosn could face fresh charges in Japan.

Directors gave no hint in their statement of any deliberations into Ghosn's future at Renault, as Japanese prosecutors reportedly prepare to press new formal charges likely to keep the once-towering auto boss behind bars.

The Renault meeting comes two days after Ghosn made his first court appearance over alleged financial impropriety during his years as head of the carmaker's alliance partner Nissan.

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".

But the board statement added that the audit would continue, with previous years scrutinised as it progresses.

Ghosn, who has been Renault CEO since 2005, has been languishing in a Tokyo detention centre for more than 50 days as he fights multiple allegations of financial misconduct.

The 64-year-old has been formally charged with under-declaring his income by tens of millions of dollars in an apparent bid to quash accusations he was overpaid. (AFP)