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Nissan denies corporate conspiracy to oust Ghosn

Nissan on Monday (June 29) blasted media reports suggesting there was a company conspiracy to oust former chairman Carlos Ghosn.

Ghosn's 2018 arrest in Japan on financial misconduct charges has fueled speculation that the move was orchestrated by Nissan executives who opposed closer ties with company partner Renault.

Ghosn fled Japan for Lebanon late last year.

At the company's annual general meeting on Monday, Nissan auditing chair Motoo Nagai said there were quote "no facts whatsoever" to support media reports of a corporate conspiracy.

Responding to shareholder demands for more information, Nagai argued that the Ghosn investigation was conducted both internally and by outside law firms.

Shareholders also grilled Chief Executive Makoto Uchida on his plans to restore trust and revive sales for the company after the Ghosn scandal.

Uchida told shareholders he would stick to his promise to step down if he fails to deliver a turnaround for the Japanese automaker, which reported its first annual loss in 11 years last month.

In a bid to slash costs and downsize, Nissan plans to reduce production capacity by shuttering plants and laying off workers.

It now aims to sell 5 million vehicles a year, far fewer than past ambitions of 8 million.