Renault denies Carlos Ghosn his severance package

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The 64-year-old is now in a detention centre in Japan awaiting trial for alleged financial misconduct at Renault's affiliate Nissan.

Renault set a weaker profit goal for 2019 on February 14, citing exchange-rate challenges and market uncertainties, as the French carmaker presented annual results without its recently ousted CEO Carlos Ghosn for the first time in 13 years.

Ghosn, Nissan's one-time savior, has been held in detention since his November 19 arrest and indicted for under-reporting his salary and breach of trust.

"Motonari Otsuru, a former prosecutor, and his associate, Masato Oshikubo, filed their resignation at the Tokyo District Court", Otsuru said.

He also pointedly declined to criticise Ghosn's detention conditions, despite some global concern about the repeated extension of the auto executive's pre-trial detention.

He faces charges that he under-reported his income between 2010 and 2015 to the tune of five billion yen ($46 million) and continued to do so for a further three years.

The sudden change in attorneys comes ahead of the expected start of informal meetings with prosecutors and judges to discuss pretrial preparations, an indication that there will be no new charges against Ghosn.

"I look forward to defending myself vigorously, and this represents the beginning of the process of not only establishing my innocence but also shedding light on the circumstances that led to my unjust detention", the Franco-Brazilian-Lebanese executive said.

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In 2018, Ghosn was forced to accept a 30% pay cut from Renault under pressure from the French state following a public outcry about the 7 million euros he was paid annually.

Currently Nissan controls Mitsubishi Motors via a 34 per cent shareholding, and owns a 15 per cent non-voting stake in Renault.

To date, Ghosn is still named a director of Renault despite resigning from the above-mentioned positions.

"We've always been against excessive pay", the official said.

He said the decision to refuse him bail "would not be normal in any other democracy". It remains unclear whether Senard will also become chairman of Nissan.

He told AFP in January that the allegations against him and his arrest were "a story of betrayal", insisting "there is not one yen that I have received that was not reported".

Ohtsuru seemed more accepting of Ghosn's prolonged detention since his arrest on November 19. "Hironaka is an experienced defense lawyer who has won a number of cases".

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