Court orders Carolus Ghosn to return super luxury yacht

Former auto executive Carlos Ghosn has been ordered to return a luxury yacht and pay Nissan $32 million in damages after a British Virgin Islands court ruled that the businessman had stolen money from the carmaker. Millions of dollars were embezzled to purchase the yacht.

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The 121-foot custom Line Navetta 37 built by Ferretti has seven bathrooms, five master cabins and four crew cabins. The British Virgin Islands High Court ruled that $32 million from Nissan’s CEO reserve fund flowed through multiple intermediaries, including Nissan Middle East, to various entities controlled by Ghosn or his family members.

READ: Carlos Ghosn evicted from Beirut mansion Nissan bought for $19 million

Some of the money went to Shogun Investments, a California company owned by Ghosn, 70, and his son, while other funds went to Beauty Yachts Pty Ltd, incorporated in the British Virgin Islands, to buy the yacht, Automotive News reported and registered it in the name of Ghosn’s wife.

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High Court Judge Gerhard Wallbank, ruling on the matter, said: “The payments from Nissan/NME (Nissan Middle East) were not for legitimate purposes of Nissan or NME; the payments made to Mr Ghosn, The payments made by Beauty Yachts and Shogun were made to benefit Mr. Ghosn or his nominees.”

Ghosn has denied wrongdoing and said he was “obviously appealing the decision.” Nissan applauded the court’s ruling, saying it corroborated its claims that Ghosn had misappropriated funds.

“This is part of Nissan’s efforts to recover losses suffered due to Carlos Ghosn’s misappropriation of Nissan assets and other misconduct through legal proceedings such as filing lawsuits in Japan and overseas,” the statement said. “Nissan will continue to work hard to bring Carlos Ghosn back.” “Ghosn takes responsibility for his misconduct.”

Ghosn is dealing with legal issues in multiple countries. French authorities accuse him of transferring millions of euros from Renault for personal gain through a car dealership in Oman. Nissan also filed a $102.5 million civil claim with a Japanese court.

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