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The former Renault-Nissan boss has denied any wrongdoing. Renault contacted French prosecutors late last week after uncovering millions of euros in payments described as dealer incentives to Omani distributor Suhail Bahwan Automobile (SBA), sources close to the company earlier told Reuters. The file sent to prosecutors shows that much of the cash was then channeled to a Lebanese company controlled by Ghosn associates, the sources said replica cufflinks. Nissan previously found that its own regional subsidiary made questionable payments of more than $30 million to SBA..

Renault said on Wednesday it had “informed the French judicial authorities of potential issues concerning payments made to one of Renault’s distributors in the Middle East.”. An internal investigation found “questionable and concealed practices and violations of the group’s ethical principles”, the company added replica cufflinks. Its joint audit with 43.4 percent-owned partner Nissan is due to report final conclusions by the end of April. Ghosn, credited with having revived both Renault and Nissan, was sacked by the Japanese firm within days of his arrest and was forced out as Renault chairman and CEO in January. In his resignation letter, he also notified the board that he was entitled to his pension, a person close to the company said..

“But his lawyers got it wrong,” the source said after a board meeting on Wednesday. Ghosn’s resignation means he “is not entitled to any pension” from his defined-benefit plan worth 765,000 euros ($859,000) annually for life, Renault announced replica cufflinks. The company also recommended that shareholders block 224,000 euros in Ghosn’s variable pay for 2018, and approved governance changes reducing the size of the board to 18 members from 20 after he formally exits as a director in June..

Renault previously axed Ghosn’s 30 million euros in deferred and severance pay in the wake of his indictment replica cufflinks. The 65-year-old promised on Wednesday to “tell the truth” at a news conference next week, taking to Twitter to announce his first briefing since being released on bail. Former Daimler executive Annette Winkler will join the board to replace Cherie Blair, the wife of British former prime minister Tony Blair, Renault said. She and director Philippe Lagayette are both stepping down in June..

KAARST, Germany (Reuters) – IKEA, the world’s biggest furniture group, is looking for downtown sites in top cities around the world as it responds to the fact that many customers no longer have the time or the cars to drive to its huge out-of-town stores. “Especially in the cities, in the next few years, we will be very active looking for good locations,” Juvencio Maeztu, finance chief of Ingka Group, which owns most IKEA stores, told Reuters at an event in Germany. IKEA has just opened a new store in Greenwich in south-east London and is about to add locations in central Paris and Moscow replica cufflinks. It is finalizing plans for many more, Maeztu said..