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Head of Russia’s Rostec: Carlos Ghosn is one of the world’s strongest managers

On Monday, Ghosn was arrested in Tokyo on suspicion of violating the Financial Instruments and Exchange Law

MOSCOW, November 19. /TASS/. Sergey Chemezov, head of Russia’s state corporation Rostec, called Carlos Ghosn, head of the Renault-Nissan automaker, who was arrested in Japan, one of the strongest managers in the world.

He made this statement in an interview with the Vedomosti newspaper.

"I think this is one of the strongest managers in the world. Creating such a huge company <...> There were a lot of problems, but nevertheless, everyone survived and is working. He even managed to recreate Avtovaz (Russia’s largest carmaker - TASS)," Chemezov said.

Carlos Ghosn was Chairman of Avtovaz from June 2013 to June 2016.

Earlier this week Japan’s largest newspaper Yomiuri reported that Ghosn, was arrested in Japan on Monday on suspicion of violating the Financial Instruments and Exchange Law. Also Greg Kelly, a member of the board of directors of the company, was detained. According to the newspaper's sources, Ghosn and Kelly allegedly understated their remunerations in the company’s securities report in order to evade taxes. It was reported that in the period from 2011 to 2015, they understated their payments by nearly 50 bln yen (about $446.4 mln at the current exchange rate).

The Avtovaz Group is part of the Alliance Renault-Nissan-Mitsubishi and produces cars under 4 brands in full cycle: Lada, Renault, Nissan, Datsun. Production facilities of the Group are located in Togliatti and in Izhevsk.

The Renault-Nissan alliance and the Rostec state corporation control 74.5% of the group's shares through the joint venture Alliance Rostec Auto B.V. Rostec owns a blocking stake in the joint venture. Minority shareholders own 25.5% of Avtovaz share.