One of the biggest names in the motor industry, Carlos Ghosn (pictured), has been sacked as chairman of Nissan, according to reports, days after his arrest for alleged financial misconduct.
Mr Ghosn led the manufacturer - which has a factory in Sunderland - for almost two decades and has been credited with saving it from bankruptcy.
He also helped forge a successful alliance with Renault and Mitsubishi Motors - to create one of the largest vehicle manufacturers in the world.
The scandal has international political ramifications as the French state owns 15% of Renault, which in turn holds a 43.4% stake in Nissan.
French President Emmanuel Macron said the country would try to preserve the stability of Renault and its alliance with Nissan.
Mr Ghosn has yet to be charged and there have been no reports yet on whether he has admitted the allegations.
The Guardian has reported that prosecutors believe Mr Ghosn and an American executive Greg Kelly - who has also been arrested according to reports - 'conspired to understate Ghosn's income five times between June 2011 to June 2015', reporting a total of 5bn yen in income ($44m) instead of the actual 10bn yen.
Apparently there was an investigation into claims against Mr Ghosn at Nissan following an alleged whistleblower coming forward.
Some however have suggested the scandal has the hallmarks of a corporate coup and may have come about as a result of an internal power struggle into the, apparently somewhat unwieldy giant.
