Nissan Motor chairman Carlos Ghosn arrested for financial misconduct

The news rattled the European equity market, with shares of Renault falling as much as 15 percent in Paris, while Nissan's global depository receipts sank more than 11 per cent

Nissan Motor will remove Carlos Ghosn as chairman after he was arrested in Tokyo for violating financial law, throwing the auto industry’s largest global alliance into turmoil.

Ghosn, a towering figure who saved Nissan from collapse and brought it together with Renault SA and Mitsubishi Motors Corp., was detained on Monday in Tokyo over the suspected breach of Japanese financial laws, Nissan Chief Executive Officer Hiroto Saikawa told reporters in Yokohama, Japan. Ghosn and Director Greg Kelly have been under investigation at Nissan for several months, and the board is set to meet Thursday to remove them both.

Both Ghosn and Kelly