Cases: Nissan v Carlos Ghosn

Judgment

In summer 2024, MKS Law secured a judgment in the BVI High Court against former Nissan CEO Carlos Ghosn, his wife Carole Ghosn and Beauty Yachts, for recovery of a super yacht and $32 million in damages.

The court found, among other things, that Beauty Yachts had dishonestly assisted Mr Ghosn with a fraudulent scheme to steal $32 million from a CEO-controlled fund maintained by Nissan and a subsidiary.

The court also found that a portion of the stolen funds was used to purchase a BVI-registered custom 37 metre Italian-manufactured yacht.

Background

In July 2019, acting for the Japanese motor manufacturer, we swiftly moved the BVI Commercial Court to issue a freeze order against the registered title of a superyacht called “Shachou” (“The Boss”) – now styled “The Twig” – which Nissan alleged was acquired with money wrongly taken from the company by its former CEO, Carlos Ghosn.

The matter proceeded to trial in the BVI in July 2024, after the BVI court found that Nissan had gone beyond its burden to show a serious question to be tried. The court subsequently found on behalf of Nissan.

The team at MKS Law was led by Malcolm Arthurs, who successfully moved the restoration and liquidation applications.

Malcolm analysed certain implications of the case here.

Team members

• Malcolm Arthurs