A late markets newsflash. The oil price is sliding, and shares are jumping on Wall Street, after Donald Trump spoke about the Iran crisis.
The US president confirmed that no American troops were killed or injured by the rockets fired from Iran, and that Tehran appears to be ‘standing down’, after retaliating to the death of senior Iranian general Qassem Suleimani.
#MarketWatch Oil prices tumble 3.5% after President Trump says Iran is 'standing down'
Defendant Ghosn’s allegations completely ignore his own conduct, and his one-sided criticism of the Japanese criminal justice system is totally unacceptable.
But this courtroom, unlike the one he has avoided in Tokyo, gave the defendant free rein to explain why he’s innocent, M’Lud.
Ghosn spent an hour presenting his own case, and then fended off suggestions that his fugitive status implies guilt.
But what did we learn?
1) Ghosn blames a conspiracy between Nissan executives and forces within the Japanese government to bring him down. He named former CEO Hiroto Saikawa, whistleblower Hari Nada and board member Masakazu Toyoda, adding:
My unimaginable ordeal is the result of a handful of unscrupulous, vindictive individuals.
He refused to name which government officials are to blame, beyond appearing to absolve PM Shinzo Abe.
2) Japan’s judicial system is in the spotlight. Ghosn makes a fair point when he criticises the Japanese habit of forcing confessions out of those accused of crimes.
Pouring out his anguish, the former CEO said:
I was brutally taken from my work as I knew it, ripped from my work, my family and my friends.
It is impossible to express the depth of that deprivation and my profound appreciation to be able to be reunited with my family and loved ones.
(I was) interrogated for up eight hours a day without any lawyers present.
‘It will get worse for you if you don’t just confess’, the prosecutor told me repeatedly.
3) Ghosn claims he has proof that he’s innocent. Reporters were shown some documents which -- apparently -- explain away the $11m of dubious expense payments.
He also produced a letter approving the houses bought for the Ghosn family, signed by Saikawa.
Ghosn says he plans to prove his innocence.
I don’t consider myself as a prisoner in Lebanon. I prefer this prison to the one before.
I am ready to stay a long time in Lebanon, but I am going to fight because I have to clear my name.
4) He’s burned his bridges in Japan. Savaging the Tokyo prosecutor is one thing. But citing Pearl Harbor as an example of Japanese cunning and secrecy is to deploy the diplomatic skills of Basil Fawlty.
Ghosn’s point is that he didn’t spot how his one-time allies were plotting to boot him out, to break Renault’s control over Nissan - and scupper a planned merged with Fiat-Crysler. But still, it was a poor analogy that will distract from Ghosn’s claims of innocence.
It started when I saw the face of the prosecutor, and it ended when I saw the face of my wife.
This love is not unrequited -- Carole has spoken about how her husband’s return was a “beautiful surprise”. They share something else too -- charges in Japan. In her case, prosecutors claim she committed perjury last year.
Former Renault-Nissan boss Carlos Ghosn arrives with his wife Carole today Photograph: -/AFP via Getty Images
6) Lebanon might not be as safe as he hoped. Fleeing to Beirut looked like a cunning plan, as there’s no extradition treaty with Japan. But there is a law banning travel to Israel, which Ghosn has broken in the past.
Beirut’s prosecutor wants to discuss this with Ghosn tomorrow, alongside the Red Notice issued by Interpol for his arrest.
7) Be honest, you were hoping to hear Ghosn confirm whether he was bundled out of Toyko in a big musical box. I certainly was. But on this point, he remained tight-lipped. Perhaps he’s saving it for the film version (although he denies that there’s a deal with Netflix).
After two and half hours, Carlos Ghosn’s press conference is ending as it began, with the former car chief insisting he is innocent.
If I’d had any hope of a fair trial, I’d never have fled, he says.
He also criticises prosecutors for issuing an arrest warrant for his wife Carole, for allegedly giving false information. Why do that nine months afterwards?
Ghosn says he doesn’t understand the reference (to Alfred Dreyfus, the French captain, who was wrongly convicted of passing military secrets to Germany).
Q: It means are you a victim?
Yes I am, says Ghosn firmly. He says that several law professors say they cannot understand why he was arrested, especially as some of the alleged financial misconduct refers to money that wasn’t even paid out.
Channel Four asks Ghosn about the damage to his reputation:
Q: Won’t people say that ‘if a man escapes from a trial in a box there’s no smoke without fire’?
Ghosn won’t be lured into confirming the details of his escape. He says many lies have been told about him, and repeats that he wants a fair trial over the claims of financial misconduct.
Ghosn has reiterated that he had talked to Fiat-Chrysler about a possible merger with Renault, but the deal floundered after his arrest (allowing Peugeot to swoop in instead).
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