Carlos Ghosn attends the company's annual shareholder meeting in Paris April 30, 2013.   REUTERS/Charles Platiau/File Photo

  • The former Nissan chairman Carlos Ghosn is expected to spend New Year’s Day in a Tokyo jail, after a court chose to extend his stay until January 11, in the wake of new allegations of financial misconduct, The Asian Nikkei Review reports.
  • Ghosn has been behind bars since November and was served a fresh arrest warrant on Dec. 21 for allegedly transferring personal investment losses to Nissan ten years ago in 2008, the publication said.
  • Ghosn has denied the allegations.

A Tokyo court on Monday backed Japanese prosecutors’ request to keep the disgraced former Nissan Motor Company chairman Carlos Ghosn behind bars until January 11, due to the latest allegation of financial misconduct.

His previous release date had been set for January 1.

Ghosn, initially charged over underreporting his income, has been under lock and key since November.

His stay in detention has been extended once again, after another arrest warrant served last week, alleged that Ghosn transferred massive personal investment losses of up to 1.85 billion yen ($17 million) to the Japanese automaker in 2008, The Asian Nikkei Review reported, on Monday.

Ghosn has denied all the allegations.

Ghosn, a legend in his field, was arrested in Japan last month on allegations of massive financial misconduct when his private jet landed at Tokyo’s Haneda Airport. The former chairman of Nissan was detained alongside a Nissan director, American Greg Kelly, who is accused of having enabled Ghosn.

Ghosn was long credited for helping to save Nissan from the brink of bankruptcy in the late 1990s, and as the architect of an alliance between Nissan, Renault, and Mitsubishi. The alliance became the world’s largest automotive conglomerate by sales volume last year.

Now he has been rearrested three times as Japanese prosecutors search for what they allege might be hidden millions in compensation and perhaps even financial engineering to conceal more personal losses.

Kelly was released on bail on Tuesday, but Ghosn’s fall from grace to a cell in Tokyo has been extended again after further suspicion of aggravated breach of trust against Nissan was cast on December 21.

SEE ALSO: ‘We hope the board will listen to our explanation’: Nissan’s CEO calls on Renault to heed the allegations against Carlos Ghosn

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