Former Nissan CEO and chairman Carlos Ghosn has been ordered by the Eastern Caribbean Supreme Court in the British Virgin Islands to relinquish ownership of his 37-metre yacht, Shachou (now Twig). The case was overseen by High Court Judge Gerhard Wallbank and marks the first official judgment against Ghosn since his arrest in November 2018 on allegations of financial misconduct. The claimants, Nissan Motor Co. and its Middle East subsidiary, alleged that Ghosn had misappropriated $32 million from Nissan's CEO Reserve Fund, with €12,199,147 used to purchase the Ferretti yacht. The funds were transferred through a network of Middle Eastern individuals and companies to Beauty Yachts, a British Virgin Islands-registered company previously owned by Ghosn's former lawyer, Fadi Gebran, who passed away in 2017. Following Gebran's death, Ghosn took ownership of the company.
The court cited five causes of action against Ghosn and Beauty Yachts: breach of fiduciary duty, bribery, unjust enrichment, dishonest assistance, and knowing receipt. Judge Wallbank stated that Beauty Yachts was used by Ghosn to receive and disburse funds dishonestly for his personal benefit, acquire assets for himself, and conceal his involvement in a wrongful scheme. The ruling also mandated that Ghosn and Beauty Yachts must provide $32,000,000 and $13,665,000 in restitution to Nissan, respectively. Twig, delivered in 2017 as part of the Italian shipyard's Navetta 37 series, features an exterior by Zuccon International Project, with naval architecture and interiors completed in-house. The yacht offers accommodation across five cabins, with the main deck's fore part reserved for the owner, including a 'wide-body' suite, office area, and walk-in wardrobe.
BOAT International will continue to update this story as new developments arise.
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