Renault chairman arrested for alleged fraud

Renault and Nissan chairman Carlos Ghosn has been arrested for allegations of fraud in Japan.

Ghosn runs Nissan, Renault and Mitsubishi, has been a financial backer in Renault's Formula One campaign, has been accused of not reporting his true income to avoid paying as much tax.

The 64-year-old is well known for being able to cut costs efficiently and galavnize struggling companies.

In a press conference on Monday; Nissan CEO Hiroto Saikawa has admitted that Ghosn is expected to be sacked later in the week: "I will call a board meeting to make a proposal to remove him from the position of chairmanship and approve it.

"The partnership among the three entries will not be affected by this event, rather we will closely work together with all the partners to contain any possible confusion.

"Looking back, the concentration of power was something we need to deeply reflect on."

Ghosn's imminent departure won't have an immediate impact on the short-term of Renault's F1 team, but the chairman has been a key supporter within the group, personally approving big decisions in the past.