A court in the British Virgin Islands has ordered former automotive industry executive and indicted fugitive Carlos Ghosn to return a luxury yacht and pay $32 million in damages to Nissan. The British Virgin Islands High Court ruled in favor of the Japanese automaker, stating the disgraced businessman siphoned millions to buy the 121-foot pleasure craft. The Custom Line Navetta 37 yacht was christened Shachou, which is Japanese for company president. Delivered in 2017, the vessel’s exterior was designed by Zuccon International Project, while its interior design was penned by Ferretti Yachts.
Shachou can accommodate up to 10 guests in 5 staterooms and has four cabins earmarked for a crew of up to 7 members. The pleasure craft is powered by two MTU diesel engines that can propel her to a top speed of 16.5kn (about 19mph). She has a cruising speed of 13kn (~15mph) and boasts a maximum cruising range of 3000nm (slightly less than 3500 miles).
According to the court’s ruling, $32 million flowed from Nissan’s CEO Reserve Fund through a complex chain of intermediaries, including Nissan Middle East, into various shell companies controlled by Ghosn or his family. Auto News reports a portion of the money was traced to Shogun Investments, a California company owned by Ghosn and his son, along with Beauty Yachts Pty Ltd., a company incorporated in the British Virgin Islands to purchase the luxury yacht.
“It is in the Court’s respectful judgment clear as a matter of fact that the sums paid away from Nissan/NME [Nissan Middle East] were for purposes other than the proper purposes of Nissan or NME; and the payments to Mr. Ghosn, Beauty Yachts and Shogun were made in order to benefit Mr. Ghosn or his nominees,” High Court Judge Gerhard Wallbank wrote in the 56-page judgment. While Nissan welcomed the court’s ruling, Ghosn denied wrongdoing and said he would appeal against the decision. The former CEO has lived in Lebanon since 2019 after fleeing Japan in a Hollywood-style nighttime escape.
