Court Orders Carols Ghosn To Return Super Luxury Yacht And Pay $32M To Nissan, But He’s Totally Appealing

A court found Ghosn funneled money through several entities he or family members owned

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Former auto industry executive Carlos Ghosn has been ordered to return a luxury yacht and pay $32 million in damages to Nissan after a court in the British Virgin Islands ruled the businessman siphoned millions from the car manufacturer to buy the boat.

The 121-foot Custom Line Navetta 37 yacht built by Ferretti has seven bathrooms, five main cabins, and four crew cabins. The British Virgin Islands High Court ruled that $32 million flowed from Nissan’s CEO Reserve Fund through several intermediaries, including Nissan Middle East, into various entities controlled by Ghosn or his family members.

Read: Carlos Ghosn Gets Evicted From $19 Million Beirut Mansion Bought By Nissan

Auto News reports some of this money flowed to Shogun Investments, a Californian company owned by Ghosn, 70, and his son, while other funds went to Beauty Yachts Pty Ltd, incorporated in the British Virgin Islands, to buy the yacht and have it registered in the name of Ghosn’s wife.

In ruling on the matter, High Court Judge Gerhard Wallbank said: “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.”

Ghosn has denied wrongdoing and says he is “obviously appealing” the decision. Nissan has praised the court’s ruling, saying it validates its claims that Ghosn had misappropriated funds.

“This is a part of Nissan’s efforts to recover damages suffered due to Carlos Ghosn’s misconduct, including the misappropriation of Nissan’s assets and etc. through legal proceedings including lawsuits in Japan and overseas,” it said. “Nissan will continue such efforts to make Carlos Ghosn accountable for his misconduct.”

Ghosn is dealing with legal issues in several countries. Authorities in France allege he diverted millions of euros from Renault for his own personal gain through an auto distributor in Oman. Nissan has also filed a $102.5 million civil claim against him in a Japanese court.