Renault shares plunge 12% after CEO accused in Nissan scandal

Paris (AFP) –


Shares in French automaker Renault tumbled more than 12 percent in late-morning trading in Paris on Monday after CEO Carlos Ghosn was accused of underreporting his salary as chairman of Japan's Nissan.

Nissan, Renault's long-term partner, said it will ask its board to remove Ghosn as chairman after an inquiry uncovered "significant acts of misconduct," including reporting less than he was earning in Japan and using company assets for personal purposes.