Shares of Japan's fourth-largest car manufacturer as well as France's Renault plunged following a report that Carlos Ghosn, Nissan chairman and chief executive of the Renault-Nissan-Mitsubishi alliance, was arrested on allegations of financial trading misconduct. Nissan's board of directors plans to dismiss him on Thursday.

Mr Ghosn was arrested on Monday on suspicion of under-reporting his corporate salary. A Brazilian-Lebanese businessman who has been with Nissan since 1999, Mr Ghosn heads the world’s largest automaker alliance. He voluntarily went with Tokyo prosecutors, who arrested him after questioning, according to Japanese newspaper Asahi.

Nissan will propose dismissing Mr Ghosn and board member Greg Kelly, who was also arrested for financial misconduct, according to a statement from the company, which said a whistleblower set off a months-long investigation of the two men.

Whole story is a long plot to remove Nissan from market of electric cars. This guys is farther of Leaf success and big enemy of US based Tesla as soon as it started to move to more budget sector. Removal of him was necessary for good tesla 3 sales that are much worse than expected, especially outside US.