Latest Developments in Renault Spy Saga

Mar 17 2011

Auto loan buyers are watching the latest developments in the Renault spy drama with keen interest. The official French opposition as well as two cabinet ministers on Monday insisted that Renault management should be punished in one way or another for the "unbelievably amateurish" way in which they handled the alleged industrial espionage incident at the company.

 

Top management figures have already given up their bonuses and stock options amounting to millions of Euros in an effort to quell the mounting criticism against their handling of the situation.

 

The French counter intelligence service has since investigated the spy claims and the public prosecutor, Jean-Claude Marin announced last Monday that they could not find any evidence of spying against the company.

 

Three senior executives at Renault were fired in January after being accused of selling secrets related to Renault's electric car strategy to the Chinese. The executives have consistently denied any wrongdoing and it now seems they were right.

 

In a turn of events that took many auto loan buyers by surprise, a senior security executive at Renault, Dominique Gevrey, was arrested last Friday. It is now believed that he made up bogus claims of spying in order to extort money from the company. An amount of €300 000 paid by Renault to an anonymous "deep throat" was apparently embezzled by Gevrey.

 

Both UK and French auto loan buyers have been following the unravelling of the whole saga with mounting disbelief. The French Government is a 15% shareholder in Renault and if they want heads to roll, it is very likely that they will in fact roll. It seems they are reluctant to insist on the dismissal of popular company CEO Carlos Ghosn, who also heads Nissan. Right now it looks as if Renaults second in command, Patrick Pélat, is more likely to be fired.

 

Author: Louise Hutchinson

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