Renault to cancel Ghosn's USD 30 mn in deferred pay: Sources

The board of Renault was poised to cancel as much as 30 million euros ($34 million) in deferred pay and severance to its ousted boss Carlos Ghosn, as directors met on Wednesday to approve its full-year accounts, sources told Reuters.

Renault will scrap around 460,000 performance shares attributed to Ghosn since 2014-15 and now worth 26 million euros, under proposals backed by the French government, its biggest shareholder, two people familiar with the matter said. The board is also likely to drop a two-year non-compete clause worth 4-5 million euros to Ghosn, who was forced out in January following his arrest in Japan for suspected financial misconduct at Nissan, Renault's alliance partner. A Renault spokesman did not immediately return calls and messages seeking comment.