Ghosn from his role as chairman on 26 November 2018, following his arrest and ousting from Nissan for alleged financial misconduct. Advisorships Ghosn served on the International Advisory Board of Brazilian bank Banco Itaú (a major party in the privatisation of Renault) until 2015. He is also a member of the advisory board of Tsinghua University School of Economics and Management in Beijing. He has received an honorary doctorate from American University of Beirut; and he is a member of the Strategic Council, Saint Joseph University of Beirut. In 2014 and 2015, he was elected president of the European Automobile Manufacturers Association. He serves as governor of the World Economic Forum. Arrest in Tokyo, subsequent Nissan investigation and escape to Lebanon Initial arrest On 19 November 2018, Tokyo District Prosecutors arrested Ghosn at 4:30 p.m. upon his re-entry into Japan aboard a private jet that had come from Lebanon, for questioning over allegations of false accounting. Ghosn's top aide Greg Kelly, a Nissan director and former head of human resources, was also arrested upon his arrival from the U.S. that day. On the same day, Nissan chief executive Hiroto Saikawa announced at a press conference that Ghosn had been dismissed from Nissan's board and would be stripped of executive rights at a meeting to be held on 22 November. Saikawa stressed that the dismissal was the result of an internal inquiry by Nissan, and alleged that Ghosn and Kelly had under-reported their compensation (a violation of securities law) and used company assets for personal use. While the allegations remained unproven in court, with due legal process pending, at the same news conference, Saikawa "expressed disappointment, indignation, and despair at Ghosn's conduct, which included using company funds for personal investments and misusing corporate assets" and also said, "This is an act that cannot be tolerated by the company... It is sufficient grounds for his dismissal." Although the company did not provide details, reports in the Japanese media stated that Nissan was paying all or some of the costs at some amount of US$18 million for residences used by Ghosn in Rio de Janeiro, Beirut, Paris and Amsterdam, and that Ghosn charged family vacation expenses to the company. The purchases of some of these residences and the payment of expenses were handled by a shell company named Zi-A Capital BV based in the Netherlands, which Kelly had instructed Nissan's board to set