Mr Kelly has been accused of conspiring to help Mr Ghosn in these financial misrepresentations. However, would Nissan risk a crisis for itself and its Alliance partners altogether just to punish Ghosn for his alleged misdeeds? The developments cast doubt over the future of the long-standing Renault-Nissan-Mitsubishi Alliance, held together by his towering presence.
Ghosn's arrest is the latest in a series of scandals to rock Japan's second-largest auto manufacturer. There was apparently great tension between Ghosn and Nissan CEO Hiroto Saikawa.
This goes against the decisions that the other two member-companies of the Renault-Nissan-Mitsubishi Alliance made to have him ousted and could cause serious problems down the road if the three companies don't come to an agreement.
Public broadcaster NHK also reported that Nissan had paid for luxury homes for Ghosn in Rio de Janeiro, Beirut, Paris and Amsterdam "without any legitimate business reason".
Russian Alexander Prokopchuk loses out on top Interpol job after row
And officials in Ukraine and Lithuania said they would consider withdrawing from Interpol if he was elected. Prokopchuk is a general in the Russian Interior Ministry and serves as an Interpol vice president.
Renault is opting to wait for the Japanese investigation, allowing Ghosn to keep his job as CEO and position as board chairman. "What he did was unprecedented in Japanese corporate history".
Through complex cross-shareholding arrangements, Renault owns 43 percent in Nissan, including voting rights, while Nissan owns a 15 percent non-voting stake in Renault.
"He trampled on Japanese cultural norms with his flamboyant glory-hogging ways, and his massive compensation incited jealousies and invited retaliation", he said.
The charismatic industry figure, who brought Nissan back from the brink of bankruptcy in the late 1990s, is also suspected of having used residences in Brazil, France, Lebanon and the Netherlands, purchased by the subsidiary and other entities, without paying rent or reporting that benefit as part of his compensation.
Even when his reputation was sky-high, he attracted criticism for a flashy lifestyle at odds with traditional Japanese corporate culture and over his salary - an estimated €13 million in total a year ago.