French automaker Renault is standing by its CEO after he was accused of financial crimes in Japan

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Carlos Ghosn

• Carlos Ghosn, head of one of the world's largest automaker alliances, was arrested in Japan last month on suspicion of financial crimes.
• Renault's board of directors said Thursday he will remain chairman and CEO until a further review is completed.

Carlos Ghosn will remain CEO of the Renault for the time-being, the French automaker's board of directors said Thursday.

The affirmation comes after Ghosn was indicted and arrested in Japan on accusations of spending company money for personal use and underreporting his income from Nissan, an alliance partner where he also served as chairman an CEO.

Renault's board said in a press release that a full review of Ghosn's compensation from 2015 to 2018 had found "he compensation of the Chairman and Chief Executive Officer of Renault and the conditions under which such compensation was approved were in compliance with applicable law as well as the recommendations of the AFEP-MEDEF."

However, the board added it "does not have information concerning Carlos Ghosn's defence."

Ghosn's arrest in November sent shockwaves through the global auto industry. The 64-year-old executive is the architect of a triple-alliance between Nissan, Renault and Mitsubishi that made it in 2017 the largest automaker by sales.

The board also said its lawyers would continue their review "in liaison with Nissan's lawyers" and provide another update "promptly."

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Matthew DeBord contributed to this report.