Former chairman of Nissan Carlos Ghosn has paid one of the highest bail charges ever in Japan of 1bn yen (£6.85m), according to Tokyo District Court, meaning he is on the verge of being released on Wednesday.
The ousted boss has served more than three months in prison over accusations of financial misconduct, but his imminent release will give him more time to build a defence against the charges.
It comes in the wake of two previous applications for bail by Ghosn, both of which have been denied on grounds that the former executive was a flight risk and could conceal evidence.
The 64-year old car boss was removed as chairman by Nissan and Mitsubishi following his arrest in November, and has been confined to a small, unheated room ever since.
“I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations,” he said in a statement on Tuesday.
On Wednesday, a car from the French embassy – where Ghosn holds nationality – arrived where he was being kept. Hundreds of reporters, photographers and TV crews were gathered outside the facility, many of whom had camped overnight to secure positions.
Over the weekend it emerged that Ghosn has volunteered to wear an electronic ankle tag and hire security to keep watch on him to secure bail.
The ousted Nissan chairman has also offered to post stock he owns in the company as collateral and hand over his passports as part of his second attempt to persuade Tokyo District Court to grant him bail.
He denies all charges of financial misconduct as he awaits a trial, which he said he would attend “not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself”.
In December Renault said it would keep Ghosn as chairman and chief executive after its preliminary investigation found no evidence of wrongdoing.
Chief operating officer Thierry Bollore has taken over the day-to-day running of the car manufacturer during Ghosn’s detention.
But the French government, which holds a 15 per cent stake in Renault, has ramped up its hunt to find a new chairman, according to Reuters.
Renault interim chairman Philippe Lagayette has denied reports of division among board members over Ghosn’s future at the company.