Renault's Swiss Connection
PARIS - A Renault SA security agent under investigation for his role in an industrial-espionage case has money in a Swiss bank account, but he put it there to pay a company informant, not for his personal use, his lawyer said Wednesday.
Dominique Gevrey has been held in detention since the weekend, as prosecutors try to unravel the circumstances that led the French auto maker to dismiss three senior managers in January. Renault, which had accused the trio of taking bribes in exchange for divulging strategic corporate information, admitted Monday that they had been falsely accused, and it apologized to them.
Attention has now turned to money Renault spent during an internal investigation last year that led to the three men's dismissal.
The Paris state prosecutor, Jean-Claude Marin, said Monday that Renault had paid out €300,000 ($419,800) to cover the cost of the probe, and had an additional €400,000 in bills waiting to be paid. Mr. Marin said the evidence pointed to Renault having been the victim of an organized attempt to defraud it.
On Wednesday, Mr. Gevrey's lawyer, Jean-Paul Baduel, said that Mr. Gevrey had put money from Renault in a Swiss bank, where it was set aside to pay an informant on the company's behalf.
"There is money in a Swiss bank account," he told The Wall Street Journal. "Because the spy wants to be paid."
He said Mr. Gevrey was innocent and had told prosecutors about his bank account voluntarily. "Everybody is thinking it's a fraud," he said. "But the problem is, there is a lack of evidence."
Renault has faced criticism over its handling of the case, in particular from the French government, which owns 15 percent of the company. On Wednesday, Industry Minister Éric Besson called for an audit of Renault's governance practices.
Chief Operating Officer Patrick Pélata offered his resignation Monday, but Chief Executive Carlos Ghosn declined to accept it. Instead, Mr. Ghosn apologized to the three managers on national television, and said that he, Mr. Pélata and other senior managers would forfeit their 2010 bonuses and some stock options.
Analysts say the incident probably won't affect Renault's sales significantly, though it had tarnished the image of the company and Mr. Ghosn.
More Industry

Penske Auto Group Deal a Record
The deal to take the dealership and transportation services company private sets a new pace for industry buy-sell transactions.
Read More →
War Toll a Damper on Used Auto Prices
Cox Automotive found wholesale depreciation to be elevated in September amid high fuel prices and this year's unusual hurricane season.
Read More →
Bridge the Maintenance Gap
With many drivers missing recommended maintenance, service departments offering transparency and efficiency have a better chance of reaching financially strained consumers.
Read More →
California Store Has New Owner
The longtime dealership in the northern part of the state is known for robust fleet sales and has served the state capital for 115 years.
Read More →
BMW Plant Pursues Cleaner Energy
BMW Group Plant Leipzig has utilized hydrogen to help power its production since 2013, but a new pipeline is planned to take it to another level.
Read More →
Auto Affordability Inches Up
The latest Cox Automotive and Moody’s Analytics index shows a slight increase in new-vehicle affordability despite high prices.
Read More →
Ohio Auto Group Under New Ownership
After 79 years with the Schluter family, Mansfield Auto Group has been acquired by Missouri-based Clement Auto Group.
Read More →
RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →