The Houdini-esque escape by Carlos Ghosn from his court-monitored Tokyo residence may be shrouded in intrigue, but one thing has been left in plain sight: a turnaround at Nissan Motor  won’t happen any time soon. Whatever he has to say from his refuge in Lebanon will be largely inconsequential for the Japanese car company.

Nissan is in a state of disrepair, and was so even before its globe-trotting former chair (and former CEO of Renault) was dethroned more than a year ago amid allegations that included under-reporting his income in securities filings and making personal use of company assets. He has denied wrongdoing...

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