Japanese authorities have extended the detention of Nissan chairman Carlos Ghosn by 10 days, according to local media reports.
It follows his arrest on Monday after Nissan made allegations of financial misconduct.
Prosecutors had 48 hours after the arrest to press charges, release him or extend his custody.
Nissan accused Mr Ghosn of under-reporting his salary and using company assets for personal use.
In addition to his Nissan post, Mr Ghosn is also chairman and chief executive of Renault and chairman of Mitsubishi Motors.
Following an emergency board meeting on Tuesday, Renault said Mr Ghosn would remain as its chairman and chief executive.
It appointed a temporary deputy chief executive to take over the running of the French car firm.
Nissan’s board meets on Thursday and the carmaker, along with Mitsubishi, has said it is preparing to remove him from his posts.
But Mitsubishi Motors chief executive Osamu Masuko said the alliance would be difficult to manage without Mr Ghosn.
Nissan made the allegation against the 64-year-old executive on Monday.
The carmaker said an internal investigation prompted by a whistleblower had revealed “significant acts of misconduct” including “personal use of company assets”.
Later prosecutors said in a statement that Mr Ghosn and senior executive Greg Kelly had conspired to understate Mr Ghosn’s compensation, starting in 2010.
The announcement sent shockwaves through the automotive industry, where Mr Ghosn has been a huge figure.
The Brazilian-born businessman has been credited with turning around both Nissan and Renault before becoming the linchpin of the alliance the companies later formed.
Mr Ghosn is accused of filing annual securities reports containing fake statements, which carry a potential 10-year jail sentence.