On August 8, 2014, NVC Lighting (2222.HK) issued an announcement announcing Wu Changjiang as “a classâ€. At the same time, there are also vice presidents Wu Changyong, Mu Yu and Wang Minghua.
According to the announcement, the Board was informed of any misconduct by Wu Changjiang, and the Board of Directors questioned its ability to continue to perform its duties as an executive director of NVC as a suitable person. In particular, Wu Changjiang recently informed the majority of the members of the board of directors that in 2009, he represented the subsidiary of NVC, Huizhou NVC Optoelectronics Technology Co., Ltd. and Shandong NVC Lighting Development Co., Ltd., Chongqing Enweixi Industrial Co., Ltd. and Zhongshan Shengdi Aisi Lighting. Each limited liability company signs a 20-year NVC trademark licensing agreement, which is authorized or ratified without the approval of the board of directors.
According to people close to NVC's board of directors, the reason why Wu Changjiang was dismissed more seriously is that Wu arbitrarily seeks personal gains from his brother Wu Changyong and intends to circumvent financial supervision, which is suspected of facilitating his brother's encroachment, misappropriation or fraudulent use of company funds. The amount involved is huge; it is suspected of carrying out the transfer of benefits for companies directly or indirectly controlled. In addition, the board of directors accused Wu Changjiang of violating the principle of diligence and integrity of listed company executives, personally owing hundreds of millions of debts to the company's regional operators and distributors, and over-authorizing and exempting the company's senior management personnel, not implementing board resolutions, not implementing company management. Articles and regulations, etc.
Earlier, some relevant media had reported on Wu Changjiang’s alleged “interest transfer†and “related transactionsâ€.
"Only one is enough for Wu Changjiang to take classes," an industry source said.
According to information reported by the media, the actual controllers of the NVC subsidiary mentioned in the announcement are relatives and cronies of Wu Changjiang.
Prior to July 14, NVC Lighting announced that the original NVC executives had all withdrawn from the board of directors of 11 subsidiaries, and Wu Changjiang was still the CEO of NVC Lighting Holdings Co., Ltd. The announcement was once interpreted by the outside world as the major shareholder Dehao Runda to accelerate the integration with NVC. It seems that according to the governance rules of listed companies, the NVC problem has already entered the board of directors.
According to the announcement, the Board was informed of any misconduct by Wu Changjiang, and the Board of Directors questioned its ability to continue to perform its duties as an executive director of NVC as a suitable person. In particular, Wu Changjiang recently informed the majority of the members of the board of directors that in 2009, he represented the subsidiary of NVC, Huizhou NVC Optoelectronics Technology Co., Ltd. and Shandong NVC Lighting Development Co., Ltd., Chongqing Enweixi Industrial Co., Ltd. and Zhongshan Shengdi Aisi Lighting. Each limited liability company signs a 20-year NVC trademark licensing agreement, which is authorized or ratified without the approval of the board of directors.
According to people close to NVC's board of directors, the reason why Wu Changjiang was dismissed more seriously is that Wu arbitrarily seeks personal gains from his brother Wu Changyong and intends to circumvent financial supervision, which is suspected of facilitating his brother's encroachment, misappropriation or fraudulent use of company funds. The amount involved is huge; it is suspected of carrying out the transfer of benefits for companies directly or indirectly controlled. In addition, the board of directors accused Wu Changjiang of violating the principle of diligence and integrity of listed company executives, personally owing hundreds of millions of debts to the company's regional operators and distributors, and over-authorizing and exempting the company's senior management personnel, not implementing board resolutions, not implementing company management. Articles and regulations, etc.
Earlier, some relevant media had reported on Wu Changjiang’s alleged “interest transfer†and “related transactionsâ€.
"Only one is enough for Wu Changjiang to take classes," an industry source said.
According to information reported by the media, the actual controllers of the NVC subsidiary mentioned in the announcement are relatives and cronies of Wu Changjiang.
Prior to July 14, NVC Lighting announced that the original NVC executives had all withdrawn from the board of directors of 11 subsidiaries, and Wu Changjiang was still the CEO of NVC Lighting Holdings Co., Ltd. The announcement was once interpreted by the outside world as the major shareholder Dehao Runda to accelerate the integration with NVC. It seems that according to the governance rules of listed companies, the NVC problem has already entered the board of directors.
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