According to reports, NVC Lighting announced that former Chairman Wu Changjiang allegedly entered into a pledge agreement on June 25, 2014 on behalf of NVC Lighting (China). This agreement was made without the knowledge of the current board of directors of the company. The agreement was allegedly made for a guarantee of RMB 23 million (RMB. The same below), and the relevant loan was apparently granted to Chongqing Huabiao Lighting Manufacturing Co.
In a notice issued by the Board of Directors on November 6, 2014, NVC’s approximately 165 million yuan in a bank’s Chongqing branch account was withdrawn. The company’s investigation is still ongoing, but it is noted that one of the withdrawals of approximately $25.98 million may be based on another agreement.
The company is taking steps to obtain more details about the conclusion of another agreement. It is also seeking legal advice to protect its interests. At present, it is not aware of any fair and reasonable justification for the so-called entering into another agreement, and Wu Changjiang has not A proper explanation to the Board of Directors indicates that the other agreement is in the interests of the company or its shareholders as a whole. The company has requested the Independent Investigation Commission to focus on another agreement.
The company's shares will continue to be suspended until further notice.
In addition, NVC Lighting announced that Chairman and CEO Wang Donglei, transferred from a non-executive director to an executive director, will take effect on the 2nd of this month.
At the same time, Wang Jinxi has resigned as an independent non-executive director, chairman of the remuneration committee of the board of directors and member of the audit committee of the board of directors for personal reasons.
In a notice issued by the Board of Directors on November 6, 2014, NVC’s approximately 165 million yuan in a bank’s Chongqing branch account was withdrawn. The company’s investigation is still ongoing, but it is noted that one of the withdrawals of approximately $25.98 million may be based on another agreement.
The company is taking steps to obtain more details about the conclusion of another agreement. It is also seeking legal advice to protect its interests. At present, it is not aware of any fair and reasonable justification for the so-called entering into another agreement, and Wu Changjiang has not A proper explanation to the Board of Directors indicates that the other agreement is in the interests of the company or its shareholders as a whole. The company has requested the Independent Investigation Commission to focus on another agreement.
The company's shares will continue to be suspended until further notice.
In addition, NVC Lighting announced that Chairman and CEO Wang Donglei, transferred from a non-executive director to an executive director, will take effect on the 2nd of this month.
At the same time, Wang Jinxi has resigned as an independent non-executive director, chairman of the remuneration committee of the board of directors and member of the audit committee of the board of directors for personal reasons.
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