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NVC Lighting Defence Guarantee Wu Changjiang Yuefu Company Debt Litigation
NVC Lighting recently announced that it received a complaint filed by the Chongqing No. 1 Intermediate People's Court in July, stating that the company had signed a guarantee agreement with the bank and was responsible as a guarantor for En Weixi's owing certain debts of the bank. (The alleged guarantee amount is up to 35.5 million yuan). The company stated that since Wu Changjiang was a director of the company when he signed the guarantee agreement and he was also a director in the past 12 months, he and his associates are connected persons of the company. En Weixi is a company with 40% shares of Wu Changjiang, the father of Wu Changjiang. However, the company reiterated that it was not aware of the guarantee agreement. The board of directors is not aware of whether there is a fair and reasonable justification for the alleged signing of the guarantee agreement. Wu Changjiang did not provide the board with an appropriate explanation as to whether the guarantee agreement is in the interests of the company or its shareholders as a whole. The company is currently seeking legal advice on the possible impact of the security agreement (including its legal effect) and is currently defending the proceedings initiated by the bank in the Chongqing No. 1 Intermediate People's Court to enforce the terms of the so-called security agreement. Event Review On July 19, 2015, after Wu Changjiang was investigated for criminal detention for half a year, NVC Lighting issued an announcement based on the findings of the Independent Commission, promulgating the results of the investigation by former Chairman Wu Changjiang on the alleged misappropriation of company funds and pledge of loans in the name of the company. It shows that Wu Changjiang has made 14 pledge agreements on behalf of the company in the past, with a total loan of about 640 million yuan and an extraction of 550 million yuan. The announcement also stated that Wu Changjiang had previously entered into multiple pledge guarantee agreements with Bank of China, ICBC, Minsheng and CCB. After investigation, the company believes that the five companies involved in the loan agreement are held by Wu Changjiang's wife Wu Lian, Yue Fu Wu Xianming and others. According to the information, the NVC Lighting Board of Directors established an independent investigation committee composed of independent non-executive directors Li Gangwei, Wei Hongxiong, Wang Xuexian and executive director Lin Heping in 2014, specifically for Wu Changjiang and former vice presidents Wu Changyong and Mu Yu. Wang Minghua and other illegal acts were investigated internally. According to the survey results, Wu Changjiang used NVC Lighting (China) Co., Ltd., a wholly-owned subsidiary of NVC Lighting Holdings Co., Ltd. (hereinafter referred to as NVC China) to provide loans to banks for Wu Changjiang's personal affiliates. The independent investigation committee issued several specific guarantee agreements for NVC Lighting, such as Chongqing Lei Lijie Industrial Development Co., Ltd. and Chongqing Enwei West Industrial Co., Ltd., several bank loans, according to the guarantee agreement, is by NVC China to NVC China's bank deposits amounted to RMB 173 million, which was used as a guarantee for the lending of loans from the Bank of China's Dadukou Sub-branch by Enweixi and Lei Lijie. NVC China will not request withdrawal or guarantee payments without the written consent of Bank of China Dadukou Sub-branch before Enweixi Company and Lei Lijie Company respectively borrowed the loan. Through this kind of guarantee method, Wu Changjiang's personal affiliates Huabiao Company, Jiangte Company, Lei Lijie Company, Enweixi Company, and Promise Real Estate Company have five companies from ICBC, Minsheng Bank and Bank of China. Home bank loans exceeded 600 million yuan.