NVC Lighting Sued Over Outstanding Loan Left by Former CEO

NVC Lighting recently was notified by Chongqing First Intermediate People's Court that a Chinese bank has filed a plaintiff against the company for outstanding loans left by former CEO Wu Changjiang.

The plaintiff alleged Chongqing Enweixi Business Development (重庆恩纬西事业发展有限公司) of signing a financing agreement with the bank, and accumulating outstanding loan valuing about RMB 35.50 million (US $5.72 million) (interest included). Wu was the company chairman as of May 13, 2015.

The plaintiff also stated eight NVC Lighting officers including Wu and other related persons were the guarantors of the loan, which is applicable to joint and several liability. NVC Lighting stated the company has signed a guarantor agreement with the bank.

The NVC Lighting board has been unaware of the guarantor agreement and their involvement, and is in the process of acquiring further information about the lawsuit. The company is also seeking legal advice on the impact from the allegations listed in the plaintiff.

NVC Lighting merged with ETI last year, and is now a subsidiary of the company.

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