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.

Ailing Japanese electronic company Sharp will be closing down three LED factories as part of its drastic cost-cutting plan, according to a latest Nikkei report.

Another founder in the intensely competitive Chinese LED industry has disappeared, according to a National Business Daily report.

LED chip manufacturer Chi Mei Technology Corp went out of business last month after a surprise exodus by the company’s board members. A staggering amount of NT$5.6 billion in unpaid debts has lead to anger from creditor banks. The phones were ringing off the hook yesterday (7) for Chi Mei’s top shareholder Innolux with calls from legal persons and investors. Innolux expressed that during today’s (8) online conference, chairman Tuan Hsing-chien will be there himself to offer explanation.

The creditor banks for Chi Mei Lighting Technology Corporation are demanding the company’s shareholder groups like Innolux Corportation and Chi Mei Corporation to repay the company’s debt. However, Innolux Corportation’s response was that the responsibility for resolving the debt was solely that of the creditor banks and that all Chi Mei employees are welcome to work at Innolux. Chi Mei Corp only expressed regret over the situation.