NVC Lighting announced on the 6th that the current board of directors ("Board") of the company recently learned that a bank ("bank") issued a complaint in Chongqing No. 1 Intermediate People's Court, involving NVC Lighting (China) Co., Ltd. (According to its former name, Chongqing NVC Industrial Co., Ltd. for trading, hereinafter referred to as "NVC China").
The complaint required Chongqing Enwei West Business Development Co., Ltd. ("Enweixi") to repay the bank an additional amount of RMB 35,497,000 due to a so-called financing contract ("so-called contract"). As of May 13, 2015, En Weixi is an associate of Mr. Wu Changjiang, a former director of the Company and a connected person of the Company.
The Complaint further declares (among other things): eight individuals/entities (including Mr. Wu Changjiang, NVC China and other individuals/entities connected or possibly related to Mr. Wu Changjiang) as the bank owed by En Weixi The guarantor of the debt shall be jointly and severally liable to the bank; and NVC China allegedly entered into a security agreement with the bank (the “so-called guarantee agreementâ€).
The Board of Directors had not been aware of the so-called contracts and the so-called guarantee agreements, and did not know that NVC China was allegedly involved in granting so-called contracts. The company is taking steps to obtain more details of the complaint and is seeking legal advice on the impact of the above complaint.
The complaint required Chongqing Enwei West Business Development Co., Ltd. ("Enweixi") to repay the bank an additional amount of RMB 35,497,000 due to a so-called financing contract ("so-called contract"). As of May 13, 2015, En Weixi is an associate of Mr. Wu Changjiang, a former director of the Company and a connected person of the Company.
The Complaint further declares (among other things): eight individuals/entities (including Mr. Wu Changjiang, NVC China and other individuals/entities connected or possibly related to Mr. Wu Changjiang) as the bank owed by En Weixi The guarantor of the debt shall be jointly and severally liable to the bank; and NVC China allegedly entered into a security agreement with the bank (the “so-called guarantee agreementâ€).
The Board of Directors had not been aware of the so-called contracts and the so-called guarantee agreements, and did not know that NVC China was allegedly involved in granting so-called contracts. The company is taking steps to obtain more details of the complaint and is seeking legal advice on the impact of the above complaint.
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