Former NVC Lighting Chairman Wu Changjiang Arrested for Misappropriating Funds

NVC Lighting founder Wu Changjiang was detained by police in Huizhou, Guangdong Province, China on Tuesday, according to a report by National Business Daily.

Earlier NVC Lighting’s internal conflict caused by power struggles between Wu and current company Chairman Wang Donglei raged on for several months. Wang condemned Wu for violating company regulations and becoming a guarantor, which would cause NVC Lighting RMB 173 million worth in damages. On Oct. 22, 2014, Huizhou Public Security Bureau began official investigations into Wu and others involvement in misappropriation of company funds.

A source from the bureau has confirmed Wu’s detainment.

Wu’s arrest is related to his decision to become a guarantor for a loan. Wang held a press conference on Sept. 10, 2014 and publicly condemned Wu for violating company regulations and becoming a guarantor, which could cause RMB 173 million worth of damages to NVC Lighting.

The Huizhou Public Security Bureau suspected Wu and others were involved in misappropriating company funds on Oct. 22, 2014, and immediately launched an investigation. However, Wu was not detained at the time or till Nov. 4, 2014. He told reporters that the police had interrogated him in mid-October.

Wu is currently unreachable by mobile, and has shut off his smartphone.

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