Stockholders Freeze Former NVC Lighting CEO Shares in The Company

News Source: 
Securities Times

NVC Lighting announced the company froze second largest shareholder former CEO Wu Changjiang’s shares in the company, according to a Securities Times report. Wu has a total of 130 million company shares, which is worth about RMB 1.06 billion based on the company stock value of RMB 8.15 as of Sept. 29, 2014.

Wu transferred 72.22 million shares as pledged assets to Huifu Investment Company (西藏林芝汇福投资有限公司; Huifu) based in Nyingchi Prefecture in Tibet. Another 57.78 million shares in the company was transferred to New World Development Consultancy (新世界策略(北京)投资顾问有限公司; NWD) as pledged assets. In total, Wu transferred 130 million shares in NVC Lighting as pledged assets to other companies.

Due to loan disputes, Huifu and NWD filed lawsuits against Wu, Huizhou NVC Lighting Environmental Engineering Company (惠州雷士光环境工程有限公司), Shandong NVC Lighting Development Company (山东雷士照明发展有限公司) and Chongqing Enweixi Industrial Development (重庆恩纬西实业发展有限公司). The companies requested the court to freeze all of Wu’s shares in NVC Lighting. Since then, the Supreme People’s Court in Chongqing has frozen all of Wu’s stake in the company. The court decided on Sept. 25, 2014 that Wu’s shares in NVC Lighting will be frozen for 24 months. 

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