Wu Changjiang's illegal guarantee NVC lighting was deducted 549 million

On the afternoon of November 7, Dehao Runda disclosed the risk warning announcement that Chongqing NVC has been forced to perform a large amount of joint guarantee responsibility of 549 million yuan, or will give its shareholding company NVC Lighting Holdings Co., Ltd. “NVC Lighting” has brought huge economic losses.


According to the announcement, from August 30, 2013 to August 4, 2014, NVC Lighting founder Wu Changjiang and others successively secured four companies including Chongqing NVC for Chongqing Huabiao Lighting Manufacturing Co., Ltd. At present, the funds of the four companies borrowing from the bank are unclear. Chongqing NVC has been forced to perform a large amount of joint guarantee responsibility of 395 million yuan by the relevant banks. In addition, the previous bankruptcy guarantees in the Bank of China were forced by the bank to deduct 154 million yuan, and Chongqing NVC has been compulsory by the relevant banks to perform a joint guarantee of 549 million yuan. Chongqing NVC is a 100% wholly-owned subsidiary of NVC Lighting.


According to the announcement, Wu Changjiang has no right to guarantee any amount exceeding 3 million yuan according to the scope of authorization of NVC's board of directors to Wu Changjiang.


In this regard, Guangdong Guohui Law Firm lawyer Liang Xu told reporters that Wu Changjiang's guarantee behavior should bear much criminal responsibility, depending on the damage caused by the violation guarantee to the company and whether there are other violations. This relates to how the NRW lighting board gives Wu Changjiang's guarantee authorization, for example, whether the one-time guarantee cannot exceed 3 million, or whether the cumulative guarantee cannot exceed 3 million.


However, the specific amount of loss of NVC Lighting is still undetermined. The announcement pointed out that the relevant banks had irregularities in operating Wu Changjiang's violation guarantees. The NVC Lighting Board of Directors stated that it will seek recourse from Wu Changjiang and its related parties and relevant banks through judicial channels, and try to restore the losses caused by the performance of guarantee obligations.


Liang Xu said that if there is a violation of the bank, then the bank may also have to bear a certain degree of responsibility, depending on the degree of correlation between its violations and the loss of NVC Lighting.


The reporter contacted Wu Changjiang and his assistant several times, and his mobile phone has been in a state of shutdown. As of press time, Wu Changjiang still has not responded to this matter.

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