NVC: help "Wu" involving misappropriation of funds banks employees checked

NVC Holdings Ltd., said that several large bank employees helped former CEO Wu Changjiang into the company's bank account illegal, these employees are under investigation. NVC is currently in a long-running dispute with Wu Changjiang.

NVC CEO Wang Donglei said in a news conference on Monday, the bank offers false information, misleading investors and companies. The company pointed out that these banks are Industrial Commercial Bank of China Ltd, China Construction Bank, Bank of China, and China Minsheng Banking Corp.

Wang Donglei said that the bank employees are being investigated by the police, for confidentiality reasons, the company can not provide accurate information about the investigation. He also said that the survey is mainly aimed at bank employees, rather than the banks themselves.

Wang Donglei did not provide the identity of the police and bank employees involved. The investigation could not be independently verified. NVC said in November 6th, former chief executive Wu Changjiang on suspicion of illegal misappropriation of funds in Guangdong province has been Huizhou police investigation.

Reporters can not get in touch with Wu Changjiang himself, he had denied the allegations.

Representatives of China Construction Bank, Bank of China and Minsheng Bank said late Monday that they are not currently available for comment. ICBC executives did not immediately respond to requests for comment.

NVC on Monday accused Wu Changjiang, illegal extraction from the industrial and commercial bank and Minsheng Bank of about 400 million yuan ($65 million) of the company funds, and illegal misappropriation of the company store to provide security for the third party loans in RMB 173 million yuan of funds Chinese bank. The company said that another deposit in the Construction Bank of about 50 million yuan of funds have been frozen in the bank. Other details of the fund are not provided. NVC in the previous regulatory filing said that the board of directors are unaware of these transactions.

NVC has announced on August 8th, Wu Changjiang found wrongdoing, and the board has proposed to remove him from office. NVC traded on the HKEx stock exchange has been suspended since August 11th. The shareholders of the company voted to remove Wu Changjiang in August 29th.

NVC in a recent annual report said, lighting products's widely adopted, such as the 2008 Beijing Olympics and the 2010 Shanghai, World Expo.

For more information about LED, please click on China LED network or pay attention to WeChat public account (cnledw2013).