NVC more than 500 million of funds was extracted from the current board of directors actually know

NVC (0222.HK) November 6th evening announcement said, after signing the company's former chairman Wu Changjiang and the number of copies of the three banks pledge agreement, the company has more than 500 million yuan was extracted or frozen.

Announcement shows that during the period from 2013 to October 2014, the current board of directors without the knowledge of the situation, Wu Yangtze River on behalf of NVC respectively and three China of the Chongqing branch of the bank signed copies of the pledge agreement, Chongqing en Wei West Industrial Development Co. Ltd., Chongqing Lei Li Jie Business Development Co. Ltd., Chongqing Huabian Lamp Manufacturing Co. Ltd, Chongqing Jiang surface treatment Co. Ltd., Chongqing Wuji real estate development company loan.

According to the announcement, before the end of August 2014, Wu Changjiang and the first bank signed 3 pledge agreement, Chongqing Lei Lijie business development limited, Chongqing Huabian Lamp Manufacturing Co. Ltd. and Chongqing Jiang surface treatment Co., three companies to provide loan guarantees, from about 230 million yuan.

In second of the 5 banks signed with a pledge agreement, Wu Changjiang Manufacturing Co. Ltd., Chongqing Chongqing Chongqing China standard lamp Lei Lijie cause great real estate development Co., Ltd. the development of three companies to provide loan guarantees, from about 165 million yuan.

In Chinese signed with the Bank of Chongqing branch Dadukou guarantee agreement, from about 154 million yuan to open Wu Changjiang from the Bank of China in October alone Dadukou bank account.

The above extracted amount of about 549 million, in addition, another $53 million was frozen by the court.

Notice that the company is currently investigating the relationship between the Yangtze River or the company's major shareholders and the company. As mentioned in the announcement, the development of Western Chongqing en Wei Industrial Co. Ltd., Chongqing Lei Lijie Career Development Co. Ltd. and Chongqing Wuji real estate development company had been the NVC board of directors as an affiliate of Wu Changjiang.

NVC's 2013 annual report disclosure, Wu Changjiang's father Wu Xianming is a major shareholder of Chongqing en Weixi, holding 49.67%. Chongqing en Weixi official website information, the NVC is in a wholly owned company in Chongqing City, Rongchang Banqiao industrial park investment, Chongqing Jiang surface treatment Co. Ltd. is a subsidiary of en Wei xi. Chongqing Huabiao Lamp Manufacturing Co. Ltd. is located in Rongchang NVC processing base, or NVC affiliated enterprises.

NVC said the survey is based on, since October this year, NVC (Chinese) limited legal change by Wu Changjiang Wang Donglei after the company received from the bank's records, and a copy of a copy of each transaction including single guarantees and pledge agreement.

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