When Wu Changjiang introduced Dehao Runda (002005.SZ) in December 2012, and the latter completed the acquisition of 20% of NVC Lighting (2222.HK), Wu Changjiang and Wang Donglei may not have imagined that in less than two years, they would turn against each other.
Now, as the war between the two sides continues to escalate, and even criminal charges are filed against each other, "family scandals" that were once unknown to the public have surfaced. Of course, it is not easy for the public to see the truth clearly, because these "family scandals" have become a mystery in the arguments between the two sides.
Controversy 1
Can Wang Donglei remove Wu Changjiang?
On September 11, Wu Changjiang held a media briefing in Beijing. The mysterious "gentleman's agreement" has finally been revealed. At the media briefing meeting, Wu Changjiang showed a photocopy of the "Cooperation Agreement" signed by him and Wang Donglei through PPT.
Wu Changjiang said: "We clearly agreed in the agreement that I will achieve the realization of operation and management rights through Mr. Wang Donglei and Dehao Runda, so as to avoid direct conflicts with other financial investment shareholders. At the same time, the two parties clearly agreed in the agreement not to interfere with each other's operation and management, that is, in the nomination of chairman, director, president and management of NVC Lighting, as well as in operational management and strategy, planning and other decisions, Wang Donglei and Dehao Runda should agree and support Wu Changjiang’s suggestions and proposals and finally submit them to the relevant shareholders’ meeting and board of directors for voting. Correspondingly, Wu Changjiang also agrees with and supports Wang Donglei’s opinions on Dehao Runda’s operation and management to ensure the smooth realization of the interests of the two companies.”
Xiong Zhi, Wu Changjiang’s agent and director of Beijing Shang’an Law Firm, believes that according to the agreement, the chairman, directors and managers dispatched by Wang Donglei and Dehao Runda based on their status as major shareholders in NVC Lighting must be the candidates appointed by Wu Changjiang. The former only have the possibility of voting against based on interests harm, but do not have the right to refuse the election. "Even if Mr. Wu Changjiang is found to have moral hazard, procedures can be used to impeach him. If Mr. Wu Changjiang is not suitable to be chairman, if there is a problem, according to the agreement, we can ask for the appointment of other people approved by Mr. Wu Changjiang. If it doesn't work, we can choose other people. If 100 people are not suitable, we can choose the 101st person, until Mr. Wang Donglei believes that it is qualified, rather than disrupting all the rules and starting a new one. This is not in compliance with the agreement and is not in compliance with the legal provisions. In this regard, Wang Donglei insisted that all agreements between him and Wu Changjiang have a premise that "the interests of shareholders must not be harmed." The removal of Wu Changjiang as CEO of NVC Lighting, the removal of Wu Changjiang as director and all the positions of the board of directors' committees are legal resolutions voted by the board of directors and the shareholders' meeting, and are in accordance with the rules of listed companies.
Wang Donglei told reporters, "Wu Changjiang signed a 20-year brand use agreement with affiliated companies without the consent of the directors, owed huge gambling debts, and was suspected of hollowing out NVC Lighting. A series of improper behaviors have harmed the interests of the listed company. The board of directors discovered this, initiated an investigation and corresponding measures, and dismissed a series of his actions. The duties are completely in compliance with the procedures and are performed in accordance with the rules of the listed company. "
" Dispute 2
" Related-party transactions with different opinions
"
" The intention to hollow out NVC Lighting through related-party transactions has always been an important weapon for both parties to accuse each other.
Wang Donglei believes that the registration and holder of the NVC series trademarks is Huizhou NVC Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Huizhou NVC"). Huizhou NVC is a wholly-owned subsidiary of NVC Lighting. The NVC brand belongs to NVC shareholders and does not belong to Wu Changjiang himself. What Wu Changjiang calls "the founder of the NVC brand" is not a concept in trademark law. Wu Changjiang himself does not enjoy the ownership of the NVC brand. Therefore, he believes that Wu Changjiang's granting of 20-year licenses to use the NVC brand to three companies related to him, Shandong NVC Lighting Development Co., Ltd., Chongqing Envisi Industrial Co., Ltd. and Zhongshan Shengdi Aisi Lighting Co., Ltd., went against the best interests of shareholders and actually hollowed out NVC Lighting.
But Wu Changjiang insisted that the trademark licensing of the aforementioned companies had begun as early as 2008 and 2009, and was a business operation made by the trademark owner Huizhou NVC as the licensor. As the chairman of Huizhou NVC, he has corresponding rights in Huizhou NVC's production and operation decisions in accordance with the law. This is also his responsibility, and then it is just a legal deferral under the operation and management behavior.
Wu Changjiang said at the media briefing on September 11, “In fact, as long as the market fairness conditions are met and the trademark license fee is paid to Huizhou NVC in accordance with the agreement, it will eventually be reflected as the financial income of NVC Holdings, and in actual use and operation, the three companies have not engaged in improper use. On the contrary, their objective behavior has been over the years. It has realistically expanded the social influence of the NVC brand and effectively expanded its market share. This is not only a fault but also a merit. At the same time, Wu Changjiang also pointed out that Wang Donglei transferred the core business of NVC Lighting to Dehao Runda in order to hollow out NVC Lighting and transfer the profits to Dehao Runda, which has a poor financial situation.
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