"I have no personal grudges or conflicts with Wu Changjiang. As he once said, I was his lifesaver and brought him back from the brink of bankruptcy. I spent more than one billion to rescue him within a week. On the NVC Lighting board of directors, I used my voting rights to re-elect him to the board of directors and recommended him as CEO. I have always supported him. However, it is very regrettable that he has violated the bottom line of the listed company again and again. The board of directors Bottom line, he has been suspected of hollowing out listed companies through different transactions time and time again, which has made it impossible for me as chairman to continue, otherwise I will face legal sanctions. Therefore, in order to protect the interests of Dehao's major shareholders, and also to safeguard the interests of the majority of shareholders, and to fulfill our diligent and responsible obligations as directors of listed companies, he must be fired." Wang Donglei said that recently, he only slept three hours a day to face those shareholders who had opposed Wu Changjiang.
Now, Wang Donglei said, "If NVC Lighting does not clear Wu Changjiang, it will only have a lifespan of 12 to 24 months at most."
As of the time of publication of this article, Wu Changjiang’s mobile phone has been turned off.
Q: After announcing the dismissal of Wu Changjiang as CEO last night, it was reported on the Internet that there was a physical conflict between the two parties after the board of directors. What was the reason?
Wang Donglei: We held a board meeting yesterday and dismissed Wu Changjiang from his post. Except for his objection, the rest were unanimously approved. After this meeting, I became the new CEO. When I went to perform the duties of the new CEO and asked him to hand over the business license, industrial and commercial information and financial seal controlled by the CEO, Wu Changjiang refused to hand over. During the handover process, there was a physical confrontation between the security personnel responsible for me and him. After cooperating with the police investigation, these people continued to return to their original jobs. I think the leakage of the live video was artificially designed.
Question: Wu Changjiang believes that the reason for his dismissal was that you tried to transfer the core products of NVC Lighting to Dehao Runda, but he stopped you.
Wang Donglei: If I want to transfer NVC lighting assets to Dehao Runda, the decision-making power does not lie with him at all, but with the approval of the NVC board of directors. He is only a CEO, and the transfer of assets must be decided by the shareholders' meeting. What ability does he have to stop it? So this reason simply does not hold true.
Question: What is the real reason?
Wang Donglei: First of all, Wu Changjiang transfers a large amount of profits on the sales side through his three companies. The shareholder behind these three companies is actually Wu Changjiang, who holds the shares through others. His younger brother Wu Changyong is the company's vice president, responsible for the supply chain. As a result, he set up his own company, took goods from suppliers and sold them to NVC Lighting at a higher price. In addition, Wu Changjiang told us that in 2012, he signed a 20-year NVC Lighting brand authorization, which is the company's most important asset, but the board of directors had no idea about it.
Question: What was his purpose in telling you about this?
Wang Donglei: He is blackmailing the board of directors and wants to show that he controls the most important assets. If he is removed, he can destroy NVC Lighting and create another NVC Lighting, but this is illegal.
Question: When did you discover his series of problems, and what actions will you take?
Wang Donglei: To be precise, three weeks ago, I discovered that the company's bottom line had been breached. The company has now established an investigation committee and will hand over relevant evidence to the police. But it's not easy because the company is basically under his control and he has been destroying evidence. Our investigation can only be done from the outside, and we can hardly get any information and documents from the company.
Question: Is the company facing a very passive situation?
Wang Donglei: The company is extremely passive. In fact, when we dismissed him as the CEO of the secondary company last time, we should have changed our business license, but he refused. But we believe in the fairness of the law, and we also believe that our government will safeguard the interests of shareholders and the general public, and will ultimately assist us in completing the legal takeover of NVC.
Question: What prompted the company to finally decide to remove him as CEO? When did it happen?
Wang Donglei: It was just three weeks ago. He held a meeting to coerce relevant people to establish a new Wu Company and use the NVC Lighting brand for 20 years. This has threatened the foundation of the company and will destroy the listed company, or divide the brand interests of the listed company. Moreover, when several of our shareholders wanted to sell stocks to other investors, he told the investors that NVC Lighting was controlled by him and he was not happy that the value of the listed company could be reduced to zero.
Q: Once you have evidence, will it be handed over to the police? Or is there still room for negotiation with Wu Changjiang?
Wang Donglei: If you do not hand over the evidence to the police if there is conclusive evidence, you are actually violating the obligation of directors of listed companies to be diligent and responsible. I don't allow myself to do this.
Question: Since you became a shareholder, have you never known that he has committed any illegal behavior?
Wang Donglei: I once discovered that he promised me that he would no longer engage in related-party transactions, but in fact, not only did he not end the previous related-party transactions, he was also promoting new related-party transactions, intensifying the costs than before, and obtaining high profits from the related-party transactions.
Question: What is his purpose for doing this?
Wang Donglei: In the past, we just speculated, and there were many reports about his gambling in newspapers, but now we have evidence that he not only gambled, but also gambled hugely. He personally owed 400 million in gambling debts in Macau. From this level alone, he can no longer be the CEO of a listed company.
Question: Dehao Runda has been a shareholder for so long, haven’t you sorted out the financial and related systems of NVC Lighting?
Wang Donglei: We have financial constraints, but Wu Changjiang does many things by bypassing finance, and most of them are through commercial means.
Question: After becoming a shareholder, can you manage NVC Lighting normally?
Wang Donglei: Less than a year after I became a shareholder, around June last year, I found out that he didn’t want me to get involved in the listed company. At that time, I just thought he wanted to maintain his position in the company. I thought it would be okay if he could do NVC well, because the financial system was under Yan Yan’s control.
Question: How long will it take for the company to resolve these issues?
Wang Donglei: That depends on whether Wu Changjiang is rational. At the government level, we are working hard to communicate because it is a listed company in Hong Kong and straddles the two governments and has very complex legal issues.
Question: What do other shareholders think of this matter? How do you understand it yourself?
Wang Donglei: They knew Wu Changjiang earlier than me. If I didn’t support Wu, Wu wouldn’t be able to work at NVC for a day. It was my voting rights that made him CEO and director. I feel very ashamed now. Now the board of directors has the same opinion, and all shareholders have the same opinion. I was relieved to learn that he had huge gambling debts. I knew the cause of the problem for a long time. Otherwise, I would never understand why he would treat the company he worked so hard to run.
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