China’s NVC Lighting ex-CEO, bankers investigated for suspected $100 mln fraud

Nov 17 (Reuters) – NVC Lighting Holding Ltd, China’s biggest lighting manufacturer, said its former chief executive Wu Changjiang and employees of four leading Chinese banks are under police investigation for allegedly helping to divert company funds.

NVC suspects Wu of either embezzling or falsely obtaining
loan guarantees totalling 623 million yuan ($101.71 million)
without the knowledge of the company’s current board.

The transactions were arranged by Bank of China Ltd (BOC)
, China Minsheng Banking Corp ,
China Construction Bank Corp (CCB) and
Industrial and Commercial Bank of China Ltd
(ICBC) , NVC executives said.