NVC Lighting issued an announcement stating that it has recently received a judgment from the Chongqing No. 1 Intermediate People's Court, requesting that 8 guarantors, including NVC China, need to repay Chongqing Lv Weixi Business Development Co., Ltd. to borrow 35.297 million yuan from a bank. Renminbi loans, plus additional interest. NVC Lighting issued an announcement stating that it has recently received a judgment from the Chongqing No. 1 Intermediate People's Court, requesting that 8 guarantors, including NVC China, need to repay Chongqing Lv Weixi Business Development Co., Ltd. to borrow 35.297 million yuan from a bank. Renminbi loans, plus additional interest. NVC China has appealed the judgment to the Chongqing Higher People's Court and the result of the appeal has not yet been made. According to an earlier announcement, the complaint required Chongqing Enweixi to repay the bank arrears of 35.297 million yuan and additional interest due to a so-called financing contract, and further alleged that 8 individuals/institutions, including Wu Changjiang and Lei China and other individuals/institutions associated with Wu Changjiang, as the guarantor of the bank’s debts owed by En Weixi, shall be jointly and severally liable to the bank, and NVC China allegedly entered into a security agreement with the bank.
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