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SepiaNexperia’s Chinese owner loses court battle over control of Dutch chipmaker
Nexperia’s Chinese owner loses court battle over control of Dutch chipmaker - Mander
cross-posted from: https://mander.xyz/post/47318634 [https://mander.xyz/post/47318634] > Nexperia’s Chinese owner Wingtech has lost a court battle to regain control of the Dutch chipmaker, prolonging a crisis that has threatened to bring some European car factories to a halt. > > The Amsterdam appeal court instead upheld an earlier decision to suspend its Chinese chief executive, hand power to EU-based directors and investigate allegations of mismanagement. > > The court “finds that there are valid reasons to doubt the sound policy and conduct of business at Nexperia and orders an investigation”, it said in a press release. > > The Dutch government temporarily seized control of Nijmegen-based Nexperia in September, saying there was a threat to security of supply in Europe because of the actions of chief executive Zhang Xuezheng. > > His shareholding was handed over to a trust, though he retained the economic benefits. > > … > > The court’s Enterprise Chamber found “indications of negligent conduct involving a conflict of interest”, the press release said. “Furthermore, there are indications that Nexperia’s director, under threat of impending sanctions, changed the strategy without consulting the other board members; agreements with the Ministry of Economic Affairs were no longer followed, the powers of European officials were curtailed, and their resignations were announced,” the court said. > > It will now appoint two investigators, who will work for about six months, the court said. > > … > > Archive link [https://archive.ph/uUWu2]
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