Chongqing NVC case verdicts: Wu Changjiang jailed for 14 years and fined

In December 21st, Huizhou City Intermediate People's Court of NVC (China) Co., the original legal representative, Chairman Wu Changjiang misappropriation of funds, embezzlement case verdict. The crime of misappropriation of funds, embezzlement and sentenced the defendant to fourteen years imprisonment, confiscation of five hundred thousand yuan, and ordered the defendant Wu Changjiang 3 million 700 thousand yuan compensation to victims unit Chongqing NVC Co. Ltd; to embezzlement and sentenced another defendant Chen Yan was sentenced to three years imprisonment, suspended for three years.

Court found that: the defendant Wu Changjiang without authorization and NVC NVC Holdings Limited (Chinese) Limited company approved by the board of directors of the case, decided to NVC (Chinese) Limited liquidity deposits deposited in the bank to deposit, Chongqing Wuji Real Estate Development Company Limited, Chongqing Lei Lijie Industrial Development Co., Ltd. Zhong Qinghua standard lamp manufacturing, Western Chongqing en Wei Industrial Development Co., Ltd. Chongqing Jiang surface treatment to the bank has a total applicant RMB 901 million 620 thousand yuan of liquidity loans pledged as collateral, NVC (Chinese) Company Limited has pledged a deposit of RMB 923 million 880 thousand yuan. These loans, are dominated by Wu Changjiang, for "NVC building" project construction and repayment of bank loans, personal loans etc..

After the defendant Wu Changjiang unable to repay the loan, the bank will cause NVC (China) 556 million 502 thousand and 300 yuan deposit company forced to deduct, resulting in huge losses of the company.

At the beginning of 2014, post the defendant Wu Changjiang use as the legal representative of Chongqing NVC Co. Ltd who, by the general manager of Chongqing NVC Co. Ltd Zhang (handled separately) financial cashier Huang (handled separately) and others in dealing with the limited waste of Chongqing NVC, will waste money into the small part of the company's financial sector accounted for the remaining waste money is not accounted for, and for their personal use. Hwang will be part of the waste money 3 million yuan into the Yangtze River personal accounts, RMB 700 thousand yuan into his ex-wife Wu personal accounts for the individual use of Wu Yangtze River, and the destruction of the original financial documents to sell scrap. After the case, the above 3 million 700 thousand yuan failed to recover.

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