Wu Changjiang: The importance of being earnest
Friday, 23 December 2016The Guangdong Huizhou Municipal Intermediate People's Court ruled that the founder, former chairman of Hong Kong listed NVC Lighting (China) Co., Ltd. Wu Changjiang (吴长江) was sentenced to 14 Years in prison for the crime of embezzlement, the court also ruled Mr. WU confiscation of 500,000 RMB and indemnity of 3.7 million RMB to Chongqing NVC Lighting Co., Ltd.
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| Wu Changjiang attended NVC new factory opening in UK in 2011 |
Within British commercial network in China, the NVC UK (雷士照明英国分公司) has always been recognised as a good example of China outbound investment. Mr. Wu Changjiang was proud of the achievement made by NVC in the UK as well. About 2 years ago we invited him to the sub-forum of Chongqing Global Sourcing Fair (CCISF, organised by COFTEC). Mr. Wu came late with his bodyguard, spoke in full confidence on the expansion of NVC Group in the UK. I have to say the speech was great, and it was very helpful for many entrepreneurs who have the same ambition of going abroad.
The NVC case study was included in CBBC "one belt one road report 2016". It's the only brand selected by CBBC research team from China lighting industry. My colleagues have stated 3 positive reasons:
- Localisation: NVC UK has fully integrated with local economy since incorporation in Birmingham in 2007. All managing team and workers are local employees;
- Investment: NVC UK has received significant investment from parent company. The invested capital from China played important role in its early operations.
- Branding: NVC is well recognised lighting brand in the industry, the sales revenue reached 29.5 million pounds in 2015.
It will be difficult for Mr. Wu Changjiang in the jail over the next decade or so. We have seen entrepreneurs come and go, companies up and down. I hope he could really learn the lessons from his costly gambling.
Labels: investment, law, people
Posted by Guoyu @ 16:21,
