Comment on Netherlands' seizure of China chipmaker Nexperia sparks concerns among global auto companies
BrikoX@lemmy.zip 1 week ago
The whole trade situation taken over the news and missed why the company was nationalized in the first place. It was mismanaged and used a personal fund by the CEO. It was under investigation long before the trade war.
The move followed an emergency hearing by the Dutch Enterprise Chamber on October 7, which concluded that there may be “valid reasons to doubt sound management at Nexperia under the leadership of former CEO Zhang Xuezheng”, a statement from the company said.
New court records published by the paper allegedly show that Chinese executive and founder of Nexperia’s parent company, Wingtech, Zhang Xuezheng, forced Nexperia to place an order with his privately owned chip factory, WingSkySemi in Shanghai, worth over $200 million. That, despite it actually requiring less than $100 million worth for its own production needs.
woodenghost@hexbear.net 1 week ago
Sure and when was the last time a company in Europe was nationalized for similar reasons? That’s right, it never happens, except to targets of the empire. Mismanagement? Corruption? Tax fraud. They are ubiquitous. European politicians see it as their foremost duty to protect the guilty CEOs, stakeholders and companies.
BrikoX@lemmy.zip 1 week ago
I’m not disputing that company being tied China had an impact in the assessment, but presenting it as the only reason is disingenuous and that seems to be the narrative the media.
To give a few examples: Talvivaara Sotkamo Ltd in Finland, Parex Bank in Latvia, Snoras in Lithuania.