The country’s Ministry of Economy described the move as exceptional and attributed it to “serious management violations” within the company. Authorities will now be able to suspend or revoke executive decisions they consider a threat to national and European technological security. However, Nexperia’s production activities will continue as usual.
Wingtech said it was considering legal action and relied on the support of the Chinese government. Following the announcement of the Dutch authorities’ intervention, the company’s shares in Shanghai fell by almost 10%.
An Amsterdam court had previously dismissed Nexperia’s chairman Zhang Xuezheng and replaced him with an independent representative with no ties to China.
Source: Ferra
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