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In a letter to the Dutch Parliament dated Oct 14 (tweedekamer.nl/downloads/docu), πŸ‡³πŸ‡± Minister of Economic Affairs Vincent Karremans lays out his reasons for seizing control of Nexperia from πŸ‡¨πŸ‡³ Wingtech (ι—»ζ³°η§‘ζŠ€) and CEO πŸ‡¨πŸ‡³ Zhang Xuezheng (εΌ ε­¦ζ”Ώ): β€œRecently, I have received serious indications of governance deficiencies within Nexperia, stemming from specific actions by the CEO. These deficiencies pose an acute and serious threat to the company's continuity and thus the preservation of crucial technological knowledge, as well as production and development capabilities in the Netherlands and Europe. These deficiencies include the improper transfer of production capacity, financial resources, and intellectual property rights to a foreign entity owned by the CEO and not affiliated with Nexperia. This posed risks of knowledge leakage and, consequently, the loss of future production capacity, which is crucial for the European automotive, consumer electronics, and defense industries. The deficiencies have also, albeit less significantly, impacted the ongoing discussions between my ministry and Nexperia. Given the nature and severity of these signals regarding the deficiencies outlined, I believe there were potentially significant consequences for the Dutch and European economies, and thus a threat to economic security. The purpose of the order now imposed is to eliminate these risks and ensure the company's stability, in order to prevent a risky strategic dependency. In my opinion, this justifies the Wbg's exceptional efforts, and all interested parties are, of course, free to object.” Karremans does a TV interview on Buitenhof on Oct 19 (video; youtu.be/3xaxJtmvB5s?si). This is an English summary of the TV interview by πŸ‘‰πŸ» x.com/loekalization/ Karremans writes a summary thread too πŸ‘‰πŸ» x.com/ministerez/sta news article πŸ‘‰πŸ» amp.scmp.com/news/china/dip the webpage for the Oct 14 letter to Dutch Parliament πŸ‘‰πŸ» tweedekamer.nl/kamerstukken/b
Screenshot of South China Morning Post article with yellow flag icon and share button. Headline reads Dutch seized Nexperia over fears Chinese owners planned to move chip production to China. Wingtech logo in blue and white with Chinese characters below. Photo of Asian man in suit identified as Wing Zhang CEO and CHRO smiling against black background. Nexperia logo in blue. Chinese flag waving on left and right sides.
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