Controversy over Newport Wafer Fab takeover intensifies as former director accuses Chinese-backed owners of driving firm to the brink of bankruptcy
The row surrounding the controversial takeover of British computer chip maker Newport Wafer Fab (NWF) has intensified after a former director accused the Chinese-backed owners of driving the firm to the brink of bankruptcy.
Claim: Malcolm Penn served on Newport Wafer Fab’s board of directors until he was replaced last year
Malcolm Peng, who served on Newport’s board until it was taken over last year, said Nexperia’s current owner, a Dutch firm owned by China’s Wingtech Group, had “stood by” while the company suffered from cash flow problems. which forced its insolvency and “opening the door” for hostile takeover.
He added that Nexperia, which used to be a major client of NWF, refused to give the company access to a loan, as well as a “multi-million dollar” cash injection from a British private equity fund, the Sunday Times reported.