London
12 °C
Manchester
10 °C
Glasgow
2 °C
Dublin
Belfast
Washington
5 °C
Denver
Atlanta
Dallas
10 °C
Houston Texas
New Orleans
El Paso
10 °C
Phoenix
Los Angeles
-3 °C
16 °C
16 °C
-24 °C
25 °C
Dutch court orders investigation into China-owned Nexperia / Photo: ROB ENGELAAR - ANP/AFP
NYSE - LSE
Dutch court orders investigation into China-owned Nexperia
A Dutch court on Wednesday ordered a formal investigation into alleged mismanagement at Nexperia, a Chinese-owned chip firm at the centre of a global tug-of-war over critical semiconductor technology.
The firm, based in the Netherlands but whose parent company is China's Wingtech, has been the subject of a standoff between Beijing and the West, which threatened to hobble car manufacturers that rely on its chips.
"(The court) finds that there are valid reasons to doubt the sound policy and conduct of business at Nexperia and orders an investigation," said the Amsterdam-based Enterprise Chamber in a statement.
The investigation is expected to take several months.
The court had previously played a key part in the row over Nexperia in October when it suspended the Chinese CEO Zhang Xuezheng, also known as Wing, citing concerns over his management.
These measures remain in force with the opening of the probe, the court said.
"The director remains suspended. The appointment of a temporary director at Nexperia and the transfer of the shares in Nexperia remain in effect," said the court in a statement.
(C.Young--TAG)
