Arm China CEO refuses to quit after removal by headquarters, accused of "creating a culture of fear"
In June this year, the UK-based chip designer Arm Ltd and the Chinese private equity firm Hopu Investments attempted to oust Arm China CEO, Allen Wu, after complaints of serious irregularities in his conduct.
Arm China published an open letter on Weibo accusing Arm Ltd of "threats and harassment" and attempting to cut Arm China's contracts with its business partners. It requested that the Chinese government intervene. In response, Arm Ltd blamed Wu for "propagating false information and creating a culture of fear and confusion among Arm China employees. It claimed that he "attempted to block the critical communication and support our China partners require from Arm for ongoing and future chip designs".
Wu currently owns 13.3% of Arm China's shares and has close ties with Huawei. He still holds the company's official seal and has used it to cancel his dismissal. Lawyers working closely with Arm China have expressed that China's complex seal system deterred confidence in foreign investors.
Sources: Yahoo Finance, (28-Jul); Apple Daily, (30-Jul); Reuters, (29-Jul)
Credit: Hong Kong Echo
#ArmLtd #Hopu #AllenWu #Finance #harassment #China
In June this year, the UK-based chip designer Arm Ltd and the Chinese private equity firm Hopu Investments attempted to oust Arm China CEO, Allen Wu, after complaints of serious irregularities in his conduct.
Arm China published an open letter on Weibo accusing Arm Ltd of "threats and harassment" and attempting to cut Arm China's contracts with its business partners. It requested that the Chinese government intervene. In response, Arm Ltd blamed Wu for "propagating false information and creating a culture of fear and confusion among Arm China employees. It claimed that he "attempted to block the critical communication and support our China partners require from Arm for ongoing and future chip designs".
Wu currently owns 13.3% of Arm China's shares and has close ties with Huawei. He still holds the company's official seal and has used it to cancel his dismissal. Lawyers working closely with Arm China have expressed that China's complex seal system deterred confidence in foreign investors.
Sources: Yahoo Finance, (28-Jul); Apple Daily, (30-Jul); Reuters, (29-Jul)
Credit: Hong Kong Echo
#ArmLtd #Hopu #AllenWu #Finance #harassment #China
Yahoo
Arm Ltd accuses Chinese subsidiary's CEO of 'creating a culture of fear'
Softbank Group Corp-owned chip technology firm Arm Ltd fired back against its Chinese subsidiary in a statement on Wednesday, accusing Arm China CEO Allen Wu of "propagating false information and creating a culture of fear and confusion among Arm China employees."…