Row over Newport Wafer Fab takeover intensifies as Chinese-backed owners are accused of pushing firm to the edge
A row over the controversial takeover of British computer chip maker Newport Wafer Fab (NWF) has intensified after a former director accused its Chinese-backed owners of pushing the firm to the edge of bankruptcy.
Claim: Malcolm Penn served on Newport Wafer Fab’s board until it was taken over last year
Malcolm Penn, who served on Newport’s board until it was taken over last year, said current owner Nexperia, a Dutch firm owned by Chinese group Wingtech, had ‘stood by’ while the company suffered from cash flow issues, forcing it towards insolvency and ‘opening the door’ to a hostile takeover.
He added that Nexperia, which was previously a large customer of NWF, had refused to provide the company with access to a loan as well as a ‘multi-million-pound’ cash injection from a UK private equity fund, the Sunday Times reported.