The former management of Nissin Leasing (China) said it would seek justice after being fired in a dispute with majority owner TPG, a US private equity group, that could include an approach to the Ministry of Commerce to challenge the legitimacy of their removal.
Shanghai-based Nissin Leasing, 60 per cent indirectly owned by TPG, fired the top Chinese managers, including chief executive Chen Yunwei, and chief operating officer Wang Yong in July, accusing Ms Chen of attempting to seize control of the firm and making loans in violation of company policies.
The dispute culminated in the former management calling the police to stop newly appointed chief executive Steven Schneider and his staff from taking over the operations. Mr Schneider, a former General Electric Asia-Pacific head, and the TPG party left the country.
Mr Wang said the Chinese managers had filed a suit with the local labour arbitration office and also brought the Shanghai Administration of Industry and Commerce to Xuhui District People's Court for changing the name of the legal representative on the company's licence without signature by Ms Chen, formerly Nissin Leasing's legal representative.
'Their accusations of our wrongdoings are just groundless,' Mr Wang told the South China Morning Post.
The managers had also hired a lawyer to liaise with the Ministry of Commerce, as they doubted the legitimacy of the firing, Mr Wang said.
