Remember ARM China's CEO who refused to stepdown? Yeah... he is still there.

[Pickles von Brine]

Quote

 

If you thought a national security intervention was the top reason why Nvidia's purchase of Arm from Softbank may not go to plan, just wait until you hear this: Arm China's sitting CEO, Allen Wu, isn't meant to still hold the position he claims to hold. Wu was ousted from his position by Arm China's board back in June last year for conflict of interest, but has refused to hand over control ever since.

 

In fact, he's apparently said to still be holed up in his office to this day, nearly one year on from his dismissal.

 

So you've got a rogue ex-employee sitting in an office someplace but holding no real power, right? Nope. Wu has custody of Arm China's official seal stamp, and that's way more important than it may seem if you're not familiar with a centuries-old Chinese business practice. 

A stamp, also referred to as a company chop, can be required in China to give the final nod of approval in all matters of business. It can be legally binding, too. In this case, it's required to formally remove Wu from his position as legal representative of Arm China. The man with the stamp is not in the least bit interested in using it, at least for that purpose, and that's a big problem for Arm, and by extension Nvidia.

For those of you who want the original story: Source

Source for current story: Source

It is absolutely insante this guy still holds the keys to the kingdom with ARM China. I have never seen such nonsense happen. And what is more interesting though is how this affects Nvidia's acquisition of ARM. What is even more insane is Allan Wu is suing three executives who were suppose to replace him claiming they need to return stolen property. On top of that, he is funneling cash out of ARM china to support his legal efforts. Just.. nonsense. I mean, seriously. I have never heard of anything like this. It might as well be a sitcom. 

There are more details in extra links within the OG article. But regardless. All of this because if someone holds a stamp they own the company...

[Nathanpete]

That's China for you. 

 

And when the rich say they won't stepdown, especially when they are a part of the CCP, then they won't step down. It is a given. 

[suicidalfranco]

the beauty of dealing with China

[thechinchinsong]

1 hour ago, Pickles von Brine said:

All of this because if someone holds a stamp they own the company...

It's pretty ridiculous, but unfortunately, China's not the only country that has traditions like that. However, it's pretty absurd that there isn't a fast legal or judicial way for ARM China to just toss this guy in jail or something. I mean other CEO's have gotten way harsher punishments for much less under the CCP. I'm surprised the CCP haven't done anything against the CEO, since this kind of situation really just shits on the China's image as a possible business venture (as mentioned in the articles).

[JLO64]

Honestly I’m just waiting for ARM or Nvidia to hire a team of mercs to break into this guy’s office and take back control of the company. Either way, the movie they’ll eventually make about this should be a fun watch.

[Hassan170]

13 hours ago, JLO64 said:

Honestly I’m just waiting for ARM or Nvidia to hire a team of mercs to break into this guy’s office and take back control of the company. Either way, the movie they’ll eventually make about this should be a fun watch.

oh yes please. The sheer f**king ridiculousness of this situation is practically begging for a movie.

 

Man with stamp holds billion dollar company hostage. Gets ANNIHILATED by a passing AC-130.

[WereCat]

"I have a stamp and I'm afraid to use it!"

[Arika]

19 minutes ago, Eviljuche said:

It would be much cooler if the guy shot all the mercs with a raspberry pi based laser shotgun, and then had a final boss battle with Jensen Huang himself, on top of Nvidia's skyscraper, and both of them would die in the end, but an Apple M1-powered cyborg would revenge and protect the ARM's autonomy in the sequel

Have you been playing too much of the nier automata dlc? 

[Hassan170]

1 hour ago, Eviljuche said:

It would be much cooler if the guy shot all the mercs with a raspberry pi based laser shotgun, and then had a final boss battle with Jensen Huang himself, on top of Nvidia's skyscraper, and both of them would die in the end, but an Apple M1-powered cyborg would revenge and protect the ARM's autonomy in the sequel

yes. Yes . YES. YESSSSSSSSSSSSSS

[WolframaticAlpha]

16 hours ago, JLO64 said:

Honestly I’m just waiting for ARM or Nvidia to hire a team of mercs to break into this guy’s office and take back control of the company. Either way, the movie they’ll eventually make about this should be a fun watch.

You can say they might strongARM their way into the office.

 

 

Hehehe.

 

But this is seriously fucked up. And he must have a palace in there if he has been holed up there. Maybe they will organize a heist?

 

1 hour ago, Eviljuche said:

t would be much cooler if the guy shot all the mercs with a raspberry pi based laser shotgun, and then had a final boss battle with Jensen Huang himself, on top of Nvidia's skyscraper, and both of them would die in the end, but an Apple M1-powered cyborg would revenge and protect the ARM's autonomy in the sequel

Hi tom clancy.

[soldier_ph]

That moment when a Stamp has more Power than the Company Board of Excec's.

[Jet_ski]

I don’t understand all the disses of China here. The title is funny but the entire world doesn’t revolve around Western norms. In many countries the law requires foreign companies to have some sort of local partners. Those partnership can be very complicated. So a board of directors isn’t legally in charge. I’m sure there’s more to the story than that guy refusing to leave. If ARM actually had legal standing, they could have authorities remove him. He might have legitimate reasons for his actions that’s missing from the misleading PCGamer article. Here’s a quote from the Bloomberg report:

Quote

Arm Ltd. sold a majority stake in the China unit to a consortium of investors, including Beijing-backed institutions. That has complicated the British firm’s efforts to manage Arm China and Wu, who has support from local authorities in Shenzhen.

Quote

Wu, a Chinese-born U.S. citizen, pulled back from signing settlement agreements worth tens of millions of dollars if he would leave the company, the people said, asking not to be identified talking about legal matters. At the same time, two minority shareholders in Arm China linked to Wu have filed lawsuits to overturn his June 4 dismissal, they said.

Arm can’t have its cake and eat it too. They sold a majority stake in the company but somehow want to run it as if they have a controlling stake. Wuts that about?

 

https://www.bloomberg.com/news/articles/2021-04-09/arm-battle-with-china-ceo-escalates-complicating-softbank-sale

[TetraSky]

I knew China was behind a lot, but to think a stupid Stamp hold so much power as to dictate "Ye who hold this stamp, shall have ownership of ARM China".

Anywhere else and this dude would've been forcefully thrown on the curb by the cops.