NVC Lighting chairman and interim chief executive Wang Donglei and former CEO Wu Changjiang lashed out at each other yesterday at two separate press conferences.

Wang accused Wu of being addicted to gambling and owing 400 million yuan (HK$503 million) in debt.

 Wu accused Wang of plotting his removal and claimed Wang's Company, Elec-Tech International, was poorly managed and may be close to collapse.

NVC, one of China's leading makers of lighting products, announced on last Friday that its board has decided to remove Wu as chief executive as well as three board members seen as his allies.