Zhang Xuezheng, a Chinese billionaire, and his company Wingtech have faced legal trouble in China and abroad, with fines and jail time. Accused of stealing British and European technology, assets have been seized, threatening the car industry.

The Dutch government took control of Nexperia, a semiconductor company owned by Wingtech, sparking a row with China. The move has raised national security concerns in the UK and slowed chip supply to car manufacturers, threatening production.

Zhang, a self-made entrepreneur, founded Wingtech and acquired Nexperia, with plans to transfer its technology to China. His net worth is estimated at $1bn and he has faced legal issues in China for financial misconduct.

Nexperia’s acquisition of Newport Wafer Fab in the UK raised national security concerns, leading to the deal being blocked. Dutch officials accuse Zhang of transferring intellectual property and propping up another company with Nexperia’s resources.

Wingtech denies allegations of technology transfer and theft, demanding Zhang’s reinstatement. The company has halted chip shipments to China and local staff have been instructed to ignore Dutch orders. Zhang has expressed frustration at being caught up in geopolitics.

Dutch officials blame Zhang for misusing Nexperia for personal gain, undermining European production capacities. They intervened to preserve the ecosystem crucial to Europe, as technology may have been transferred from Manchester to China.

The situation has escalated into a global tech war, with Zhang at the center of the controversy. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to their website and exclusive app features.

Read more at Yahoo Finance: The Chinese billionaire accused of stealing Britain’s chip industry