Thu, November 27, 2008
Business > Industries > Police investigating Gome chairman

Let the public know the truth

2008-11-27 07:00:08 GMT2008-11-27 15:00:08 (Beijing Time)  China Daily

Concerned parties should reveal on time news about the investigation of businessman Huang Guangyu, says an article in the Beijing News. The following is an excerpt:

Huang Guangyu, chairman of Gome Electrical Appliances, was reportedly detained and questioned by police over alleged market manipulation. But some media reports also said that Huang was already home after the police investigation. Gome has declined to comment on this.

Different media outlets have inconsistent reports due to lack of reliable sources. The most reliable source is naturally the police. But so far the police has done nothing to make it public. Gome also refuses to confirm the news.

In fact, the detention or investigation of Huang should be made public in a timely manner because Jintai and Gome are both listed companies controlled by Huang. What's more, the trading of the two stocks was both suspended for the whole day on Monday. Investors having stocks of these two companies have no access to reliable sources for information and may suffer losses because of it.

Therefore, the parties concerned should not hide the news as it might cause confusion for the media and losses for investors.

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