Fri, December 26, 2008
Business > Industries > Police investigating China's richest man

Newspaper: China appliance retailer Gome suspends chairman

2008-12-26 06:49:43 GMT2008-12-26 14:49:43 (Beijing Time)  Xinhua English

BEIJING, Dec. 26 (Xinhua) -- Huang Guangyu, chairman and controlling shareholder of China's top electronics retailer Gome, was suspended from his post on Dec. 23, the Shanghai Securities Journal reported on Friday.

His wife, Du Juan, quit her post as company director on the same day. Gome also terminated her contract and her membership in the remuneration committee, as well as her status as an authorized representative.

The decision was revealed in a company statement released on the night of Dec. 24. The company appointed vice president Wang Junzhou as Gome's executive director, according to the newspaper.

Huang remains under investigation, the paper said. Gome told Xinhua the company had been unable to contact Huang.

Acting chairman Chen Xiao replaced Du as an authorized representative, effective on Dec. 23. Gome spokesman He Yangqing declined to comment on rumors that Du had fled China. He also would not comment on whether Gome was still in touch with her.

Huang, 39, a self-made billionaire, was detained on Nov. 24 on claims that he had manipulated share trading in two listed companies, Sanlian Commercial Co. and Beijing Centergate Technologies Co..

His company, Hong Kong-listed Gome Electrical Appliances Holdings Ltd., has been suspended from trading since Nov. 24. The share price on the last trading day was 1.12 Hong Kong dollars (0.14 U.S. cents).

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