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

Police won't comment on reported probe of China appliance tycoon

2008-11-24 07:07:13 GMT2008-11-24 15:07:13 (Beijing Time)  Xinhua English

BEIJING, Nov. 24 (Xinhua) -- Beijing police declined comment on Monday about media reports that Huang Guangyu, China's home appliance tycoon, is under investigation for stock market manipulation.

The police told Xinhua that the case is under the direct charge of the Ministry of Public Security, where a person who answered the phone on Monday declined to give his name but said he was unclear about the case.

According to the Beijing News, Huang is under police investigation for stock market manipulation.

Shares in his company, the Hong Kong-listed Gome Electrical Appliances Holdings Ltd., were suspended on Monday, ahead of the scheduled release of third-quarter results.

Gome sent a statement to Xinhua at Monday at noon, which said that the management was "trying to verify" the reports. Gome also denied having received any legal documents from any single department concerning what the statement called "hearsay".

The statement also said that Gome management was functioning as normal.

Huang, 39, whose personal wealth is estimated at 43 billion yuan (about 6.14 billion U.S. dollars), is the richest man on the mainland, according to the 2008 Hurun Rich list.

His home appliance chain has outlets in more than 200 Chinese cities. He is also a real estate investor.

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