Thu, January 08, 2009

Police investigating China's richest man

China appliance retailer Gome suspends chairman

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. Full story

BACKGROUND

Profile of Wong Kwong Yu

Wong Kwong Yu, (born in 1969 or 1970), also often called Huang Guangyu in mainland China, is the Chairman of Gome Group, which is the largest consumer electronics retailer in China.

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Gome chief's wife detained

2009-01-08 06:02:38 GMT China Daily Police have detained Du Juan, wife of billionaire home appliance retail chain chief Huang Guangyu, in Beijing, media reports said yesterday. The Gome chief is already under investigation for suspected stock manipulation and other financial offenses.

Gome chairman's wife in police custody

2009-01-07 04:21:35 GMT China Daily Du Juan, former executive director of Gome is reported to be in police custody for alleged wrongdoings in association with her husband Huang Guangyu, founder and former chairman of the giant consumer electronics retailer.

Newspaper: China appliance retailer Gome suspends chairman

2008-12-26 07:49:43 GMT 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.

Gome chairman suspended from duties, wife quits

2008-12-25 05:46:00 GMT China Daily China's largest consumer electronics retailer Gome said on Dec 24 that its board of directors has suspended the executive duties of the company's founder and chairman Huang Guangyu, who was arrested in November for the alleged irregular share trading. The suspension was effective from Dec 23.

Speculations on Huang's detention

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Report says that Chinese tycoon held in stock scandal

2008-11-27 10:05:49 GMT SINA.com Huang Guangyu, one of China's wealthiest entrepreneurs and the chairman of the country’s biggest electronics retailer, was detained last week by the police as part of an investigation into stock manipulation involving a relative's company, according to a report in a Chinese financial magazine.

Tycoon vanishes on graft rumours

2008-11-27 09:56:00 GMT SINA.com CHINA'S richest man, the $US6 billion ($9.5 billion) electronics magnate Huang Guangyu, has disappeared from his home into a vortex of speculation about corruption and sharemarket manipulation.

Corruption charges for China's richest man

2008-11-27 09:51:05 GMT SINA.com There's never a good time for a company to have its chairman under investigation. But news that Chinese authorities have detained Huang Guangyu, the country's wealthiest tycoon, could hardly have come at a worse moment for his company, consumer electronics retailer Gome Electrical Appliance Holdings. Known as the Best Buy (BBY) of China, Gome has tapped into the demand for household appliances by China's burgeoning middle class to become the country's biggest retailer. Now, with the Chinese economy suffering a dramatic slowdown because of the global financial crisis, Gome cannot afford the distraction of a prolonged legal battle involving its founder.

Gome chief investigated for "economic crimes"

2008-11-27 09:47:21 GMT SINA.com China's richest man and chairman of China's top electronics retailer, GOME, is under investigation for involvement in "economic crimes", Xinhua news agency said on Thursday, citing police. "Huang Guangyu, China's home appliance tycoon, is under investigation for involvement in 'economic crimes,' confirmed Beijing police on Thursday," Xinhua said.

Voices from Media

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Enhance regulation

2008-11-27 07:00:46 GMT China Daily The lack of market regulations has in one way or another contributed to the birth of many "problem tycoons" in China, says an article in Qianjiang Evening Post. The following is an excerpt:

Let the public know the truth

2008-11-27 07:00:08 GMT 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: