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Gome dismisses special panel as Huang crisis is over

By Song Jingli (chinadaily.com.cn)
Updated: 2009-07-11 11:02

Gome Electrical Appliances Holdings, one of the leading home appliance retailers in China, has dismissed its special action commission, ending the crisis incurred by its former Chairman Huang Guangyu.

The commission was set up on Nov 27 last year after Beijing police told Gome that its chairman Huang Guangyu had been detained for alleged economic crimes. The commission, comprising non-executive director Sun Qiang and three independent directors - Chen Yusheng, Mark C. Greaves and Thomas Joseph Manning - was established to keep track of the Huang probe and monitor its impact on the company's operations and financial condition. The commission also advised the board of directors on issues concerning information disclosure, handling investors' relationships and the company's business strategies.

Last December, Ernst & Young was entrusted to audit Gome's financial status as of Nov 30, 2008 and to evaluate its internal management and risk control mechanisms.

Related readings:  Chairman says no plans to list GOME on the mainland  Suning counters Gome with Laox deal  Gome shares surge after Bain Capital investment  Electronics giant Gome to raise $417m

On June 22 this year, Gome announced Ernst & Young's auditing results, which found no major shortcomings in the company's internal control system. No embezzlement of funds or assets was found, either, and related transactions didn't exceed the limit set by independent shareholders. Gome announced its cooperation with Bain Capital LLC, an American private equity firm on the same day.

Gome's Chairman Chen Xiao said on Thursday that the commission had helped the company through a crisis by providing precious advice. According to He Yangqing, Gome's spokesman, the commission members will return to their original positions.