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CSRC: Gome chairman under investigation for alleged irregular trading

By Tuo Yanan and Bi Xiaoning (China Daily)
Updated: 2008-11-28 18:38

Gome Electrical Appliances Holding Ltd chairman Huang Guangyu is under investigation for alleged irregular trading in the stocks of Sanlian Commerce and Zhongguancun, said the China Securities Regulatory Commission (CSRC).

The CSRC launched an investigation into some of Shanghai-listed Sanlian Commerce and Shenzhen-listed Zhongguancun tradings on March 28, 2008 and April 2008 and found Beijing Pengrun Real Estate Development, controlled by Huang, was involved in alleged irregularities in the asset restructuring of these two listed companies.

The CSRC said it forwarded related files to the police. Gome, registered in Bermuda and listed in Hong Kong, is one of the largest electrical appliance retailer on the mainland. CSRC also said it will offer assistance to the Hong Kong Securities and Futures Commission if necessary.

Huang Guangyu

Forbes Asia last month ranked Huang as China's second-richest man, worth $2.7 billion, after he sold $300 million of shares this year. Hurun Inc, which has compiled a list of China's wealthiest people for a decade, on Oct 7 ranked him the country's richest man, with a fortune of $6.3 billion. Huang has topped Hurun's China rich list three times in the past five years.

Huang was detained by police for allegedly manipulating shares of Shandong Jintai Group Co, a Chinese drugmaker controlled by his brother, Huang Junqin, Beijing-based Caijing magazine reported Nov 24.

Gome replaces chairman

This morning, Gome announced that its chairman Huang is being investigated by the Beijing Municipal Public Security Bureau "in connection with certain suspected economic crime."

Chen Xiao

In a statement to the Hong Kong stock exchange, Gome said the company's chief executive officer Chen Xiao has been appointed the acting chairman.

The company said it was informed of the investigation on Nov 27. It said that it has conducted preliminary internal checks on the assets of the group and the results of these checks have not revealed any misappropriation of the assets and funds.

The company said it will engage external
auditors to conduct a risk assessment and carry out a review on the group's connected transactions and the effectiveness of the internal control system.

In the same statement, Zhou Yafei, chief financial officer (CFO) of Gome, is also being investigated by the Beijing public security bureau in connection with the investigation on Huang. Fang Wei has been appointed the acting CFO of the company.

Trading in the company's shares on the Hong Kong stock exchange has been suspended since Monday.