Society

Jailed Gome founder responds to results

(Xinhua)
Updated: 2010-09-28 22:41

BEIJING - Huang Guangyu, jailed founder of China's largest appliance retailer GOME, issued a statement on Tuesday night responding to the results of a special general meeting.

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"We are pleased that the General Mandate has been revoked as we believe that it could and would have been used improperly by the Company to dilute the investment of the Founding Shareholders and all other existing shareholders," said the statement in the name of "The Founding Shareholders of GOME".

"While we are disappointed in the vote on our other proposals, the vote was close and we believe strongly in the long-term potential of GOME, and intend to remain active and involved shareholders," it added.

The Founding Shareholders believe that without their contributions, GOME would "stray from the path of profitable growth, resulting in deteriorating core competency and losing its industry leadership," it said.

"Nothing has changed about our concerns regarding the unrepresentative nature of the Board, and we reserve all our rights to take appropriate action to protect our interest and those of other shareholders," it said.