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Posts Tagged ‘Mr Huang’

Business crime in China: Guilty of something

May 20th, 2010 | No Comments

Fourteen years in jail for China’s biggest retail tycoon

A GUILTY verdict was never in doubt. When Huang Guangyu, the founder and controlling shareholder of Gome, a vast retail-electronics chain, vanished from public view in 2008 it was all but certain that he had been arrested. In due course he would surely be sentenced for various crimes. The only mystery was which ones.

The question was partially answered, after a closed trial, on May 18th. It was announced that Mr Huang had pleaded guilty to vague charges of illegal business dealings, insider trading and bribery. He was forced to pay 800m yuan ($119m) and handed a 14-year jail term, both records for white-collar crime in China. Intriguing details were revealed but these raised more questions than they settled. …

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Gome and Huang Guangyu: Power cut

February 18th, 2010 | No Comments

China’s biggest electronics retailer, like its founder, is in trouble

NO ONE epitomises China’s boisterous embrace of modern consumerism better than Huang Guangyu, who transformed a tiny street stall in Beijing into a sprawling network of 1,350 stores. In the process, he became the country’s richest man, worth more than $6.3 billion. His spectacular rise ended abruptly with his arrest in 2008. The authorities belatedly announced the charges against him, of insider trading and bribery, on February 12th.

Gome, the electronic-goods chain that Mr Huang founded, has also had a difficult time of late. Since Mr Huang’s arrest hundreds of its stores have been closed and Bain Capital, an American private-equity firm, has been brought in to shore up its capital. …

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