Allies of GOME's Huang issue open letter to Bain-backed board
A group representing "the founding shareholders of GOME Electrical Appliances," including jailed former GOME chairman Huang Guangyu, has issued an open letter to current shareholders, claiming that the company's chairman, Chen Xiao, backed by Bain Capital, has not acted in GOME's best interests, and called for his removal.
The letter also specifically objects to what it claims is the current chairman's stated plan to reduce the founding shareholders' equity to below 30%. The founding shareholders' group also asserts that...
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