GOME ex-CEO charged
Huang Guangyu, the founder and former CEO of Bain Capital investee GOME Electrical Appliances Holding Ltd., one of China’s largest electronics retailers, has finally officially been charged with bribery and insider trading.
An attorney acting for him, Yang Zhaodong, senior partner with King & Capital Law Firm, said publicly that the trial is expected to commence by the end of the month. The allegations are linked to irregularities in a stock purchase Huang carried out in 2006, and if proven, could put the billionaire in prison for as much as ten years for insider trading, with a maximum fine of five times the defalcated amount. In addition, a further ten-year sentence might be added if the bribery charge is proven. Huang has been held in detention by the China Securities Regulatory Commission (CSRC) since November 2008, but is still thought in some quarters to have orchestrated the Bain/GOME deal in June 2009.
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