Police won't comment on reported probe of China appliance tycoon
24/11/2008 17:25
Beijing police declined comment today about media reports that Huang
Guangyu, China's home appliance tycoon, is under investigation for stock market
manipulation.
The police told Xinhua that the case is under the direct charge
of the Ministry of Public Security, where a person who answered the phone today
declined to give his name but said he was unclear about the case.
According
to the Beijing News, Huang is under police investigation for stock market
manipulation.
Shares in his company, the Hong Kong-listed Gome Electrical
Appliances Holdings Ltd, were suspended today, ahead of the scheduled release of
third-quarter results.
Gome sent a statement to Xinhua today at noon, which
said that the management was "trying to verify" the reports. Gome also denied
having received any legal documents from any single department concerning what
the statement called "hearsay".
The statement also said that Gome management
was functioning as normal.
Huang, 39, whose personal wealth is estimated at
43 billion yuan (about US$6.14 billion), is the richest man on the mainland,
according to the 2008 Hurun Rich list.
His home appliance chain has outlets
in more than 200 Chinese cities. He is also a real estate
investor.
Xinhua
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