Police: China home appliance tycoon under investigation
27/11/2008 16:33
Huang Guangyu, China's home appliance tycoon, is under investigation for
involvement in "economic crimes," confirmed Beijing police today.
Company
spokesman He Yangqing said Gome will respond to the news on Monday
afternoon.
Huang, 39, whose personal wealth is estimated at 43 billion yuan,
is the richest man on the mainland, according to the 2008 Hurun Rich
list.
The appliance chain has 1,300 outlets in more than 300 Chinese cities
with 300,000 employees. Huang is also a real estate investor.
Shares in his
company, the Hong Kong-listed Gome Electrical Appliances Holdings Ltd, were
suspended on Monday ahead of the scheduled release of third-quarter
results.
In its third-quarter results, released on Monday, the company said
net profits rose 111 percent year-on-year in the first nine months to 1.59
billion yuan (about US$227 million).
Gross profit increased 28 percent to
3.57 billion yuan while operating revenue hit 36.4 billion yuan, up 20 percent,
the company said.
Xinhua
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