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Gome unit faces bribery charge
By Fu Chenghao |
March 1, 2010, Monday
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Online Edition
Online Edition
GOME Electrical Appliances Holding Ltd said today its Chinese mainland unit was indicted for bribery at a Beijing court but denied this will have "substantive adverse effect" on its business.
Its unit Gome Appliance Co received a copy of the indictment last Thursday, Hong Kong-listed Gome said today.
The alleged bribery occurred from 2006 to 2008, during which Huang Guangyu was Gome's chairman and the legal representative of the mainland subsidiary. This unit was one of the subjects alleged to be involved in the bribery, said to be worth a total of 4.56 million yuan (US$668,034), Gome said.
"The company will actively defend against the accusation," it said.
Gome, after consulting its criminal defense attorney, said that even under the "worst case scenario" of the unit being judged guilty, it would only be subject to a fine that will "not have any substantive adverse effect on the operation and the financial condition" of Gome.
Huang, who founded the electronics retailer giant and was once China's richest man, was formally indicted on charges of insider trading, illegal business dealings and bribery before the Spring Festival holidays, about 15 months after his detention in November 2008.
Its unit Gome Appliance Co received a copy of the indictment last Thursday, Hong Kong-listed Gome said today.
The alleged bribery occurred from 2006 to 2008, during which Huang Guangyu was Gome's chairman and the legal representative of the mainland subsidiary. This unit was one of the subjects alleged to be involved in the bribery, said to be worth a total of 4.56 million yuan (US$668,034), Gome said.
"The company will actively defend against the accusation," it said.
Gome, after consulting its criminal defense attorney, said that even under the "worst case scenario" of the unit being judged guilty, it would only be subject to a fine that will "not have any substantive adverse effect on the operation and the financial condition" of Gome.
Huang, who founded the electronics retailer giant and was once China's richest man, was formally indicted on charges of insider trading, illegal business dealings and bribery before the Spring Festival holidays, about 15 months after his detention in November 2008.
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