Huang 'sorry for the pain'
By Zhang Fengming |
September 7, 2010, Tuesday
|
Print Edition
Print Edition
GOME Electrical Appliances founder Huang Guangyu said he respected a court ruling that upheld his 14-year prison sentence and felt sorry for Gome's shareholders but his battle with the retailer's board continues.
Huang, the former boss of the home appliance conglomerate, last week lost his appeal against the sentence and an 800 million yuan (US$118 million) fine for bribery and insider trading.
"I am grateful for the support given by consumers, shareholders from home and abroad, suppliers, banks and other friends," Huang said in his letter yesterday. "I feel extremely sorry for the pain I've brought."
But Huang will proceed with his battle with its board of directors.
A special shareholders meeting is slated to be held on September 28 to discuss whether to unseat current Gome Chairman Chen Xiao and for the board's plan to issue 20 percent more shares.
Huang, the former boss of the home appliance conglomerate, last week lost his appeal against the sentence and an 800 million yuan (US$118 million) fine for bribery and insider trading.
"I am grateful for the support given by consumers, shareholders from home and abroad, suppliers, banks and other friends," Huang said in his letter yesterday. "I feel extremely sorry for the pain I've brought."
But Huang will proceed with his battle with its board of directors.
A special shareholders meeting is slated to be held on September 28 to discuss whether to unseat current Gome Chairman Chen Xiao and for the board's plan to issue 20 percent more shares.
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