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December 25, 2009

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New inquiry on Huang

HUANG Guangyu, once Chinese mainland's richest man before falling from grace for alleged stock-market manipulation, is being investigated on suspicion of committing new crimes, Beijing prosecutors said yesterday.

Huang founded Gome Electrical Appliances, but following a police investigation into alleged financial wrong-doing last year was replaced as chairman. Gome is now under new management.

Little has been heard formally of the investigation since and no charges have been laid, but media reports say Huang is being investigated for insider trading and stock manipulation.

The office of Beijing's procurator, in a brief statement on its Website, said simply that Huang was being further investigated.

"Recently, the second division of the city's procurator ... found facts about newsuspected crimes committed by Huang Guangyu and others, which have been handed over to relevant departments for further investigation."


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