Bother of jailed Gome boss faces trial

By Wang Xiang | August 4, 2010, Wednesday |

Online Edition

THE elder of the Huang brothers who founded the home appliance giant Gome was being prosecuted for insider trading, business scams, credit fraud, and illegally crossing the national border.

Huang Junqin's charges were not related to his younger brother Huang Guangyu, who was sentenced to 14 years in jail and fined 600 million yuan this May for insider trading, bribery, and illegal business dealings, Beijing Times reported today.

Huang Junqin was chairman of a real estate and investment company, Beijing Towercrest Group. He founded Gome Electrical Appliances with his brother in the 1980s and they soon rose to fortune. Huang Guangyu was once ranked the richest man on Chinese mainland.

Police began investigating Huang Junqin in November 2008. The 2nd branch of Beijing People's Procuratorate is pressing the charges, which could be traced back to 1993 when the brothers split up, the report said.

Nation

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Bother of jailed Gome boss faces trial

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