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GOME power fight intensifies as boss's wife out of jail
By Lydia Chen |
August 30, 2010, Monday
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Online Edition
Online Edition
THE battle between GOME's jailed founder Huang Guangyu and its current board chairman Chen Xiao is escalating as Huang's wife, who was convicted for insider trading, was released on probation today, adding more uncertainty to who will laugh in the end of the power fight.
The appeal from Du Juan, wife of Huang Guangyu, once the richest man on the mainland, was supported by Beijing Higher People's Court which reduced her jail term from three and a half years to three years with three years of probation this morning.
She was released right after the court announced its verdict based on the fact that she had already paid her fine of 200 million yuan as ordered by Beijing No. 2 Intermediate People's Court in an earlier sentence made on May 19.
But the Higher Court upheld the 14-year sentence for Huang for illegal business dealings, insider trading and bribery. It also rejected the appeal from Xu Zhongmin, chairman of the Shenzhen-listed Zhongguancun Co who stood trial with Huang for leaking inside information to him. Xu was sentenced to three years in jail in May.
Huang will also have to pay a fine of 600 million yuan as the No.2 People's court has ruled and 200 million yuan of his personal assets will be seized. This was the heaviest fine issued against an individual in the history of the People's Republic of China since 1949, said the Supreme People's Procuratorate in previous reports.
Huang's two firms, GOME Electrical Appliances Holding and Pengrun, were fined 5 million yuan and 1.2 million yuan respectively on charges of corporate bribery.
The timing of the reduced sentence for Du, who used to be a board member of GOME, was widely considered a crucial help for her jailed husband as he needs someone outside to rebuild his clout in the riveting corporate soap opera pitting the management of the electrical retail giant.
The appeal from Du Juan, wife of Huang Guangyu, once the richest man on the mainland, was supported by Beijing Higher People's Court which reduced her jail term from three and a half years to three years with three years of probation this morning.
She was released right after the court announced its verdict based on the fact that she had already paid her fine of 200 million yuan as ordered by Beijing No. 2 Intermediate People's Court in an earlier sentence made on May 19.
But the Higher Court upheld the 14-year sentence for Huang for illegal business dealings, insider trading and bribery. It also rejected the appeal from Xu Zhongmin, chairman of the Shenzhen-listed Zhongguancun Co who stood trial with Huang for leaking inside information to him. Xu was sentenced to three years in jail in May.
Huang will also have to pay a fine of 600 million yuan as the No.2 People's court has ruled and 200 million yuan of his personal assets will be seized. This was the heaviest fine issued against an individual in the history of the People's Republic of China since 1949, said the Supreme People's Procuratorate in previous reports.
Huang's two firms, GOME Electrical Appliances Holding and Pengrun, were fined 5 million yuan and 1.2 million yuan respectively on charges of corporate bribery.
The timing of the reduced sentence for Du, who used to be a board member of GOME, was widely considered a crucial help for her jailed husband as he needs someone outside to rebuild his clout in the riveting corporate soap opera pitting the management of the electrical retail giant.
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