Economy

Chinese home appliances tycoon Huang Guangyu stands trial in Beijing

(Xinhua)
Updated: 2010-04-22 16:24
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BEIJING - Huang Guangyu, former chairman of Gome Electrical Appliances Holdings, went on trial Thursday on charges of illegal business dealings, insider trading and bribery at the Beijing No 2 Intermediate People's Court.

The procuratorate has charged Huang with illegal foreign exchange trading via Hong Kong in 2007 and insider trading of Shenzhen-listed Zhongguancun stocks.

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The procuratorate has also accused Huang of offering bribes of 4.56 million yuan ($667,600) to a number of officials.

Hong Kong-listed Gome opened at HK$2.7 ($0.35) per share in Thursday trade, compared with HK$2.72 at the end of the previous trading day.

Huang resigned as a Gome director in January 2009 but he is still the largest shareholder.

The 41-year-old tycoon, listed by the Hurun Report as China's richest man in 2004, 2005 and 2008, was detained by Beijing police in November 2008.
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