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Biz people of August

(chinadaily.com.cn)
Updated: 2010-08-31 16:45
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Huang Guangyu in battle to control his retail empire

Biz people of August

Huang Guangyu


Huang Guangyu, founder and former chairman of electronics retailer Gome Electrical Appliances Holdings Ltd, has been under the spotlight this month as Gome's long-term power struggle intensified into a boardroom tussle.

Huang, once the richest man in China, was jailed earlier this year for bribery and insider trading.

Gome sued Huang at HK's High Court on August 5 for Huang's alleged breach of fiduciary duties in early 2008 as a former board director. Then Huang, who remains Gome's biggest shareholder, fought back, calling for the removal of current chairman Chen Xiao.

The drama is expected to come to a conclusion on September 28 at a special shareholder meeting, and the two sides are actively gaining more support from investors.

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