China’s Top Billionaire Huang Guangyu Under Investigation

Huang Guangyu, Chairman of Gome Electronics and the richest man in China in 2005, is allegedly under investigation for an illegal loan for as much as 1.3 billion yuan. Taiwan newspaper China Times said, citing Caijing Magazine.

The Bureau of Public Security has launched an investigation on Huang Guangyu and his brother, Huang Junqin. Former head of Bank of China Beijing branch Niu Zhongguang is also implicated and has already been arrested.

The Huang brothers allegedly obtained loans illegally from Bank of China Beijing branch and started their business with the loans.

-Click here to read the report from Caijing Magazine

October 30, 2006 9:08 PM
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Categories: Economy