China Tycoon Huang Investigated For New Crimes

From Reuters:

Huang Guangyu, once China’s richest man before falling from grace for alleged stock market manipulation, is being investigated on suspicion of committing new crimes, Beijing prosecutors said on Thursday.

Huang founded GOME Electrical Appliances Holdings Ltd (0493.HK), but following a police investigation into alleged financial wrong-doing last year was replaced as chairman. GOME is now under new management.

Little has been heard formally of the investigation since and no charges have been laid, but state media say Huang is being probed for insider trading and stock manipulation.

December 24, 2009 10:15 PM
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Categories: Economy, Law