Huang Guangyu, the biggest shareholder of Gome Electrical Appliances Holdings Ltd., plans to sell a commercial property in the southwest of Beijing for 4 billion yuan with 500 million yuan of debt, the China Business News reported, citing an unidentified person familiar with the situation.
Huang Guangyu, founder of Gome Electrical Appliances Holdings Ltd., may be sentenced by the Beijing No. 2 Intermediate People’s Court on May 18, the Wenweipo reported on its website, citing an unidentified person. Calls to the court’s media office weren’t immediately answered today.
Gome Electrical Appliances Holdings Ltd. sued its founder Huang Guangyu , once China’s richest man, over share repurchases in 2008 and breach of trust. The company’s shares dropped the most in almost two years.
Huang Guangyu, the founder of Gome Electrical Appliances Holdings Ltd., said he respects a court ruling upholding his prison sentence and would like to apologize to people who care about him, according to a letter written by Huang published in the China Business News newspaper today.
Gome Electrical Appliances Holdings Ltd. , China’s second-biggest electronics retailer by market value, said it will begin legal proceedings against its founder and largest shareholder Huang Guangyu over share repurchases.
Gome Electrical Appliances Holding Ltd. Chairman Chen Xiao quit, succumbing to a seven-month campaign by billionaire founder Huang Guangyu to reassert control over China’s second-largest electronics retailer from a prison cell.