Huang Guangyu, former chairman of Gome Electrical Appliances Holdings (0493.HK), finally began his trial in Beijing for a wide variety of alleged commercial crimes, state media reported. Once the richest man in China, Huang stands charged with illegal foreign exchange trading in Hong Kong in 2007, insider trading on the Shenzhen exchange, and bribing officials – many of whom have already been prosecuted. He faces a sentence of up to 15 years if convicted on all charges. The charge of corporate bribery, if proven, would impose a large fine on Gome itself. Gome announced last month that a review of its balance sheet did not find any embezzlement of corporate funds, which would imply that Huang used his own money to pay the bribes, exempting Gome from any penalties.
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