Police confirmed that Huang Guangyu, chairman of electronics retailer Gome and one of China’s wealthiest men, was under investigation for involvement in economic crimes after a week of speculation on Huang’s whereabouts, AP reported. Further details on the specific charges were not disclosed. Gome announced that Huang had handed responsibility for company affairs over to to CEO Chen Xiao. Gome’s shares have been suspended from trading since Monday. There have been no signs that Gome has been significantly affected by the financial crisis.
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