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HK court freezes assets of former GOME chairman

(Agencies)
Updated: 2009-08-07 09:29

LONDON: A court in Hong Kong has ordered that assets held by former GOME Electrical Appliances Chairman Huang Guangyu be frozen, according to a report in the Wall Street Journal on Thursday.

This undated photo shows a view of the Gome store in Wuhu, Anhui province. (Inset: Huang Guangyu) [China Daily]

Huang is currently being investigated for alleged economic crimes. He and his wife were suspended from their executive duties at electronics retailer GOME last year. The asset freeze follows a request from the Hong Kong securities regulator in order to prevent Huang, his wife and two holding companies from disposing or trading in the company's shares, the paper reported the court as saying.

Related readings:  Gome dismisses special panel as Huang crisis is over  Chairman says no plans to list GOME on the mainland  Gome may offload 20% stake to raise funds  Gome back on track with refinancing deal

A spokesperson at GOME was not immediately prepared to comment, but told Reuters the company would respond later.

Huang owns 34 percent of GOME's shares after spending HK$549 million to increase his stake slightly last week.