Huang Guangyu

Huang Guang Yu
黄光裕
Cantonese: Wong Kwong Yu
Teochew: Ng Guangyu
Born (1969-06-24) 24 June 1969
China Shantou, Guangdong
Nationality China
Other names Huang Junlie[1]
Occupation Former Chairman of GOME Group
Criminal penalty 14 years in prison
$600,000,000 fine
Confiscation of $200,000,000
Criminal status in prison
Spouse(s) Du Juan
Conviction(s) stock market manipulation (18 May 2010)
This is a Chinese name; the family name is Huang.

Huang Guangyu, (simplified Chinese: 黄光裕; traditional Chinese: 黃光裕; pinyin: Huáng Guāngyù; Jyutping: Wong4 Kwong1 Yu6) (born 24 June 1969) was the Chairman of GOME Group, which is the largest consumer electronics retailer in China. He had a net worth of US$1.7 billion as of 2005, according to Forbes magazine's world's richest people ranking.[2] In 2005, he was the richest man in China according to Time magazine.[3] He was born and raised as a Christian.[4]

In 2006, he was forced by regulations to sell off 25% of GOME Group, as listed in Hong Kong, making his net worth US$2.5 billion, according to some sources. His ambitious goals include "making Gome one of the 500 largest companies in the world by 2008". Huang was listed as the richest person in Mainland China in 2007, with a net worth estimated at $6.3 billion, according to the 2008 China Rich List, which is compiled by the Hurun Institute.[5] He was surpassed by Yang Huiyan in 2009, with a net worth of $7.1 billion.

Under investigation on charges of stock market manipulation

On November 24, 2008 the Hong Kong Stock Exchange indefinitely halted trading in shares in GOME, amid reports of a police investigation of Huang Guang Yu, the company's Chairman, Executive Director and Controlling Shareholder.[6] Furthermore, Huang was reported to be charged with alleged stock market manipulation, on which police declined to comment,[7] according to the state-run China Daily newspaper. He resigned from the post of Chairman on 16 January 2009.[8]

Sentencing

A Chinese court sentenced Huang Guangyu to 14 years in prison, a punishment that is likely to be seen as a warning to the country's business executives.[9]

Business Behind Bars

In April 2011, Chairman Chen Xiao, who succeeded Mr. Huang when he was sentenced to prison, resigned after a seven-month campaign by Mr. Huang to reassert control.[10]

On July 12, 2011, Eagle Vantage Asset Management, controlled by Mr. Huang, bid on his behalf for the decommissioned British Royal Navy aircraft carrier, HMS Ark Royal. According to reports, the plan is to create the world’s largest buoyant luxury shopping mall.[11]

References

  1. ↑ Huang Guangyu Of A Chinese Dream
  2. ↑ "Wong Kwong Yu, The 400 Richest Chinese". Forbes.com. Retrieved 2010-05-19.
  3. ↑ Mcgregor, James (2006-04-30). "Huang Guangyu". TIME. Retrieved 2010-05-19.
  4. ↑ Huang Guangyu, China's richest man, disappears amid corruption
  5. ↑ CNN China's richest man 'under investigation', November 24, 2008
  6. ↑ "Under investigation on charges of stock market manipulation". CNN. June 1999. Retrieved 2008-11-24.
  7. ↑ Archived December 2, 2008 at the Wayback Machine
  8. ↑ RESIGNATION OF DIRECTOR, APPOINTMENT OF CHAIRMAN, REAPPOINTMENT OF EXECUTIVE DIRECTOR AND APPOINTMENT OF NOMINATION COMMITTEE MEMBER AND REMUNERATION COMMITTEE MEMBER
  9. ↑ Dean, Jason; Jeffrey Ng (May 18, 2010). "Ex-Gome Chairman Sentenced to 14 Years in Prison". The Wall Street Journal. Retrieved 19 May 2010.
  10. ↑ "Gome Electrical's Chairman Chen Quits After Boardroom Battle With Founder". Bloomberg. March 9, 2011. Retrieved 13 July 2011.
  11. ↑ "Jailed Chinese tycoon bids for British aircraft carrier". July 12, 2011. Retrieved 13 July 2011.
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