Date
24 September 2017

GOME founder, wife settle HK$421 mln SFC case, Sina says

GOME Electrical Appliances Holdings Ltd. (00493.HK) founder Huang Guangyu and his wife, Du Juan, have agreed to pay HK$420.6 million (US$54.19 million) to settle a misconduct case brought by the Hong Kong Securities and Futures Commission, news portal sina.com reported Tuesday. The complaint relates to a 2008 share repurchase. Huang and Du admitted they breached their duties as company directors and failed to ensure the repurchase was in the best interest of the company. The couple are said to have engineered the repurchase of up to HK$2.2 billion in order to repay a personal loan of HK$2.4 billion. Huang was arrested for economic crimes in November 2008 and later convicted. He is serving a jail sentence, the report said.  

– Contact HKEJ at [email protected]

EL/AC/RA

 

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