InfoAnda - China police say tycoon under investigation

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

US would lose cyberwar: former intel chief | 24 February 2010
Korea Hot Stocks | 8 June 2009
Israel deprives Palestinians in West Bank | 20 December 2010

Painful birth for Europe's new one-stop patent | | 30 August 2012

">Forum Views () ">Forum Replies ()

Read more with google mobile : China police say tycoon under investigation

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China police say tycoon under investigation By ELAINE KURTENBACH,AP Business Writer AP - 2 hours 55 minutes ago SHANGHAI, China - Electrical appliance tycoon Wong Kwong-yu, one of China's wealthiest men, is under investigation for alleged involvement in economic crimes, police confirmed Thursday, ending several days of speculation regarding his whereabouts. "We can confirm for you the news that Wong is being held for investigation by Beijing police in connection with economic crimes," a spokesman for Bejing's police bureau said. The spokesman, who like many Chinese officials would only give his surname, Zhao, said he could provide no more details. It was the first official confirmation by authorities of widespread reports that Wong, founder and chairman of Gome Electrical Appliances Holdings, China's biggest appliance chain, is being questioned for alleged share trading violations or other crimes. At 39, Wong, who is also known as Huang Guangyu, is one of China's richest people, with wealth estimated at about $6.3 billion. He and his wife Du Juan, who is a company executive director, hold a 39.48 percent stake in Gome's listed unit, according to the information from the Hong Kong Stock Exchange. According to the financial magazine Caijing and other state-run publications, Wong was detained by police last week during a probe into allegations of share price manipulation involving a company controlled by his brother. Gome has said little so far. It suspended its shares from trading in Hong Kong as of Monday, and issued only a terse statement saying it was looking into reports about Wong, but said its own operations were not affected. Gome said it had received no legal notices from the authorities. In the absense of official comment, local media have reported extensively on Wong, whose career has been one of the country's most spectacular entrepreneurial success stories. Wong was born to a poor family in the southern province of Guangdong. He moved to Beijing as a teenager and started out selling clothing, but later switched to appliances. Gome now operates more than hundreds of stores and employs about 300,000 people. It's not the first time the tycoon has faced legal scrutiny. An investigation into an allegedly illegal loan to Wong was dropped last year, and Gome announced in June that it was facing a tax probe, but the results of that investigation were not announced. Surfacing at a time when many in China and elsewhere are primed for indignation over financial shenanigans, the story is getting front-page coverage. In a place like China, where the media is state controlled, such intense attention may not portend well for Wong. So far, there is no sign that the company itself is facing any financial crisis. Gome, whose name in Chinese means "country beautiful," recently agreed to a deal with Dell Inc. to sell Dell computers through its outlets. The company released third-quarter earnings on Monday showing the company had more than doubled its net profit from a year earlier in the first nine months of the year. Gome's shares closed Friday at 1.12 Hong Kong dollars, down nearly 80 percent from their 12-month high of HK$5.37. Apart from Gome, his flagship company, Wong has extensive real estate holdings and has dabbled in private equity. Last year investment house Bear Sterns announced a $500 million investment fund venture with Wong, but it was unclear if that project ever took off. The financial status of Wong's mostly privately held real estate ventures is unclear, but the recent economic downturn has left many in the industry short of cash, said Xiang Chunchong, a leasing manager at Shanghai Tomson Real Estate Corp. "This is no small matter. Gome's suppliers will likely be pushing for their payments, which could put the company in a bind," Xiang said. ___ Associated Press researcher Ji Chen contributed to this report. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy HK index rises on China's rate cutAP - 2 hours 9 minutes ago TOPWRAP 3-China downturn deepens, eurozone woes could lingerReuters - 2 hours 12 minutes ago China shares slightly higher, rate-cut rally fadesAP - 2 hours 24 minutes ago China police say tycoon under investigationAP - 2 hours 55 minutes ago Related Articles: Business German carmaker Daimler may cut some working hoursAP - 27 minutes ago FTSE 100 up 65.75 at 4,218.44AP - 30 minutes ago UK house price crash eases in NovemberAP - 39 minutes ago UK electronics retailer DSG posts 1H net lossAP - 40 minutes ago Pakistan-based militant group denies Mumbai attacksReuters - 50 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Fed, Treasury offer $800 bln more to credit markets Michael Jackson strikes 'amicable' deal with Arab sheikh Love handles increase death risk: study US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Thursday, 27 November 2008
Jordan gets Mideast's first female demining team
Landmark Mumbai hotel targeted in terrorist spree
Denmark's 'Night Owls' keep youth violence in check
101 killed as gunmen rampage in India city
SKorea calls for dialogue with NKorea amid tension
'We want US and British' say Mumbai gunmen
American-Chinese suspected to be man behind Ivy Li's suicide
Commandoes surround Jewish headquarters
China blames France, EU for summit cancellation
Blogs feed information frenzy on Mumbai blasts
Surviving Nepalese twin Jamuna doing well after operation
Australian soldier killed in Afghanistan
Sri Lankan military reports fighting with rebels
Thailand insists it is ready to host ASEAN summit
"A Boyfriend" for Jolin this Christmas
Nicholas Tse worships Edison Chen
Award winners recounts the past and looks to the future
IMF bailout funds reach Pakistan, boost rupee
Indian police surround Jewish center hit by gunmen
Bangladeshi fined for flouting tourist tax refund regulation
Iranian court sentences man to be blinded by acid
Israel's Livni calls on Olmert to step down
Iraq factions agree to vote on U.S. pact: lawmaker | International |
Israel's Olmert under pressure to quit
ElBaradei pushes Syria to open up to nuclear probe | International |
Israeli PM under pressure from party to step aside | International |
Thailand to impose emergency around airports
Iraq vote on US pact snarled on Baathist purge
Official: Taiwan's Chen ends hunger strike
Europeans concerned about US climate commitment
Gameworld: Videogames get set to go on vacation | Technology |
Hyundai Motor to suspend daily overtime from Dec
104 killed as gunmen rampage in India city
HK index rises on China's rate cut
Malaysia's IOI scraps $162 mln building purchase
Restaurateur tracks down bill dodgers on Facebook | Technology |
China shares slightly higher, rate-cut rally fades
Half of Philippines school children bullied, abused: study
On-time flights, service ease pain of travel: poll | Technology |
SKorea posts record current account surplus
101 killed as gunmen rampage in India city
Panasonic slashes profit forecast by 90 percent
Taiwan partially lifts ban on short-selling stocks
Singaporean among hostages held in Mumbai
China police say tycoon under investigation
Taiwan c.bank to review rates on Dec. 11-sources
Japan stocks rise on hopes for global economy
WALL-E and Thunder top DVD charts | Entertainment |
Tamil Tiger chief dismisses Sri Lankan offensive
Philippines charges suspects under new terror law
A look at the main places targeted in Mumbai
Pakistan condemns Mumbai attacks
China's foreign minister to visit Nepal, Myanmar
Morgan Stanley names Kate Richdale CEO for SE Asia
Japan leader irks public with insensitive remark
Singapore Keppel says 3 clients may cancel contracts
China airline aid raises hopes for policy support
Team International determined to reclaim Lexus Cup
Thai govt urges army to stay in barracks
DBS says all staff at its Mumbai branch are safe
Q+A-Thailand's intractable political crisis
Bangkok—bound flights from Changi Airport cancelled for second day
Exhibitors cut prices at SITEX fair to lure customers amid downturn
Myanmar gives comedian critical of govt 14 years
Japan leader irks public with insensitive remark
Family permitted to see accused spy held in China
Six new biscuit products contaminated with melamine
S’pore, Uzbekistan ratify non—double taxation agreement
S$12m raised for President’s Challenge 2008
China executes man for ant-breeding scheme
Singapore ready to assist India in resolving hostage crisis
Graft scandal hits family of Indonesia's president
Bangladeshis rally against climate change
Thai PM imposes emergency to clear seized airports
Indian troops raid hotels to free hostages
6 men arrested in islandwide raid targeted at loanshark syndicates
Still with taboos, Saudi art scene grows
Thai gov't says ASEAN summit on despite airport closures
Roger Moore: Daniel Craig 'marvelous' as Bond
Seven missing after New Zealand jet plunges into Mediterranean
Commandos battle Islamist gunmen in Mumbai, over 125 dead
Singapore ready to assist India in resolving hostage crisis
6 men arrested in islandwide raid targeted at loanshark syndicates
Crown prince of Belgium calls on President Nathan
Pakistan condemns Mumbai attacks
Trade fears arise after China cancels EU summit
Indian troops raid hotels to free hostages
EU nations back plans to limit text message prices abroad
Spanish novelist Juan Marse wins Cervantes Prize
Winter of hunger looms in Afghanistan
Ex-Indian premier VP Singh, champion of the poor, dies
Afghan police: 4 dead in blast near US Embassy
Indian troops raid hotels to free hostages
Militants who attacked Mumbai came from Pakistan: army official
Berlin museum shows off antique gods
Mumbai gunmen besiege hotels, kill 119 in 2 days
City Ballet celebrates whopper of a gift
Daniel Barenboim set for Metropolitan Opera debut
Indian security forces arrest 'Pakistani militant' in Mumbai: report
119 killed as gunmen rampage in India city
Titanic museum gets go-ahead in Belfast
Landmark Mumbai hotel targeted in terrorist spree
No hope of survivors in N.Zealand jet crash off France: official
No hope of survivors in N.Zealand jet crash off France: official
Spanish novelist Juan Marse wins top literary prize
Istanbul unveils European Capital of Culture 2010 plans
Dead Sea Scrolls to be displayed in Rome
Group urges humane treatment of stray dogs in Iraq
Militants, commandos fight on in India's Mumbai | International |
Passenger jet plunges into Mediterranean with five on board
Correction: Iraq dog control headline
England returning home but Tests go ahead
UN nuclear body presses Syria for 'maximum transparency'
Czech upper house approves missile shield | International |
Cricketers weigh Test options in India after Mumbai attacks
Bush praises approval of Iraq-U.S. security pact
Chavez, Medvedev tour Russian warships in Venezuela | International |
Palestinian rocket hits Israeli house
Two dead, five missing in Airbus crash in France | International |
Iran says would welcome Obama talks: report | International |
Foreign press issues plea to reopen Gaza crossing
Goldman downgrades Keppel, Sembcorp Marine to sell
Iran urged to halt crackdown on women activists | International |
Garcia blames Mexican drug cartels for Peru violence | International |
Crisis sets back payouts for Indonesian mud volcano victims
Stocks rise even as grim economic news pours in
UN: financial crisis a burden on climate change
Seoul shares gain as techs, auto issues advance
Isolated Indonesia tribe immune to global crisis | International |
India's hijras spread safe sex message in life or death AIDS fight
Excerpts from US-Iraqi security agreement
Bangladeshis rally against climate change
Timeline for Mumbai terrorist attacks
China postpones talks with Airbus: spokesman
Nokia says shipping touch-screen phone | Technology |
Mumbai attacks seen denting business confidence
Shuttle astronaut invents zero-gravity cup | Technology |
One dead, six missing in Airbus crash in France
Court says Internet baby to be taken into care | Technology |
Pakistan's forex reserves fall $40 mln to $6.6 bln
Blogs feed information frenzy on Mumbai attacks | Technology |
Eleanor Rigby document fetches $177,000 | Entertainment |
Holiday movies offer escape from economy's gloom | Entertainment |
TV writers look to economy for cues to future shows | Entertainment |
Zimbabwe playwright and Mugabe critic wins award | Entertainment |
Tourists struggle down to idyllic Thai beaches
France returns Matisse painting stolen by Nazis
T.I. serves Thanksgiving dinner to Atlanta needy
No change to Australian troops in Afghanistan
Indian forces scour Mumbai hotels after carnage
PM Lee says downturn will be protracted, but no reason to panic
Malaysia government sued over seized Christian CDs
Britain could send more troops to Afghanistan: FM
Inter-Korean railway to halt as ties worsen
Thai PM to stay in north amid tensions with army: spokesman
Thailand to negotiate with airport protesters
Commandos storm Mumbai Jewish centre, gunfire erupts
Forces assault besieged Jewish center in Mumbai
Rugby Grand Slam still matters for McCaw
Slight fall for oil in quiet Asian trade
Thai Muslims caught up in political standoff
Japan announces end of air mission in Iraq
RPT-GLOBAL MARKETS-Asia stocks up as bargains sought; oil slips
ASEAN head travels to protest-hit Thailand to 'clarify' summit
Pakistan, India ties chill after attacks
Three sentenced to death for Beijing taxi murder spree: report
Inter-Korean railway, tours to halt as ties worsen
Complacency about HIV 'more deadly' than disease itself: IFRC
2008 employment growth tempered by rising unemployment
Medvedev meets with Raul Castro in Cuba
Thai protesters brace for police assault | International |
Trains between Koreas stop, North restricts border | International |
Iraq parliament passes U.S. security pact | International |
US military deaths in Iraq war at 4,206
Two dead, five missing in Airbus crash in France | International |
Indian papers flail intelligence failures in Mumbai attacks
Russia applauds U.S. moves on NATO membership | International |
Thai airport protesters vow to 'fight to death'
Russian president visits Cold War ally Cuba | International |
SKorea industrial production slows in October
Indian commandos storm besieged Jewish center
Seoul shares rise 1.2 pct; Hynix, Kia Motors rally
Air New Zealand mourns staff believed dead in French air crash
Jiangxi Group to build Philippines nickel processing plant: partner
Australia indicts American in wife's drowning
NZ dollar stays firm around 55 cents; debt rises
Japan turns away 846 foreigners due to new checks
Mumbai stock market to re-open after attacks
S.Korea won extends gains on stocks, c/a forecast
Court authorises euthanasia for first time in SKorea
Oil falls below $54 in Asia ahead of OPEC meeting
S.Korea pension to sell $1.1 bln US bonds to BOK
Army official: Mumbai operations almost over
Slight fall for oil in quiet Asian trade
Japan's recession woes deepen as output tumbles
Japan's Panasonic slashes profit forecast
Taiwan dollar up on exporter deals in thin trade
Thai Airways to fly Muslims to hajj
StanChart says 2 Asia consumer bank execs to leave
SKorean train makes last trip to North
Indian commandos storm besieged Jewish center
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01