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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap China's jailed GOME tycoon stages corporate showdown AFP - Wednesday, September 29 Send IM Story Print China's jailed GOME tycoon stages corporate showdown HONG KONG (AFP) - – GOME shareholders voted on Tuesday on whether to oust the company's chairman in a bizarre corporate showdown staged by the jailed tycoon who founded China's biggest household appliance chain. From his prison cell, billionaire Huang Guangyu has waged a bitter war against GOME management, asking shareholders to vote on Tuesday on his proposal to sack chairman Chen Xiao while installing his sister and lawyer on the board. Huang, jailed in May for 14 years for bribery and insider trading, is also trying to block the Hong Kong-listed firm from issuing new equity that would dilute his family's position as its biggest shareholder. The vote comes amid a nasty power struggle for control of the business empire that the high school-dropout built from scratch. Huang was once listed as China's richest man before his stunning fall from grace. GOME's bosses have railed against Huang's proposals, warning that he was not acting in shareholders' interests and saying they have the support of US private equity firm Bain Capital, which owns about 10 percent of the chain. GOME late Monday issued a statement asking shareholders to stand by the company in Tuesday's ballot. At Tuesday's shareholders' meeting in Hong Kong vote-counting started at 3pm (0700 GMT) with the results expected to be announced at 7 pm (1100 GMT). It said investors had a "stark choice" to make between "a modern, shareholder value driven business" or "a single large shareholder approach that will always risk putting the interests of the largest shareholder ahead of those of all other shareholders." GOME shares were trading higher in Hong Kong on Monday, up 2.1 percent at 2.43 Hong Kong dollars (31 US cents). The firm, which has about 1,100 retail stores across China, has sued Huang over alleged breaches of fiduciary duty while he served as a director in 2008. GOME's management has garnered support from several investor rights and advisory groups, including Glass, Lewis & Co., a major institutional shareholder advisor. If shareholders vote down Huang's proposals, it would be a "victory for corporate governance", said Jamie Allen, secretary general of Hong Kong-based Asian Corporate Governance Association. "It is a very unusual situation," Allen told AFP, adding: "If I were a small shareholder, I'd rather the current management win." Several top Chinese police officials were ensnared in Huang's corruption case, including the former assistant minister of public security who was sentenced to death with a two-year reprieve, according to state media. A suspended death sentence is usually commuted to life in prison. In August, Beijing's High Court freed Huang's wife Du Juan on parole after commuting her three-year prison term for insider trading, but upheld his sentence. Huang was also fined 800 million yuan (120 million US dollars). Huang then upped the ante by threatening to cut contracts between the company and hundreds of stores he still owns if the chairman Chen was not sacked. The threat was dismissed as an "empty ultimatum" by GOME management. GOME's founder reportedly staged a flip-flop two weeks later by offering to sell hundreds of stores back to the chain while asserting his control over the well-known brand. Recommend Send IM Story Print News Search Top Stories World failing to meet HIV/AIDS care target: UN Europe navigates between alarm, hope on economy Up to 1,000 feared dead in Mexico landslide US consumer confidence drops in September: survey French court charges Ryanair over employment law More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Austerity whips up anger, protests mount in Europe RBS cuts 500 jobs Petrobras becomes third biggest oil firm New Citigroup banker could net 30 mln dlrs a year 'Fifty percent of spilled oil remains in Gulf' More Most Viewed » US state executes first woman in nearly 100 years US pastor puts Koran-burning on hold 'Time bomb' superbug requires global response: doctor Vitamin B 'could delay Alzheimer's onset' More Most Recommended » Elsewhere on Yahoo! 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