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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese tycoon resigns from appliance giant Gome AP - 2 hours 43 minutes ago SHANGHAI, China - Wong Kwong-yu, one of China's richest tycoons, has resigned as chairman of the country's biggest appliance chain as he faces investigation into alleged economic crimes, the company said Monday. Wong founded Gome Electrical Appliances Holdings in the 1980s, building it into a consumer electronics retailing empire before expanding into real estate and other investments. Wong, also known as Huang Guangyu, disappeared from public view in November and Beijing police said they were investigating the business dealings by him and his associates for alleged stock price manipulation and other suspected violations. Chen Xiao, acting chairman and former CEO of Gome, replaced Wong as chairman as of Friday, the company said in a notice to the Hong Kong Stock Exchange. "Mr. Wong considered it in the interests of the company and the shareholders of the company that he resigns," Gome said, noting that since Wong already was not able to carry out his duties the resignation would not have a serious impact on the company's operations. Wong's wife Du Juan, who is also under investigation, earlier resigned as a director of Gome. Estimates of Wong's wealth vary, but an October report by Shanghai-based research group Hurun named him the wealthiest Chinese individual, with assets worth about 43 billion yuan ($6.3 billion). The impact of the investigation on Gome's business remains unclear, and the company's shares have been suspended from trading since late November. The company has reported that its net profit for the first nine months of 2008 more than doubled from a year earlier to 1.6 billion yuan ($233 million). But Gome's last-traded share price, at 1.12 Hong Kong dollars (14 U.S. cents), is a small fraction of its one-year high of HK$4.90. 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 MONEY MARKETS-Dollar rates inch up on banking concernsReuters - 1 hour 36 minutes ago Financial bookmakers see Europe shares open higherReuters - 1 hour 42 minutes ago China to inject 1.5 billion dollars into power sector: reportAFP - 1 hour 46 minutes ago Japan's industrial output drops 8.5 percent in NovemberAFP - 1 hour 47 minutes ago Related Articles: Business Akbank to build $125 mln operations centre-reportReuters - 29 minutes ago US-BUSINESS SummaryReuters - 30 minutes ago Sasken has 70 mln rupees in receivables from Nortel-CFOReuters - 30 minutes ago Thai Tisco sees higher interest margin, Q2 bondsReuters - 31 minutes ago European index futures point to higher startReuters - 32 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson 'Overwhelming emotion' at star-studded inaugural concert Hormone drives sexy women to infidelity, says study All aboard, as Obama takes slow train to power View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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