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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 appliance tycoon's company post suspended AP - 2 hours 54 minutes ago SHANGHAI, China - China's largest appliances retailer has suspended its founder and chairman, tycoon Wong Kwong-yu, citing his inability to perform his duties due to an investigation into alleged economic crimes. Wong, one of China's richest men, facing an investigation into allegations of stock manipulation and other charges, was suspended from his executive duties as of Tuesday, Gome Electrical Appliances Holdings said in a notice to the Hong Kong Stock Exchange on Friday. Wong's wife, Du Juan, has resigned as a director of the company, Gome said. The company said it deemed it in the company's "interests" to suspend Wong. Gome's chief executive officer, Chen Xiao, has been standing in for Wong since late November. Gome's shares have been suspended from trading since Nov. 24 amid the investigation. Police confirmed that Wong and several other company officials were being questioned, but have provided no other details. The company says its operations have remained stable and that it did not expect the managerial changes to affect its business. Estimates of Wong's wealth vary, but he has at times topped lists of China's wealthiest people. In October, the Shanghai-based Hurun research group estimated his assets at about 43 billion yuan ($6.3 billion). 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 Greentown China to buy stake in Japan's Pacific-mediaReuters - 48 minutes ago Toyota recalls 122,000 cars in China over steering defects: govtAFP - 2 hours 30 minutes ago Chinese appliance tycoon's company post suspendedAP - 2 hours 54 minutes ago Australian retailers expect bumper sales despite crisisAFP - Friday, December 26 Related Articles: Business SKorean Constitutional Court endorses US beef importsAFP - 8 minutes ago Wockhardt seeks shareholder nod to raise 5 bln rupeesReuters - 14 minutes ago Sinopec finishes building Zhenhai commercial storageReuters - 16 minutes ago GLOBAL MARKETS-Nikkei hits 6-wk high as risk appetite improvesReuters - 18 minutes ago Turkey's Grundig says signs TV deal with SonyReuters - 19 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 Actress Jennifer Aniston appears naked in GQ magazine Australian 'mummy smuggler' arrested in Cairo Guinea PM turns himself in at military camp Weather outside frightful for US, Canada travelers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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