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Assets of Huang Guangyu frozen in HK
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A Hong Kong court has ordered the freezing of the assets held by Huang Guangyu, founder of GOME Electrical Appliances Holdings Ltd. at the request of the city's markets watchdog.

Huang is currently being investigated for alleged economic crimes.

The Hong Kong court said it had granted a request from the Securities and Futures Commission (SFC) to prevent Mr. Huang, his wife Du Juan, and two holding companies they control, from disposing of or trading in 1.66 billion Hong Kong dollars (US$214.1 million) of GOME shares.

The two holding companies are Shinning Crown Holdings INC and Shine Group Limited.

The SFC alleges that, as of July 31, Huang owned 4.8 billion shares of GOME through the two companies, while, at the end of April, Du Juan had more than 200 million shares of GOME through another two companies.

Huang, 40, was detained in November last year for economic crimes. Du Juan was later placed under house arrest.

For more information, please consult the Chinese coverage here:


(China.org.cn by Li Xiaohua August 7, 2009)

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