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Chen Xiao |
Huang Guangyu |
Chen Xiao and Huang Guangyu, the duo who led Hong Kong-listed Gome Electrical Appliances in 2006-08, have broken up in a struggle for control over China's second largest electronics retailer.
On August 5, Gome filed a writ of summons against Huang at Hong Kong's High Court for Huang's alleged breach of fiduciary duties in early 2008 as a former board director.
The move was launched after Huang, the largest shareholder in Gome, accused Chen of incompetence and proposed his removal.
Gome, however, said Chen and his board had helped restored the company's financial stability and operational strength.
Huang, 41, was arrested in late 2008 on charges of illegal business dealings, insider trading and corporate bribery and was sentenced to 14 years in prison in May. Chen, 51, then Gome President, has since served as acting chairman and chairman of Gome. |