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China's top 10 toppled executives 2009

2009-12-25 08:46 BJT

Special Report: 2009 Year-End |

BEIJING, Dec. 24 -- Editor's Note: With great power comes at least some responsibility. But not everyone with great power turns out a responsible person. Some tend to abuse whatever power they have in their executive positions. Here are ten stories involving some of the least upstanding members of China's business community of 2009 – if they are guilty as charged.

1. Huang Guangyu - home appliance tycoon likely to face trial by year-end

File photo of Huang Guangyu.(Photo Source: chinadaily.com.cn)
File photo of Huang Guangyu.(Photo Source: chinadaily.com.cn)

Huang Guangyu, former chairman and founder of Gome, one of the leading home appliance retailers in China, is expected to face charges of bribery and insider trading.

Sources say investigations are close to completion, and the case will go to court by the end of December 2009. However, Yang Zhaodong, Huang's lawyer, says the charges are yet to be confirmed.

Huang has hired several of the country's top lawyers to defend him. Legal experts say the debate will focus on whether the offense is considered personal or corporate behavior. And this will have an impact on the severity of punishment.

Huang was detained on Nov.24, 2008, as he was suspected of manipulating share trading for two listed companies - Sanlian Commercial Co and Beijing Centergate Technologies Co.

Huang, 40, founded Gome in Beijing in 1987. The company was listed on the Hong Kong Stock Exchange in 2004, and Huang was named China's second-richest man by Forbes in 2008, with an estimated wealth of 2.7 billion U.S. dollars.