Gome Huang Guangyu Investigation Released On The Official Announcement
Hong Kong Stock Exchange the contents of this announcement takes no responsibility for its accuracy or completeness of any statement, and expressly shall not be a result of this announcement or any part of the contents arising or in reliance upon the contents of any loss arising from any liability.
GOME ElEctrical appliances Holding limited GOME Electrical Appliances Holding Limited * (Incorporated in Bermuda with limited liability)
(Stock code: 493) Under Listing Rule 13.09 (1) the announcement made
Public Security Bureau on November 27, 2008 orally notified the Company, Mr. Huang alleged economic criminal cases, public security bureau is currently under investigation. Mr. Chen has been appointed as Deputy.
The company has set up a special action committee to:
(A) closely monitor and evaluate the investigation of the Group’s financial position and operating result of the impact;
(B) timely disclosure of this company, investor relations and regulatory compliance advice;, and
(C) the Company will investigate and take action to make recommendations to the Board.
Management preliminary internal review, the current assets of the group and found no funds had been misappropriated or occupier of the situation. To be prudent, the company will hire an independent accounting firm
Gome Risk assessment and related transactions and the effectiveness of internal control systems are reviewed.
This announcement is based on the Hong Kong Stock Exchange Limited (“Exchange”) Listing Rules (“Listing Rules”) 13.09 (1) of the Ordinance.
Country United States Electric Holdings Limited (the “Company”, together with its subsidiaries, collectively (the “Group”)) Reference is made to the Company dated November 24, 2008 and the recent announcement of the Company Chairman, Executive Director and controlling shareholder
Huang Guangyu (“Mr Wong”) of that certain press reports, and clarify our position on the report of.
Beijing Public Security Bureau (“PSB”) on November 27, 2008 orally notified the Company, Mr. Huang alleged economic criminal cases, the Public Security Bureau is currently under investigation (“investigation” ).
The Company confirmed that it had not received the People’s Republic of any regulation issued by the Government or the judiciary of any legal documents relating to the investigation. The best of our knowledge, from information and belief, and in accordance with the Company on Nov. 27, 2008 possession of information, the investigation is not associated with the group.
As a result of the investigation clearly
Wong unable to perform his duties, so the Board of Directors (“Board”) on November 27, 2008 appointed an Executive Director and Chief Executive Mr. Chen Xiao (” Mr. Chen “) as the Deputy Chairman, with immediate effect.
He was a major stake in the company has since completed its acquisition of China Paradise Electronics Retail Ltd. (Youbi creation) has served as the Group Chief Executive, in China’s electrical and electronics retail industry has more than twenty years of experience. Mr. Chen of the Shanghai Electronic Submission
Home Appliances Business Industry Association. Chen, together with the Group’s management team is responsible for the daily operations of the Company and the Executive Board of the instructions. Accordingly, the Board considers that the Group management, operations and business will not be affected by an inquiry.
The best of our knowledge, from information and belief, and in accordance with the Company on Nov. 27, 2008 by access to information, the Group Chief Financial Officer Mr. Zhou Yafei this is owing to accept the Public Security Bureau investigation. Mr. Fang Wei has been appointed as the Group Deputy CFO.
Is to provide independent assurance the Company, the Company was November 27, 2008 set up a Special Action Committee (“Committee”). The Committee comprises the non-executive directors Mr. Sun Qiang (Committee Chairman) and the independent non-executive director Mr. Chen Yusheng, MarkC. Greaves, Mr. President, and Thomas Joseph Manning. Committee set up to:
(A) closely monitor and evaluate the investigation of the Group’s financial position and operating result of the impact;
(B) timely disclosure of this company, investor relations and regulatory compliance to provide advice; and
(C) the Company will investigate and take action to make recommendations to the Board.
The Company believes, the Committee will urge the board to respond effectively to strengthen the communication with the market and the transparency of the investigation.
Management preliminary internal review, the current assets of the group and found no funds had been misappropriated or occupier of the situation. To be prudent, the company will hire an independent accounting firm (independent of the Company and its connected persons (as defined in the Listing Rules)) risk assessment of the Gome and related party transactions and the effectiveness of internal control systems are reviewed.
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