Hong Kong Securities Regulatory Commission: Huang Guangyu and his wife Cuckoo agree to compensate Gome HK $420 million

Huang Guangyu Sina Science and technology news March 11 afternoon, the Hong Kong Securities and Futures Commission announced today, Gome former chairman of the board of Directors Huang Guangyu and his wife Cuckoo and the SFC reached an agreement to compensate Gome for HK $420 million to compensate for their breach of director liability to shareholders caused by losses. The SFC said that after the completion of the compensation, the SFC would shelve the proceedings and would not take further action on the case. Since August 2009, the SFC has commenced legal proceedings against the two people, accusing them of planning to repurchase their shares from January 22, 2008 to February 5, 2008, and to raise cash to repay a personal loan from a financial institution. At that time, Mr Huang ordered Gome to buy back 136 million shares of his personal holdings, which amounted to about 70% of the total amount of Gome's repurchase. The SFC is of the view that the Dumet have violated the directors ' responsibilities to gome and have not acted in the best interests of gome. In this respect, the two dumet to the SFC to recognize the fault, and agreed to the United States to pay 420 million Hong Kong dollars to compensate the United States suffered losses. "Hong Kong listed companies are not individual territories," said Mr Mark Steward, executive director of the SFC's executive steward. Business operations need to be properly authorized and properly designed, and the directors must be fundamentally responsive to the best interests of the company and of all shareholders. It is right that minority shareholders will now have the opportunity to examine the matter and decide whether such misconduct should be ratified. "(Nan)