Assets of former Gome exec frozen

HONG KONG: The Hong Kong High Court yesterday extended an order to freeze $214 million in assets of Huang Guangyu, the former chairman of Gome Electrical Appliances Holdings, as he faces legal prosecution and investigation on the mainland.

The High Court last month gave a temporary approval to an application by the Securities and Futures Commission (SFC) to prevent Huang, his wife Du Juan and two holding companies from disposing of or trading in Gome's shares.

Huang wholly owns the two companies, Shinning Crown and Shine Group, which have about 779 million shares in Gome. The stocks are now held by the Hong Kong court.