Chinese retailer GOME Electrical Appliances Holding Ltd. disclosed yesterday that one of its units has been charged with bribery related to the charges against its former chairman, Huang Guangyu (pictured). As previously discussed here, Huang was indicted last month and charged with illegal operations, insider trading and offering bribes.
The WSJ reports that according to GOME, even if the unit is found guilty GOME will simply pay a fine that will not have a “substantive adverse effect” on the operations and financial condition of the group.
GOME said it received the indictment on charges of “bribery by organization” Thursday by the second intermediate People’s Court of Beijing Municipality. The alleged amount involved is 4.56 million yuan, or about $668,000.
Subscribe to Securities Docket by Email
