(about 11% of total shares) in June 2009 to Bain Capital, a private equity firm, diluting Huang shares. As part of the deal, Bain was allowed to appoint three of its own non executive directors. (Other minority shareholders include JP Morgan, Morgan Stanley and FIL.
ut how Gome boardroom was run so that board members were granted a range of special powers. As experts note, Huang chopped and changed the rules at his peril his amendments to the Articles of Incorporation were subsequently used by Chen to increase the control he and his allies held over the company. Chen wasn about to sit on the sidelines as the drama unfolded. He was appointed chairman two months after Huang arrest, and it was then that the board began making decisions without the full consent of Huang or his family. That included Gome issuing HK$1. 8 billion of convertible bonds Adidas Gazelle Womens Sale
)Although he was jailed on May 18, Huang continued to exert his influence from behind bars. On August 4, he sent letters to the company asking it to remove Chen as chairman. On the next day, Gome sued Huang, questioning his share repurchases in January and February of 2008, in violation of his fiduciary duty as a board director. On August 30, Huang was sentenced to 14 years in prison, and fined RMB 600 million (US$90 million). (His wife, Du Juan, had also been arrested, but her three year sentence was later commuted. )As the case played out before the nation, the Chinese public was inundated with news about it over recent months, inciting a vast range of opinion never seen in the short history of capitalist China and underscoring the unusual rules of public discourse in China, where political discussion is stifled but business related issues are vigorously and openly discussed. Much of the general public seemed firmly in Huang's camp.
In an online vote on QQ Finance Channel, nearly 2. 5 million people voted in support Adidas Gazelle Og Womens Uk
though Huang has been convicted of sec.
of Huang, compared with around 220,000 in support of Chen, while a number of online messages accused the latter of being a traitor. Among numerous executives, journalists and academics, it was widely agreed that, above all, Gome needs to have a strong management team running the company, while having a majority shareholder who is kept in the loop, but is not involved in day to day decision making. In his blog on August 26, for example, Gi Qi, founder, CEO and chairman of Hanting Hotel, a Shanghai based hotel chain, wrote that he hoped Chen would win, so that a professional management team could run Gome, Adidas Gazelle Originals while Huang would reap the benefit from the team work as a major shareholder. He also voiced concern about the growing trend among Chinese business people attempting to keep maximum control of their companies with minimum shares. "There is risk in this model, as we have seen from this case, he said. "It became clear that corporate governance had not been addressed carefully when Huang found out, from prison, that an attempt was under way to dilute the family's equity ownership through Adidas Gazelle For Ladies
the issuance of new shares, says Amit.
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