Tycoon faces new suit

Huang Guangyu, former chairman and founder of Gome Group, faces a lawsuit filed by two investors.

Jailed retail tycoon Huang Guangyus headache never stops. The embattled founder of Gome, China's second-largest electronics retailer, faces lawsuits from two investors seeking compensation for losses they say were caused by Huang's insider trading. [Related full coverage: Power struggle in Gome]

The two investors, surnamed Li and Zhang, claim they suffered 600,000 yuan and 34,688 yuan in losses resulting from Huangs insider trading and stock manipulation of Beijing Centergate Technologies. The amount of compensation being sought has not yet been disclosed.

Huang, who is serving a 14-year prison sentence for bribery and insider trading, is the former founder and chairman of Gome Electronic Appliances.

Huangs lawyer confirmed that they had received a notice from court, and the court date was set for Sept. 6.


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