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HK court extends assets freeze of ex-Gome chief

(Agencies)
Updated: 2009-09-08 20:37

HONG KONG: A Hong Kong court Tuesday extended an order freezing $214 million of assets owned by one of China's richest men amid an ongoing corruption probe in Chinese mainland.

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The assets owned by Wong Kwong-yu and his wife have been frozen since early August after an application by Hong Kong's Securities and Futures Commission.

Wong, also known as Huang Guangyu, is founder and ex-chairman of China's leading home appliance chain, Gome Electrical Appliances. He is being investigated by mainland authorities in connection with a corruption probe that has already ensnared government officials. He is accused of stock price manipulation and other crimes.

His wife Du Juan, also under investigation, is reportedly being detained.

The commission is also seeking a ruling that the couple pay unspecified damages to Gome and restore the financial positions of any parties involved.

The order will remain in force until Wong's trial for organized securities fraud, Judge Susan Kwan said Tuesday. A trial date hasn't been set yet as the SFC is still investigating.