China’s epic ploy to convince the world its stock market is safe is no match for the Huang Guangyu caper.
Skepticism greeted news this week that the billionaire and one-time richest man of China had somehow pulled off a deal to consolidate control of Gome, the electronics retailer he founded in 1987.
Shares plunged as Huang boosted his stake to as high as 55.3 percent after Gome announced plans to buy another company he owns. The problem? Huang is in a Chinese prison until 2024 for bribery.
(Source: The Sydney Morning Herald Online )