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GOME to get HK$421m compensation from former chairman & wife [ET Net News (China)]
[March 12, 2014]

GOME to get HK$421m compensation from former chairman & wife [ET Net News (China)]

(ET Net News (China) Via Acquire Media NewsEdge) [ET Net News Agency, 12 March 2014] GOME Electrical Appliances (00493) said controlling shareholder and former chairman Wong Kwong Yu and his wife Du Juan have agreed to compensate GOME about HK$421 million in an agreement with the Securities and Futures Commission (SFC) to rectify their breaches of duties as directors of GOME and to resolve proceedings commenced by the SFC in connection with certain share repurchases by GOME.

Wong and Du are expected to make a requisition to GOME to convene a general meeting to seek the ratification by the independent shareholders of the share repurchases and the breaches of duties on the part of Wong and Du and the acceptance of the payment.

GOME said the limitation period in respect of its claim expired in January. The Board resolved not to issue a fresh writ of summons against Wong. If the SFC action is amicably resolved, resulting in payment of compensation to GOME, the legal proceedings brought by GOME would become nugatory. (HL) (c) 2014 ET Net Limited. All rights reserved. Provided by, an company

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