#17 Huang Guangyu/Gome – Last year’s richest man and the founder of home appliance chain Gome was arrested in December 2008 for business irregularities. and yet he still manages to hang onto 17th place in 2009 with wealth of USD 3.4 billion.  It might help that US private equity firm Bain Capital announced in July that it would invest HKD 4.8 billion (USD 630 million) in Gome – the largest investment from an American company in the Chinese mainland to date.  Huang was no doubt happy to hear the good news whilst awaiting sentencing.

#395 Zhang Wenzhong/Wu Mart – Though Zhang has actually risen on the Hurun Rich List in 2009 from 479 to 395, his sentencing in October 2008 to 18 years for fraud, bribery and embezzlement can’t be good for business.  At the time Wu-Mart, one of Beijing’s largest supermarket chains, had more than 30% of the total market share.  The company was also, however plagued with capital shortages and management problems – time will tell if the company can last without its founder.

China International Business – Nov 2009

come back tomorrow for – China’s Rich List fallen favourites!

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