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GOME making checks to verify reports on chairman

Sun Nov 23, 2008 11:56pm EST

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HONG KONG, Nov 24 (Reuters) - GOME Electrical Appliance Holdings (0493.HK), often called China's Best Buy (BBY.N), said on Monday it was not in a position to confirm reports that its chairman, ranked China's richest man, had been detained.

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Trading in shares of GOME was suspended on Monday, pending a price-sensitive announcement.

The company said in a statement that it was making necessary inquiries for the purpose of verifying the allegations.

GOME founder Huang Guangyu was detained on Wednesday evening in relation to an investigation into stock movements of SD Jintai (600385.SS), a drugs and medical equipment firm, the influential Chinese financial magazine Caijing said at the weekend. [ID:nHKG301423] (Reporting by Alison Leung; editing by Anne Marie Roantree)

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