Huang Guangyu was a Chinese tycoon whom brought up his electrical appliance chain to a national powerhouse. Huang, Once the countries wealthiest businessman is facing a 14 year sentence for trading bribery and other crimes. Huang lost his attempt at regaining control of Gome electrical appliances when he tried to replace his chairman chen Xiao, and another senior executive with his sister and lawyer. Huangs plan to oust Chen was revoked by a vote of 52 % to 48%. Though Huang did win the vote to revoke Gomes " general mandate " by a 55% to 45 % vote.
I think that by trying to oust Chen and the other senior exec probably put Huang is a difficult situation. Now he is basically on bad terms with the higher ups in the company. i think that if he just was on good matters with them things could have turned out differently. Its also unclear of why Chen and Huang are against each other. Possibly there is more to this than we really know, Huang could be trying to replace Chen with his sister because his sister would most likely be able to keep the company alive while Huang is facing his sentence. A lot of the information isn't out in the open.
http://finance.yahoo.com/news/Jailed-Chinese-tycoon-loses-apf-2144769500.html?x=0
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