RIGHT BG
Imprisoned billionaire Wong Kwong Yu (Huang Guangyu) and his wife have agreed to pay HK$420 million ($54 million) compensation to GOME for breach of duties as directors, the Hong Kong Securities and Futures Commission (SFC) said Tuesday.
The amount is intended to compensate the Hong Kong-listed GOME's losses in connection with the company's share repurchase in 2008, the SFC said in a statement released on Tuesday.
Wong, GOME's largest shareholder, was sentenced to 14 years behind bars after being convicted of bribery and insider trading in May 2010.
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