A Hong Kong court Tuesday extended an order freezing $214 million of assets owned by one of China's richest men amid an ongoing corruption probe in mainland China.
The assets owned by Chinese tycoon Wong Kwong-yu and his wife have been frozen since early August after an application by Hong Kong's Securities and Futures Commission.
Wong, also known as Huang Guangyu, is founder and ex-chairman of China's leading home appliance chain, Gome Electrical Appliances. He is being investigated by mainland Chinese authorities in connection with a corruption probe that has already ensnared Chinese government officials. He is accused of stock price manipulation and other crimes.
His wife Du Juan, also under investigation, is reportedly being detained in China.
The court order in Hong Kong serves to prevent Wong, Du and the two companies through which Wong holds his stake in Gome from removing and dealing with the assets while SFC is investigating a share repurchase allegedly planned by Wong.
The regulator alleged that Wong had used the proceeds of the buyback of Gome shares worth 2.2 billion Hong Kong dollars ($284 million) between January and February 2008 to repay a personal loan of HK$2.4 billion ($310 million) to a financial institution.
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