Gu Chujun

Gu Chujun is a Chinese entrepreneur from Yangzhou in Jiangsu Province. From 1991 to 2000, Gu Chujun worked in Hong Kong. In 2001, Gu Chujun involved in the Chinese refrigerator manufacturer Kelon. It was followed by a rapid rise and Gu became an internationally known model entrepreneur in China. As of 2004, there were but a quick entrepreneurial crash. In 2005, Gu Chujun was arrested and sentenced in 2008 for accounting fraud and embezzlement to 12 years imprisonment and a fine of $ 994,900.

Entrepreneurial rise

Gu Chujun worked from 1991 to 2000 in Hong Kong. Early 90s Gu founded the company refrigerator company Green Cool with which he exported the late 90s refrigerators to Great Britain. In 2001, Gu Chujun took 20.64 percent of the fridge Kelon Group, which held a 20% share of the Chinese refrigerator market, but then put in massive economic problems and became CEO of the company.

Headed Gu Chujuns the company initially developed very well despite a difficult economic environment and Gu participated in other companies. These were Hefei Meiling, Xiangyang Automobile Bearing and Yaxing Motor Coach. Gu became internationally famous as a star and model entrepreneur in China. From the television station " China Central TV ( CCTV) ," Gu was in 2003 referred to as the most remarkable entrepreneurs of China and awarded the title of " entrepreneurs with the greatest economic contributions to China." In November, an interview with Gu appeared in the magazine "Business Week" in which he even announced confidently: "We propose Siemens. "

Economic problems

However, economic problems came up in the things Gus as early as 2004. It was found that the unclear ownership of Kelon, there were strong private shareholders but also a large state share in the company, the company brought to fishtail.

Allegations

Prompted by the economic problems were Gus business practices examined in more detail, and it was followed by serious allegations.

The long - Gu debate

In the context of the collapse of the company Kelon studied economics professor at the University of Hong Kong Harry Lang Gus business conduct. According to the investigation in August 2004 Harry Lang Gu accused to have taken over from unfair financial transactions several companies worth 13.6 billion yuan to 900 million yuan own capital. These remarks led to a completely unusual public debate and Gu strained a defamation lawsuit against Long on. The debate came to a climax when in October 2004 about ten recognized financial experts were holding a seminar in which they stated that Gus conduct was in line with the reform of the Chinese economy. However, the issue remained controversial.

Fraudulently obtaining unwarranted state support

Gu was accused of having exploited dubious government relations to his personal advantage. So Gu acquired in September 2002 a plot of land in the British Virgin Islands for 587 700 U.S. $ by the local government. Two months later, the site was estimated at 56.89 million U.S. $, ie almost one hundred times the value. There was also support governance failures Gus negotiations with banks on loans without sufficient collateral. The Chief of Jiangxi Province complained that Kelon received the promised support, but not the promised 10 000 jobs have created.

Verwürfe of accounting fraud

In September 2005, Gu was arrested along with eight others of his company manager. The accusation was that Gu had shown much too positive in 2004, both sales as well as profits of the company Kelon and falsified balance sheets. Furthermore, he had embezzled 313 million yuan. After a long process Gu was sentenced in January 2008 for accounting fraud and embezzlement to a term of imprisonment of twelve years and a fine of 6.8 million yuan ( 650,000 euros ). (2)

Footnotes

• Entrepreneur
• Chinese
• Born in the 20th century
• Man