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Wednesday, July 13, 2011

Jailed Chinese tycoon bids for Ark Royal

HMS Ark RoyalHuang Guangyu, a Chinese tycoon serving a 14-year fraud sentence in a Beijing prison, has put in a bid for the retired UK aircraft carrier HMS Ark Royal with the aim of turning her into a floating exhibition hall and hotel.

The entrepreneur has often surprised business rivals by his ability to exert influence far beyond the confines of his prison cell.

Backed by a group of loyal cronies, he has prevented the dilution of his controlling stake in Gome Electrical Appliances and orchestrated a perfectly executed management coup this spring that tightened his grip over the Hong Kong-listed retail group he founded in 1987.

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