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Daily News

Kelon Hires Investigation Team
Dec 5, 2005
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Guangdong Kelon Electrical Holdings Ltd., an appliance maker in Guangdong, China, has hired a firm to perform an investigation of its financial records. According to a Dow Jones report, KPMG will investigate financial records going back 4 years. The move comes in response to charges of "economic crimes", against the former chairman and other top executives with Kelon.

Kelon has been embroiled in scandal and crisis this year, with news of possible charges against Chairman Gu Chujun, the eventual arrest of Gu, the shut-down and restart of manufacturing following a stoppage and restart of supplier deliveries, and the acquisition of Gu's Kelon shares by rival appliance company Qingdao Hisense Air-Conditioner Co. Ltd. Gu was officially removed as Kelon chairman in August.

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