Gome is engulfed in a fresh bout of corporate turmoil after China’s leading electronics retailer decided to reinstate three board directors from a US private equity group after they failed to win re-election at the company’s annual meeting on Tuesday.Gome’s troubles started in late 2008 with the arrest by Chinese police of Huang Guangyu, its founder and major shareholder, for alleged corporate crimes. Once China’s richest man, he was tried last month and remains in detention at an unknown location while awaiting verdict.Bain Capital last summer invested $418m in return for a significant minority stake and three board seats, actions which helped to stabilise the Hong Kong-listed company.However, Gome disclosed on Wednesday that two large shareholders representing 31.6 per cent of outstanding shares had voted against the re-election of the Bain directors. According to people familiar with the matter, the two shareholders are affiliated to Mr Huang.The surprise development sent Gome shares down as much as 3.4 per cent on Wednesday and signals deep unhappiness in Mr Huang’s camp about the involvement of Bain at a strategic level.Gome said that it had re-appointed the three Bain executives to the board with immediate effect, although the dissident shareholders could call for a special meeting to thwart the move.“We strongly believe this outcome does not represent the will of the vast majority of ordinary shareholders,” Gome said. “It emphatically does not represent the will of the entire executive management team and board.”The ousting of the Bain directors would trigger a $350m liability, according to a board statement.The board added that Bain intended to convert its existing convertible bonds into stock before the next shareholder meeting, given the private equity group’s strong belief in the company and its management team.