Chinese tycoon sentenced to 14 years in prison
By IANSTuesday, May 18, 2010
BEIJING - Huang Guangyu, once reputed to be China’s wealthiest person, was Tuesday sentenced to 14 years in prison on corruption charges.
Xinhua reported that Huang, who is former chairman of Chinese electronics retailer giant Gome, was sentenced to 14 years in prison by a Beijing court Tuesday morning over illegal business dealings, insider trading and bribery.
The 41-year-old tycoon, listed by the Hurun Report as China’s richest man in 2004, 2005 and 2008, was detained by Beijing police in November 2008. He was estimated to be having a fortune of $3.6 billion in 2008.
Huang has been charged with illegal foreign exchange trading via Hong Kong in 2007 and insider trading of Shenzhen-listed Zhongguancun stocks.
He has also been accused of offering bribes of 4.56 million yuan ($667,600) to a number of officials.
Huang resigned as a Gome director in January 2009 but is still the largest shareholder.
