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China tycoon jailed for graft
Country's ex-richest man gets 14 years and $88m-fine for insider trading and bribery.
Last Modified: 18 May 2010 05:29 GMT
Huang Guangyu was found guilty of bribery, insider trading and illegal business dealings [EPA]

Huang Guangyu was found guilty of bribery, insider trading and illegal business dealings[EPA]
 
The founder of an electronics chain who was once China's richest man, has been sentenced to 14 years in prison after being convicted of offering bribes, insider trading and illegal business dealings.

A court in Beijing also fined Huang Guangyu 600 million yuan ($88m), and the authorities seized another 200 million yuan in assets, the official Xinhua news agency said on Tuesday.

Huang, the former chairman of Chinese home appliance company Gome, was detained in November 2008 during a police investigation into stock market manipulation.

He resigned as Gome director and chairman in January 2009 and his trial began last month.

Billion-dollar empire

Huang set up Gome with about 30,000 yuan ($4,400) in the 1980s.

The company has since become a household name, earning the founder the nickname "China's Sam Walton", a reference to the founder of US retail giant Wal-Mart.

Huang, who is in his early 40s and had a net worth of $6.3bn in 2008, topped the annual Hurun Report's rankings of China's richest people for that year.

He also ranked first in 2004 and 2005.

Gome has been trying to separate itself from Huang, changing its logo, appointing a new chairman and selling a nearly 25 per cent stake to US private equity firm Bain Capital in a $418m deal last June.

Source:
Agencies
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