“China jails tycoon for 14 years
China’s one-time richest man and the founder of a major retail chain was jailed for 14 years on Tuesday for bribery, insider trading and illegal business dealings, state media reported.
Huang Guangyu was also fined 600 million yuan ($100 million) and he had another 200 million yuan worth of property confiscated, the official Xinhua News Agency said.
The brief story did not say whether others who had been charged in the case, including Huang’s wife, had also been sentenced.
The decision comes a day after a court in Shanghai rejected appeals by three former Rio Tinto employees convicted of taking bribes. Australian former Rio employee Stern Hu, who decided not to appeal against his sentence, faces 10 years in jail, while the other three face between seven and 14 years behind bars.
Huang, who made his fortune by founding and building up GOME Electrical Appliances Holdings, dubbed by local media as China’s Best Buy, was detained in November 2008 during a police investigation of sharemarket manipulation allegations.
The investigation gradually grew wider, ensnaring government officials and police who had been assigned to fight financial crime.
Huang, 41, had a net worth of $US6.3 billion ($7 billion) in 2008, and was ranked first on Hurun’s China Rich List for that year.
According to the Hurun Report, 19 of 1,330 executives on its rich list in the past decade are in jail or awaiting sentencing on bribery charges.
Huang built his fortune from (…).”
(Quelle: The Age.)