China’s once richest tycoon gets 14 years in prison for corruption
May 18th, 2010 - 1:20 pm ICT by ANINormal
0
New
Delhi, May 18 (ANI): Chinese magnate, Huang Guangyu, once China’s richest man,
has been sentenced to 14 years in prison for illegal business dealings, insider
trading and corporate bribery.
He has
also been slapped with a fine of 600 million yuan (88 million dollars), with
another 200 million yuan worth of property being confiscated, the Xinhua News
Agency reported.
According
to the China Daily, 41-year-old Huang was the owner and founder of Gome
Electrical Appliances that became a corporate giant, and is now China’s second
largest home appliance retailer by market value.
Huang
was also a fixture on ‘Hurun’s China Rich List’ having occupied the top spot
from 2005-2008. (ANI)
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Tags: china daily, corporate bribery, corporate giant, corruption, gome electrical appliances, home appliance retailer, huang guangyu, illegal business dealings, insider trading, magnate, million dollars, New Delhi, rich list, richest man, tycoon, xinhua news agency, yuan