May 18th, 2010
01:03 PM ET

Chinese tycoon sentenced to 14 years in prison

Huang Guangyu, who was once named China's richest man, is now going to prison.

Huang Guangyu, once China's richest man, was sentenced Tuesday to 14 years in prison, state media reported.

Huang - the head of Gome, one of China's leading retail chains - was charged with stock-market manipulation, insider trading and bribery.

The sentence, handed down Tuesday, also fines Huang 600 million yuan ($87.8 million) and confiscates property worth 200 million yuan ($29.2 million), said the Xinhua news agency.

The 41-year-old Huang went on trial in late April.

He emerged as a rags-to-riches entrepreneur in the late 1980s, when young Chinese pursued business ideas and turned them into multi-million dollar ventures.

Born to a poor family in southern Guangdong province, he moved to Beijing in his late teens and, with a capital of 30,000 yuan ($4,391), set up with his brother a home appliances distribution company. He founded Gome Electrical Appliances Holding in 1987 and built it into a flourishing retail chain.

Huang ranked first on Hurun's China Rich List, a local publication, in 2008 with an estimated fortune worth $6.3 billion. Such a top ranking is usually not celebrated in China because of the scrutiny it brings. Huang typically kept a low profile despite his wealth and influence.

His meteoric rise has captured the popular imagination in and outside China. He also inspired many aspiring Chinese entrepreneurs.

Police detained Huang in November 2008 for an investigation into suspected "economic crimes." Little was heard of him or of the investigation but the police dragnet gradually grew wider, ensnaring government and police officials in charge of fighting financial crimes.

Huang resigned from Gome's company board in January 2009.

In February, after 15 months in custody, Huang was formally charged.

Post by:
Filed under: China • Justice
soundoff (94 Responses)
  1. along

    it is hard for me to believe goverment .in fact ,most of the chinese is not satisfied with the goverment .

    May 19, 2010 at 12:20 am | Report abuse |
    • marc

      There is a reason why countries like these has a blood-thirsty government. We don't get to take a look at how rich those party members are, because that's where the money will go to, and not to the people of China as Mao advertised.

      May 19, 2010 at 7:19 am | Report abuse |
  2. barbara

    This is part of chinese draconian ghovernance they murder students they practice female infanticide they bribe and threaten He probably thought he was getting too big to pay the right percent of his bribe and now he has nothing China is a scary nation BEWARE Obama your buddy China may turn tail on you too!

    May 19, 2010 at 6:28 am | Report abuse |
  3. Eric Bollmann

    This is one side of the story I would like to hear what he has to say. He didn't get to speak much at his trial. Not surprised China doesn't like rags to riches stories. 14 years in prison wow thats a long time.

    May 19, 2010 at 9:58 am | Report abuse |
  4. TONG

    WELL LIFE THOSE HUMAN FORM MIND GOT TO LEARN HOW TO TRUST GOD SAID THAT WHAT COME AROUND MUST GO BACK AROUND LIKE THE SUN THE MOON THE EARTH . LOL.

    May 19, 2010 at 10:41 am | Report abuse |
  5. TONG

    THERE ABOUT MORE THAN A BILLIONS DEVIL MIND OUT THERE IN THIS MOTHER OF ALL PLANET EARTH WORLD NOW . LOL.

    May 19, 2010 at 10:42 am | Report abuse |
  6. TONG

    ALL THOSE DUM MIND HUMAN FORM DO NOT KNOW KOW TO FOCUS ON THE BREATHING OF INHALE AND THE BREATHING OF EXHALE YET , THAT WHY THERE MIND TENT TO THINKING EVIL THING AND DEVIL THING IN THERE HELL MIND . LOL.

    May 19, 2010 at 10:44 am | Report abuse |
  7. TONG

    WELL THERE ARE THE REAL GOD WAITING ON EVERY HUMAN FROM IN THERE OWN FAMILY , BUT THEY PREFER TO GO OUT AND SEARCHING AND SEARCHING FOR THE REALLY REALY GOD ONE , BUT THEY DO NOT KNOWING THAT THE REAL GOD ARE THERE OWN FATHER AND MOTHER THAT CREATING OUT ONE HUMAN FORM . LOL

    May 19, 2010 at 10:47 am | Report abuse |
  8. TONG

    HUMAN FORM CAN ONLY EAT TWO TIME DAILY OR THREE DAILY THAT ALL , BUT MOST HUMAN FORM DID NOT FOUND THAT MEAL YET . LOL

    May 19, 2010 at 10:49 am | Report abuse |
  9. TONG

    HUMAN FLASH ARE VERY SMELL WHEN ONE PASS AWAY , AND NOT MENION ABOUT WHILE THE ONE STILL LIVING . LOL.

    May 19, 2010 at 10:51 am | Report abuse |
  10. TONG

    THIS WORLD ARE GETTING MORE AND MORE CRAZY HUMAN FROM MIND IN THE TWENTY-FIRST CENTURY EVER THAN THE PREVIOUS CENTURY , BECAUSE THERE ARE ALOTS OF ANIMAL MEAT NOW A DAY FRO THE HUMAN FORM TO CONSUME OR EAT THAT WHY IS VERY HARD TO CURE THE HUMAN FORM MIND NOW A DAY THAN EVER BEFORE . ALL THSOE MEAT ARE VERY POISON NOW A DAY WITH THE HELP FROM ALL THOSE CHEMICAL TO BREATH THE ANIMAL GROWN FASTER AND FASTER AND THAT CAUSE THE HUMAN FROM MIND TO TRANSFORM INTO MENTAL PROBLEM . LOL

    May 19, 2010 at 10:57 am | Report abuse |
  11. TONG

    ALL HUMAN FORM GOT TO LEARN HOW TO FOCUS ON ONE OWN BREATHING INHALE AND EXHALE ALWAYS EVERY MINUTES ARE COUNTING ON SO THE HUMAN FORM MIND TO HAVE THE OPPORTUNITY TO BECOME AWAKENING TO STILL GOING LIKE A SLEEP WALKING EVERYDAY FROM DAY IN TO NIGHT IN AND ONE STILL DO NOT GET IT YET . LOL

    May 19, 2010 at 11:01 am | Report abuse |
  12. TONG

    WHAT ARE THE VALUE FOR THE HUMAN FORM ARE IN TE TWENTY-FIRST CENTURY ARE , ALL HUMAN FORM GOT TO TRUST IN GOD , GOT TO HAVE BIG FAITH IN GOD AND THAT THE SECRET TO HAVE A STRONG MIND IN THE 21ST. CENTURY ERA . BUT WHERE ARE THE REAL GOD FROM . THE REAL GOD ARE FIRST FROM OUR OWN PARENT FATHER AND MOTHER AND THAN FROM OUR ONE OWN ANCESTOR . LOL

    May 19, 2010 at 11:05 am | Report abuse |
  13. TONG

    THE REAL GOD ARE THE ONE GOT TO LEARN HOW TO LIVE IN THE NATURE WAY OF LIFE , AND ONE GOT TO TRUST THAT THERE ARE CAUSE AND AFFECT AND WHAT COME AROUND GO BACK AROUND , THERE ARE HEAVEN AND HELL JUST RIGHT IN FRONT OF ONE OWN FACE AND THERE ARE NO WHERE ELSE FOR THE HEAVEN AND HELL FROM , GOOD LUCK ARE THE HEAVEN ONE , AND BAD LUCK ARE THE HELL ONE , BUT UNLUCKILY NOT MOST HUMAN FORM FOUNDED THAT SECRET OUT YET FOR THE PASS 2O1O YEARS ALREADY NOW AND STILL GOING LIKE AN ENERGIZER AND KEEP GOING AND GOING TO SEARCHING FOR THE HEAVEN AND HELL . LOL

    May 19, 2010 at 11:10 am | Report abuse |
  14. TONG

    ALL THE HUMAN FORM GOT TO KNOW THAT THE EARTH ARE JUST LOOK ALIKE OUR OWN STOMACH , FOR INSTANCE IF ONE TRY TO OPERATE ONE OWN STOMACH ALL THE TIME WHAT ONE GONNA GET PASS AWAY RIGHT . LOL

    May 19, 2010 at 11:16 am | Report abuse |
  15. TONG

    ALL NATURE ARE HERE ON EARTH FOR A REASON , THE HUMAN FORM GOT SMARTER AND SMARTER AND DESTROYING IT AND SOONER OR LATER HUMAN FORM WELL GOT DESTROYING THERE OWN HUMAN FORM , BECAUSE THE MEAT THAT ONE OVER CONSUMING AND EVENTUALLY TURN ONE OWN MIND INTO AN ANIMAL MIND AND DO NOT KNOW ANYTHING ELSE AND JUST FOCUS ON DESTROYING ONE OWN FORM THAT WHY ONE OWN GOT TO ASK ONW OWN A REAL SUN AND MOON AND EARTH QUESTION ON EVERY SINGLE DAY IN AND DAY OUT FOR THE REST OF ONE OWN LIFE THAT QUESTION . LOL

    May 19, 2010 at 11:21 am | Report abuse |
1 2 3 4 5 6