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.

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Filed under: China • Justice
soundoff (94 Responses)
  1. TONG

    ALL THE HUMAN FORM ON THIS PLANET ARE TRANSFORMING ON THIS MOTHER OF ALL PLANET EARTH ARE FOR A REASON , THE REASON ARE THAT ONE HUMAN LIFE FORM FROM THE PASS IS NOT FINISHING THERE OWN JOB OR DUTY YET THAT WHY ONE GOT TO BORN BACK AGAIN AND AGAIN UNTIL ONE GET ALL THE JOB OR DUTY FINISH THAN ONE CAN BECOME LIKE JESUS OR BUDDHA . LOL. THEE ARE THE MORNING AND THE AFTERNOON AND THE EVENING , SO WHY ONE NOT TRUSTING THAT THERE ARE NO THE PASS LIFE AND THE PRESENT LIKE AND THE FUTURE LIFE FORM . WHAT I THINK ARE MOST OF THE HUMAN FORM THAT DOES NOT TRUSTING THAT THERE ARE GOING TO BE THE NEXT LIFE AFTER ONE ARE PASSING AWAY FROM THIS LIFE TIME WAS , ALL THOSE MIND ARE STILL LOW AND WEAK MIND THAT WHY THEY LET IT BE LIKE THAT . BUT FOR THE STRONG MIND OR INTELLIGENCE MIND ONE TO UNDERSTANDING THAT ONLY , THERE ARE MORE DUM ONE THAN SMART ONE NOW A DAY . LOL

    May 19, 2010 at 11:30 am | Report abuse |
  2. TONG

    A LIKE THE PRESIDENT OBAMA SAID THAT ANY FOOL CAN HAVE A CHILD . BUT UP TO THE PARENT OF THAT CHILD HAVE ALL THE KNOWLEDGE TO TEACH ONE OWN CHILD OR NOT IS UP TO THOSE FOOL TO DO SO , THAT WHY WE CALL IT , BECAUSE ALL ARE CAME FROM THE GENE , IF ONE DOING GOOD , ONE WELL GET GOOD LUCK . IF ONE DOING BAD THING ONE GONNA GET REAL BAD LUCK , BUT STILL NOT MANY FORM TRUSTING THAT NATURE OF THE LAW YET , THAAT WHY THOSE THAT ARE NOT TRUSTING WITH THE LAW OF NATURE THOSE ARE THE ONE GET PASS AWAY IN NOT THE NATURE WAY BUT IN A BAD LUCK WAY IS SO CALL DIASTER WAY

    May 19, 2010 at 11:39 am | Report abuse |
  3. TONG

    TO TALK ABOUT RELIGIOUS ARE FOR THE ONE THAT USUALLY GOT SUFFER MOSTLY ARE THE ONE EASILY GOT AWAKENING IN TRUSTING THERE ARE GOD . GOD ARE NO WHERE BUT JUST IN OWN OWN MIND AND NERVE , AND HEART , OUR OWN MOTHER AND FATHER , BUT STILL NOT MANY HUMAN FORM FIND THAT OUT YET . LOL

    May 19, 2010 at 11:43 am | Report abuse |
  4. TONG

    ALL HUMAN FORM GOT THE BRAIN THAT KNOW HOW TO SLOWING DOWN , LIKE A BRAKE TO SLOW DOWN , KNOW HOW TO LIMITING NOT OVERLOADING , NOT LIKE AN ANIMAL MIND THEY DO NOT HAVE THAT CAPABILITY LIKE THE HUMAN MIND THOSE , EVERYTHING THAT ONE CREATING THE SITUATION BAD LUCK OR GOOD LUCK ARE OUR OWN CREATING IT , THERE NO GOD TO BLAME ON FOR . ONE CAN BE LIKE GOD TOO , BECAUSE WHEN JESUS ALIVE JESUS IS HUMAN FORM TOO , AND WHEN THE BUDDHA ALIVE THE BUDDHA IS HUMAN FORM TOO , THAT WHY ALL HUMAN FORM CAN BECOME LIKE GOD TOO BUT UNLUCKILY THEY ARE THE ONE DO NOT CHOOSEN THAT WAY OF NATURE PATH BUT IN AN EVIL AND DEVIL PATH , THAN WITH UNTIL ONE GOT PASS AWAY THAN THE DEVIL OR THE EVIL THE INVITE THEM BACK TO THE EVIL WORLD OR THE HELL WORLD , BECAUSE ONE LIVING LIKE HELL AND ONE WELL GET HELL . ONE LIVING LIKE A DEVIL THAN ONE WELL GET DEIVL SAMPLE AS THAT BUT NOT MANY OF IT UNDERSTANDING IT YET , SO LET THE TIMING TEACHING ONE OWN FAITH THAN WHO CARE , ONE CAN BE CARELESS , LET THE SUN AND THE MOON AND THE EARTH TAKE CARE ITSELF . LOL

    May 19, 2010 at 11:54 am | Report abuse |
  5. TONG

    OUR SUN ARE THE REAL GOD TOO , OUR MOON ARE THE REAL GOD TOO OUR NATURE ARE THE REAL GOD TOO , OUR MOTHER AND FATHER ARE REAL GOD TOO . ONE DOES NEED TO TRAVEL FAR AND FAR AWAY TO FOUND OUT WHO ARE THE REAL GOD OR NOT . LOL

    May 19, 2010 at 11:56 am | Report abuse |
  6. TONG

    EAT AND POOPING AND EATING AND POOPING DAY IN AND DAY OUT ARE NOT THAT BORING HUH . LOL

    May 19, 2010 at 11:58 am | Report abuse |
  7. TONG

    ALL HUMAN LIFE FORM ARE ALREADY SMELL AND NOT MENTION ABOUT THE BODY WHEN ONE PASS AWAY ARE MORE SMELLING WHEN WE ALL DOES NOT THINKING THAT TO AWAKENING ONE OWN LOW LIFE MIND HUH . THE MORE ONE EATING THE MEAT THE MORE SMELLING THAT ONE WELL CREATING HUH . WHY ONE NOT LERAN HOW TO EAT MORE VEGETABLE THAN JUST FOCUS ON OVER LOADING ALL THOSE MEAT FOR , I THINK ONE WANT IT TO GOT MORE SMELLING THAT WHY . LOL

    May 19, 2010 at 12:02 pm | Report abuse |
  8. TONG

    THE SECRET ARE IF ONE WANT TOBE STRONG FIRST ONE GOT TO LEARN HOW TO BE WEAK . IF ONE WANT TO BECOME SMART FIRST ONT GOT TO LEARN HOW TOBE DUM . LOL

    May 19, 2010 at 12:04 pm | Report abuse |
  9. TONG

    IF ONE WANT TOBE RICH FIRST ONE GOT TO TRUSTING GOD THAT THE REAL FOUNDATION FOR ONE MIND TO BECOME THE RICHEST MAN ON THIS MOTHER OF ALL PLANET EARTH . LOL

    May 19, 2010 at 12:41 pm | Report abuse |
  10. TONG

    TRUST NO COMMUNIST PERIOD .

    May 19, 2010 at 12:42 pm | Report abuse |
  11. TONG

    HUMAN FORM HAVE TO LOVE HOW TO TRUST THE FREEDOM .

    May 19, 2010 at 12:43 pm | Report abuse |
  12. TONG

    WHEN
    FREEDOM FORM THAT HOW ALL THE HUMAN FORM MIND ARE GETTING JUST STARTING IT .

    May 19, 2010 at 12:44 pm | Report abuse |
  13. TONG

    UNITED STATE OF AMERICA ARE THE BEST OF THE BEST , AND THE YOUNGEST OF ALL THE YOUNG COUNTRY ON THIS MOTHER OF PLANET EARTH ARE SO SMART , BECAUSE IT STARTING OUT OF THE FOUNDING FATHER ARE VERY GENIUS PERIOD. AND KNOW HOW TO WORKING WITH THE GENIUS THAT WHY U.S.A. ARE NUMBER ONE . COMMUNIST ARE MOSTLY DO NOT HAVE THE I.Q. OF TELLING WHO ARE GENIUS OR NOT GENIUS THAT THE REASON IT CAN NOT GETTING TO THE NEXT LEVEL PERIOD .

    May 19, 2010 at 12:51 pm | Report abuse |
  14. TONG

    OPEN UP ONE OWN MIND THAT HOW ONE CAN TRANSFORM INTO GENIUS , IF ONE MIND LOVE TO CLOSE UP ALL THE TIME ONE REALLY DO NOT KNOW WHERE TO GO BUT TO HELL . LOL

    May 19, 2010 at 12:53 pm | Report abuse |
  15. TONG

    FIRST GOT TO LEARN HOW TO LOVE THE ELDERLY , THAN ONE CAN TRANSFORM INTO A WISE ONE . AND FIRST THE PARENT GOT TO LEARN HOW TO LOVE KID IN ORDER FOR THERE KID WHEN IT GROWING UP WILL LOVE THEM BACK . THE SAME AS WHAT COME AROUND MUST GO BACK AROUND LIKE THE SUN THE MOON THE EARTH , AND THE TIDE HIGH TIDE , LOW TIDE , FULL MOON , NEW MOON , CAUSE AND AFFECT , BUT NOT MANY OF THE HUMAN FORM STILL NOT LEARN FROM IT YET , BECAUSE THE GENE AND ONE PASS LIFE CREATING TOO MANY BAD COMA THAT ONE GOT TO PAY BACK FOR THIS LIFE TIME COMA . LOL

    May 19, 2010 at 12:59 pm | Report abuse |
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