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

    THE MORE HIGH TECH. , AND THE MORE THE MIND WILL GET TIRED OUT , AND TRANSFORM INTO MENTAL PROBLEM , THE ONE MIND FOR MOST HUMAN FORM USUALLY CAN NOT OVER LOADING THE HIGH TECH, TOO MUCH TO GET ONE MIND TO BECOME DISTURB , THAN THAT TIME GONNA BE TOO LATE THAN FOR THE AVERAGE MIND TO HANDLE JUST WIATING FOR MENTAL PROBLEM THAT ALL . THAT WHY NOW A DAY ONE MIND GOT TO LERAN HOW TO FOCUS ON ONE OWN BREATHING INHALE AND BREATHING EXHALE TO OVER COME THE MENTAL PROBLEM STAGE , THAT THE SECRET FOR MIND AND SOUL MEDICINE FRO THE TWENTY-FIRST CENTURY ERA .

    May 19, 2010 at 1:05 pm | Report abuse |
  2. Cieje3

    Apparently, TONG, you are typing just to hear the keys clacking...

    May 19, 2010 at 1:40 pm | Report abuse |
  3. TONG

    WHEN ONE FOUND WATER ONE WILL FOUND LIFE NOT THE MONEY LIKE THE COMMUNIST USE TO SAID . LOL

    May 19, 2010 at 2:14 pm | Report abuse |
  4. TONG

    THAT WHAT U.S.A. STAND FOR FREEDOM OF SPEAKING . LOL

    May 19, 2010 at 2:15 pm | Report abuse |
  5. TONG

    AND I THINK I SAW A U.F.O. LAST NIGHT IN MY FRONT DOOR .

    May 19, 2010 at 2:16 pm | Report abuse |
  6. TONG

    HEAVEN AND HELL ARE JUST ALL INSIDE ONE MIND AND HEART THERE ARE NO WHERE TO SEARCHING FOR HEAVEN AND HELL , BY THE WAY IS IN FRONT OF ONE EYE , FACE . LOL HEAVEN AND HELL ARE ONE OWN CREATING IT THERE ARE NOBODY ELSE BESIDE ONE , YEAH THE ONE . LOL

    May 19, 2010 at 2:18 pm | Report abuse |
  7. TONG

    THE RICHEST AND THE POOREST ARE STILL THE ONE , AND THE DUMMEST AND THE SMARTEST ARE JUST THE ONE . LOL IF ONE WHO STILL SAW OTHER AT FALSE THAN ONE STILL AT FALSE AS OTHE . LOL THE MORE ONE EXHALE THE FASTER ONE WILL GOT OLD , SO ONE GOT TO LEARN HOW TO INHALE MORE SO ONE CAN GET SLOWLY AGE UP , AND THAN BECOME YOUNGER LIKE A KID . HUMAN FORM LEARN HOW TO WALK FORWARD WHEN IT YOUNG AND STILL WALKING FORWARD WHEN IT GET OLD AGE , BUT ONE SELDOM THINKING ABOUT WALKING BACKWARD ARE BETTER THAN WALKING FORWARD WHEN ONE DOING WORKOUT . LOL

    May 19, 2010 at 2:29 pm | Report abuse |
  8. TONG

    DOES ANY ONE OUT THERE KNOWINGLY WHY ONE AS A BABY WAS JUST BORN AND ALL OF THEM BABY ARE CRYING , BECAUSE THE WAY BABY ARE CRYING IN THEIR LANGUISH , ALL THOSE BABY ARE TRYING TO TELL TO ALL ALL THE HUMAN FORM ALL THERE IN THIS MOTHER OF ALL PLANET EARTH ARE LIFE ARE SUFFERING NO ONE CAN EXSCAPE FROM IT . NO ONE HUMAN FORM CAN EXSCAPE FROM OLD AGE , WHEN ONE GOT OLD AGE ONE GOT SICK , WHEN OLD GOT SICK ONE WILL DECEASE . LOL

    May 19, 2010 at 2:34 pm | Report abuse |
  9. TONG

    I AM TRYING TO EXCHANGE IDEAS TO ALL THE HUMAN FORM OUT THERE ON THIS MOTHER OF ALL PLANET EARTH WORLD TO WAKE HUMAN FORM WE ALL ARE NO LONGER A STONE AGE WORLD . LOL BUT SADLY THERE ARE BILLIONS OF HUMAN FORM OUT THERE STILL DON"T GET IT YEAH , BECAUSE THERE SOUL ARE STILL TOO LOW TO TRANSFORM INTO ONE . LOL

    May 19, 2010 at 2:38 pm | Report abuse |
  10. TONG

    WHO INVENTED THE MONEY HUH . LOL

    May 19, 2010 at 2:41 pm | Report abuse |
  11. TONG

    I THINK GOD INVENTED THE CASH FLOW . LOL

    May 19, 2010 at 2:41 pm | Report abuse |
  12. TONG

    DOOR TO DOOR SALEMAN ARE THE BEST TRANSFORMATION FOR ONE HUMAN MIND FORM EVER , BECAUSE I HOW ONE GOT OPEN WIDE UP TO SAW ALL DIFFERENCES TYPE OF SHAPE SIDE FORM FROM THE HUMAN FORM MIND . ALL THING ON THIS MOTHER OF ALL PLANET EARTH WORLD JUST A MIND GAME THAT ALL . IT LIKE A GAME WHEN THE GAME ARE FINISH , THAN ONE PASSS AWAY , AND THAN REBORN AGAIN AND STARTING THE GAME BACK ON AGAIN . IT THE SAME AS INHALE AND EXHALE KIND OF GAME . LOL

    May 19, 2010 at 2:46 pm | Report abuse |
  13. TONG

    IT TOOK ME FIFTEEN YEARS TO LEARN ALL THESE WIDE WIDE LIFE FORM WISDOM ON THIS MOTHER ALL OUT PLANET EARTH SIDE FORM , THERE ARE ANIMAL THERE HUMAN FORM AND THERE DEVIL AND THERE EVIL THERE DEMON , ONE GOT TO LEARN HOW TO THE SEVEN SENSE NOT SIX SENSE TO OVER COME THIS DEVIL WORLD NOW A DAY , BECAUSE ANIMAL MEAT PRODUCTION ARE OUT OF LINE NOW A DAY . THE MORE ONE EATING IT THE MORE ONE WILL EVENTUALLY GOT SICK FROM IT , NOT ONLY HEART ATTACK , AND CANCER , BUT EVENTUALLY TO THE MIND THAN TRANSFORM INTO MENTAL PROBLEM AND THAT NOTHING AND CURE FROM IT , HOPEFULLY FROM THE INHALE AND THE EXHALE BREATHING TECHNIQUE . LOL

    May 19, 2010 at 2:55 pm | Report abuse |
  14. TONG

    THANKS GOD I CAME INTO ALOTS OF WISE MAN . LOL AND THAT HOW I LEARN IT FROM THE HUMAN FORM . BUT NOT THE ANIMAL FORM OF MIND KIND . LOL

    May 19, 2010 at 2:57 pm | Report abuse |
  15. TONG

    THAT WHY ONE GOT TO LEARN HOW TOBE HAPPY INSIDE OUT , BUT 90% ARE SAD ON THIS MOTHER OF ALL PLANET EARTH HUMAN FORM AND ONLY 10% ARE HAPPY . THAT WHY ONE GOT TO LEARN HOW TO TRUSTING GOD THAN ONE AUTOMATICALLY BECOMING MOSTLY HAPPY SOUL , AND NOT LIKE A SAD SOUL AND DON'T KNOW WHERE TO GO NEXT AND JUST HELL DIRECTION THAT ALL IT KNOW HOW , BECAUSE ONE NOT TRUSTING GOD

    May 19, 2010 at 3:02 pm | Report abuse |
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