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

    THERE ARE WIND GOD AND FIRE GOD AND RAIN GOD AND LIGHTNING GOD TOO . LOL AND HELL GOD , AND HEAVEN GOD , PARENT ARE REAL LIFE GOD . MOTHER AND FATHER ARE THE REAL GOD THAT MOST ONE DOES'NT KNOW AND FIND OUT .

    May 19, 2010 at 3:06 pm | Report abuse |
  2. TONG

    ALL HUMAN FORM CAN BE LIKE GOD IF ALL OF THEM LIVE LIFE ACCORDING TO NATURE WAY , ONE NOT THINKING OF KILLING OTHER , ONE NOT THINKING OF HURTING OTHER , BUT TALK ARE VERY CHEAP ACTION ARE POWERFUL , SO DOES PRAYING ARE POWERFUL TOO , BUT MORE THAN A BILLIONS HUMAN FORM IN THIS MOTHER OF ALL PLANET EARTH DON"T KNOW ABOUT IT YET AND THAT THE SAD PARTS OF THE HUMAN FORM WOLRD NOW A DAY .

    May 19, 2010 at 5:21 pm | Report abuse |
  3. TONG

    THE HIGHEST LEVEL ARE THE HUMAN FORM , THE SECOND HIGHEST LEVEL ARE THE ANIMAL FORM , THE LEAST LOWEST LEVEL ARE THE DEVIL OR EVIL FORM SO CALLED HELL SOUL OR DEVIL SOUL OR EVIL SOUL I THINK IT GOT NO FORM EITHER.

    May 19, 2010 at 5:25 pm | Report abuse |
  4. TONG

    LIFE WHAT A BEAUTIFUL CHOICE , BUT BILLIONS OF HUMAN FORM DID NOT NOTICE THAT YET ALL BECAUSE IT SOUL FROM HELL THAT WHY . ONLY FOR THE HEAVEN SOUL TO FIGURE IT OUT THAT LIFE ARE A VERY BEAUTIFUL CHOICE TO ENJOY WHILE ONE STILL ALIVE ON THIS MOTHER OF ALL PLANET EARTH THAT ALL NATURE GIVEN TO ALL OF LIVE FORM ON THIS PLACE BUT SADLY HELL SOUL DID NOT SAW IT THAT WAY , BECAUSE HELL SOUL ACTUALLY GOT NO WAY , NO DIRECTION TO GO BUT HELL

    May 19, 2010 at 5:31 pm | Report abuse |
  5. TONG

    NOW A DAY I ONLY PLAY WITH WHOM IT HAVE FAITH IN GOD THAN THOSE ARE MY BROTHER AND SISTER , BUT THOSE AINT GOT FAITH THAN I AINT WANT TO KNOW IT , FAITH ARE THE TRUE , RIGHT DIRECTION FOR ONE TO GO EITHER HELL OR HEAVEN

    May 19, 2010 at 5:33 pm | Report abuse |
  6. TONG

    MOSTLY THOSE WHO HAVE HELL SOUL ACTUALLY IT APPEAR IN FRONT OF IT FACE OR HEADBORE AREA AND THEIR EAR AND EYE , THE WAY THE HUMAN FORM WALK , FIRST THREE WORDS CAME OUT FROM THE HELL SOUL MOUTH , SO IT LET THE HEAVEN SOUL HUMAN FORM TO GET AWAY FROM THOSE HELL SOUL FOR THEIR OWN SAFETY BEING

    May 19, 2010 at 5:39 pm | Report abuse |
  7. TONG

    EVERYDAY ARE GREAT DAY IT JUST ONE OWN MIND THINK OF IT GOOD DAY THAN IT GONNA BE GOOD DAY , BUT IF ONE THINK IT A BAD DAY THAN IT GONNA BE REAL BAD DAY IT JUST THE MIND DID IT . ONE MIND ARE VERY POWERFUL IF ONE HOW THE KNOWLEDGE TO LEARN HOW TO USE IT , BUT IT DEPEND ON IT PASS LIFE THAT ONE CREATED ON THAN ONE WELL GET IT BACK TO THIS LIFE TIME . LOL

    May 19, 2010 at 5:51 pm | Report abuse |
  8. TONG

    MIND OVER MATTER , IT SAID NO GUT NO GLORY LOL , AND THAN SAW HELL LATER LOL . I THINK BIN LADDER HIDDING IN THE NUCLEAR SUBMARINE . LOL SOME WHERE IN THE HELL OCEAN IT BELOW AND NOT ABOVE . LOL

    May 19, 2010 at 5:54 pm | Report abuse |
  9. TONG

    ANOTHER DAY OF INHALE AND EXHALE , BUT UNLUCKILY NOT MANY OF THE HUMAN FORM NOTICE ABOUT BREATHING TO LIVE NOT TO HARM OTHER OR TAKEN SOMEONE ELSE LIVE .

    May 21, 2010 at 11:51 am | Report abuse |
  10. TONG

    ONE WHO LIVE LIFE LIKE HELL WILL SOONER OR LATER GONE WITH THE HELL WAY . LOL

    May 21, 2010 at 11:52 am | Report abuse |
  11. TONG

    ONE WHO LIVE LIFE LIKE HEAVEN SOONER OR LATER WILL BE SEEN IN THE HEAVEN

    May 21, 2010 at 11:53 am | Report abuse |
  12. TONG

    GOOD LUCK ARE THE HEAVEN WAY

    May 21, 2010 at 11:54 am | Report abuse |
  13. TONG

    BAD LUCK ARE THE CHOICE THAT ONE OWN SELF CREATED FROM THE PASS AND PRESENT AND FUTURE TO MEET WITH THE HELL WAY OF LIFE . LOL

    May 21, 2010 at 11:56 am | Report abuse |
  14. TONG

    ONE WHO HAVE HAD HEAVENLY HEART WILL AUTOMATICALLY APPEAR ON ONE OWN FACE , THEIR ARE NO NEED TO PROVE IT TO NOBODY ELSE BUT TO ONESELF ARE GREAT ENOUGH. LOL

    May 21, 2010 at 11:58 am | Report abuse |
  15. TONG

    ONE OWN SELF HUMAN FORM CAN AFFECT THE HOLE COUNTRY , LIKE THE FIRST BUDDHA FROM INDIA COUNTRY EVERY WHERE HUMAN FORM NOW A DAY KNOW WHERE IS THE BUDDHA CAME FROM . THAT WHY ONE HUMAN FORM ARE VERY POWERFUL IF ONE KNOW HOW TO USING ONE OWN BRAIN

    May 21, 2010 at 12:02 pm | Report abuse |
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