国美原董事局主席黄光裕一审获刑14年
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The former chairman of Chinese electronics retail giant Gome (Gwo-may), has been sentenced to 14 years jail. Huang Guangyu, once the country's richest person, was convicted of illegal business dealings, insider trading and corporate bribery.
Fallen from grace. The former Chairman of Gome Group, Huang Guangyu, was once the mainland's richest man. But today the Beijing number 2 Intermediate People's Court, sentenced Huang to 14 years jail. He was also fined 600 million yuan, and ordered to forfeit 200 million yuan worth of assets.
Huang was detained by police in November 2008. He was later convicted of illegally trading 800 million Hong Kong dollars, between September and November 2007.
Huang was the major shareholder of Shenzhen-listed Beijing Centergate Technologies. He was also found guilty of insider trading involving the company's stocks with a total value of more than 1.4 billion yuan, between April and September 2007.
And he directly bribed or instigated others to bribe five government officials with 4.6 million yuan in cash and properties, from 2006 to 2008, in exchange for corporate benefits.
The court found Huang's crimes to be extremely serious, but showed leniency because he had admitted guilt and assisted with the criminal investigation.
Huang, also known as Wong Kwong-yu, built Gome Electronics into China's biggest appliance retailer. He was listed by the Hurun Report as China's richest man in 2004, 2005 and 2008.
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