Tycoon, once China's richest man, jailed for graft
A school drop-out who became China's richest man by building an electronics and home appliance empire was jailed Tuesday for 14 years for bribery and insider trading, capping a stunning fall from grace.
Observers said Huang Guangyu -- once known as the "Price Butcher" for the low prices at his massive GOME chain of stores -- had been held up as an example of unscrupulous corporate greed and corruption.
A Beijing court ordered Huang, in his 40s, to pay a fine of 600 million yuan (88 million dollars), and authorities seized another 200 million yuan in assets as part of his conviction, state Xinhua news agency reported.
A court official told AFP he could not immediately confirm the decision.
Huang was named China's richest man in 2004, 2005 and 2008 by the Hurun Report magazine. In October 2008, his estimated net worth was 6.3 billion dollars.
A month later, he was detained and placed under investigation. He resigned as GOME director and chairman in January 2009. Huang was held for more than a year without charge, and was then tried in April in a Beijing court.
May 18, 2010
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