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Former richest man gets 14 years in prison

[ 2010-05-19 11:42]     字号 [] [] []  
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Huang Guangyu, one of China's richest men and former chairman of home appliance giant Gome Group, was sentenced on Tuesday to 14 years in jail for illegal business dealings, insider trading and corporate bribery.

He was also ordered to pay a fine of 600 million yuan ($88 million) and 200 million yuan of his assets will be confiscated, according to a ruling by the Beijing No 2 Intermediate People's Court.

The court agreed with the procuratorate's charges that Huang had illegally traded in foreign exchange, was involved in insider trading of Shenzhen-listed Beijing Centergate Technologies' stock, and bribed five officials with 4.56 million yuan.

Du Juan, Huang's wife, was sentenced to three-and-half years for insider trading and fined 200 million yuan.

Xu Zhongmin, former chairman of Beijing Centergate, who was convicted of insider trading and corporate bribery, was sentenced to three years and fined 100 million yuan.

The three stood trial on April 22, and the verdict was read out at about 10:30 am on Tuesday. The sentencing was closed to the public and media.

Yang Zhaodong, one of Huang's defense lawyers, told reporters soon after the verdict that Huang was "calm" upon hearing the sentence, but his family, including his mother and two sisters, turned very emotional.

Yang said Huang will meet with his lawyers to decide on filing an appeal.

"Fourteen years is more than what we expected, and I think it's a little too heavy," Yang said.

Gome Group, which was ordered to pay a fine of 5 million yuan for corporate bribery, issued a statement on Tuesday, saying it respects the verdict.


1. What is the name of the appliance giant group Huang chaired?

2. What was his fine?

3. What court made the ruiling?


1. Gome Group.

2. 600 million yuan.

3. Beijing No 2 Intermediate People's Court.

(中国日报网英语点津 Helen 编辑)

Former richest man gets 14 years in prison

About the broadcaster:

Former richest man gets 14 years in prison

Lee Hannon is Chief Editor at China Daily with 15-years experience in print and broadcast journalism. Born in England, Lee has traveled extensively around the world as a journalist including four years as a senior editor in Los Angeles. He now lives in Beijing and is happy to move to China and join the China Daily team.