Gome founder jailed for 14 years

The conviction of Huang Guangyu raises suspicions about the deeds of China's elite business leaders and what it takes to climb the ladder in a highly regulated market.
Huang Guangyu at a press conference in Beijing in November 2008.
Huang Guangyu at a press conference in Beijing in November 2008.

Huang Guangyu's rags-to-riches story has inspired millions of Chinese who, in the new China, are striving to change their lives by getting rich as quickly as possible. But his conviction yesterday has raised suspicions about the deeds of China's elite business leaders and what it takes to climb the ladder in a highly regulated market.

Huang, the founder and former chairman of Hong Kong-listed Gome Electrical Appliances Holding, was sentenced to 14 years in prison for insider trading, bribery and illegal business dealings, a Beijing court ordered yesterday. It also ordered Huang to pay a fine of Rmb600 million $88 million and confiscated Rmb200 million worth of property, according to the official Xinhua News...

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