China’s once richest tycoon gets 14 years in prison for corruption

NEW DELHI - Chinese magnate, Huang Guangyu, once China’s richest man, has been sentenced to 14 years in prison for illegal business dealings, insider trading and corporate bribery.

He has also been slapped with a fine of 600 million yuan (88 million dollars), with another 200 million yuan worth of property being confiscated, the Xinhua News Agency reported.

According to the China Daily, 41-year-old Huang was the owner and founder of Gome Electrical Appliances that became a corporate giant, and is now China’s second largest home appliance retailer by market value.

Huang was also a fixture on ‘Hurun’s China Rich List’ having occupied the top spot from 2005-2008. (ANI)