A home appliance dealer who once was China's richest businessman was sentenced Tuesday to 14 years in prison after being convicted of insider trading and other offenses, the government announced.
Huang Guangyu built his Gome Electronics into China's biggest appliance retailer and once was estimated to be worth $6.3 billion.
He was detained in November 2008 and news reports said he was accused of manipulating share prices. Huang was convicted and sentenced by the Beijing No. 2 Intermediate Court, the Supreme People's Procuratorate, the country's top prosecutor, said on its Web site.
Phone calls to court spokespeople were not answered.
Huang's rise and even faster fall reflected the uncertain status of entrepreneurs in China's fast-changing economy.
A string of newly rich real estate developers and others have also been snared in corruption cases.
by TheStar.com.my
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