Gome Founder Sentenced to 14 Years in Jail

(Beijing) - Chinese tycoon Huang Guangyu, former chairman of Gome Electrical Appliances Holdings, was handed a 14 year jail sentence on charges of bribery, insider trading and illegal business operations by the Beijing No. 2 Intermediate People's Court on May 18.

Huang, once China's richest person, was also fined 600 million yuan, with another 200 million yuan worth of property confiscated, according to Xinhua News Agency.