Huang Guangyu was born in poverty. He started out as a teenage clothing
trader and his success story seemed emblematic of China's
three-decade-old economic boom.
An appliance retailer who was once China's richest businessman convicted for
insider trading and other crimes, the latest in a series of Chinese tycoons jailed for financial offenses.
A Beijing court also convicted Huang of
bribing officials and unspecified "illegal operations," said a statement by prosecutors. Reported by
state television on its national midday news, possibly as a warning to other businesspeople.
He was detained in November 2008 and resigned as Gome's chairman the
following year. He was sentenced to 14 years in jail for insider
trading.....
Huang built Gome Electronics into China's biggest appliance retailer
and was estimated in 2008 to be worth $6.3 billion. His abrupt fall
reflected the uncertain status of entrepreneurs in China, where an
economic boom has created dozens of billionaires but complaints of
misconduct are widespread.
Just a thought.[AP]