Chinese tycoon jailed for bribery

May 19th, 2010

Chinese tycoon Huang Guangyu has been sentenced to 14 years in prison after being found guilty of bribery, insider trading and illegal business practices.Huang, who was for a time the richest man in China, was also fined 600 million yuan ($88m; �59m), the official Xinhua news agency said. He built a billion-dollar business from almost nothing, after dropping out of school nearly 30 years ago. His business grew into a chain of more than 1,300 stores across China. The court in Beijing said the Gome chain and Huang’s property development company Beijing Pengrun Real Estate had between them paid out 4.56m yuan in bribes between 2006 and 2008. The bribes, in the form of cash and properties, were paid to five government officials in exchange for corporate benefits.

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Tags: business, dropping, practices

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