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China's one-time richest man jailed

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China's one-time richest man jailed

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In a spectacular fall from grace, China’s one-time richest man has been jailed for 14 years for bribery, insider trading and illegal business dealings.

Huang Guangyu is a rags-to-riches tycoon who made his fortune by founding Gome, the country’s largest electronics and home appliance retail chain.

But his success story turned sour in November 2008 when he was detained during an investigation into allegations of stock market manipulation. The probe grew wider, ensnaring government officials and police who had been assigned to fight financial crime.

Huang has also been fined the equivalent of 70 million euros.