Chinese tycoon's 14-year jail term upheld
A Chinese retailing tycoon's conviction and 14-year prison term for insider trading and other offences has been upheld as he struggles to retain control of his company.
Huang Guangyu, founder of Gome, China's biggest home appliance retailer, was convicted in May, becoming the latest in a string of Chinese entrepreneurs who run afoul of the law.
The prosecutor's office announced that Huang's conviction for insider trading, illegal enrichment and paying bribes was upheld on Monday by the Beijing High PeopleÕs Court. His 14-year prison term and a fine of 800 million yuan (US$118 million) also was upheld.
The latest twist in Huang's case comes as he is locked in a power struggle with the board of Gome Electrical Appliances Holdings Ltd.
View on Emirates24|7