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**Kokomoxcv** · 05-28-2010, 06:23 PM

May 28, 2010
Tycoon: 14 yrs jail too harsh

Huang Guangyu, the founder of retail chain Gome, was found guilty of bribery, insider trading and illegal business dealings this month, after being detained for over a year. -- ST PHOTO: EDWIN KOO

BEIJING - CHINA'S one-time richest man and the founder of a major retail chain has appealed his 14-year jail sentence for bribery and insider trading, the Legal Daily reported on Friday. Huang Guangyu, the founder of retail chain Gome, was found guilty of bribery, insider trading and illegal business dealings this month, after being detained for over a year. The Legal Daily said Huang believed the sentence and fines were too heavy, and further disputed the finding that one of his companies, Pengrun, had paid bribes.

Huang was fined 600 million yuan (S$123 million) and had 200 million yuan worth of property confiscated, while his two firms, Gome 0493.HK and Pengrun, were fined 5 million yuan and 1.2 million yuan respectively for paying bribes. At the end of 2009, Huang still held roughly one-third of Gome's total outstanding shares, worth $1.9 billion, according to Thomson One Analytics. Huang disappeared without a sign when he was first detained, raising questions about both corporate disclosure and police procedure in China. His case netted a number of senior police and other officials. -- REUTERS

05-28-2010, 06:23 PM	#2
Kokomoxcv Join Date Oct 2005 Posts 380 Senior Member	May 28, 2010 Tycoon: 14 yrs jail too harsh Huang Guangyu, the founder of retail chain Gome, was found guilty of bribery, insider trading and illegal business dealings this month, after being detained for over a year. -- ST PHOTO: EDWIN KOO BEIJING - CHINA'S one-time richest man and the founder of a major retail chain has appealed his 14-year jail sentence for bribery and insider trading, the Legal Daily reported on Friday. Huang Guangyu, the founder of retail chain Gome, was found guilty of bribery, insider trading and illegal business dealings this month, after being detained for over a year. The Legal Daily said Huang believed the sentence and fines were too heavy, and further disputed the finding that one of his companies, Pengrun, had paid bribes. Huang was fined 600 million yuan (S$123 million) and had 200 million yuan worth of property confiscated, while his two firms, Gome 0493.HK and Pengrun, were fined 5 million yuan and 1.2 million yuan respectively for paying bribes. At the end of 2009, Huang still held roughly one-third of Gome's total outstanding shares, worth $1.9 billion, according to Thomson One Analytics. Huang disappeared without a sign when he was first detained, raising questions about both corporate disclosure and police procedure in China. His case netted a number of senior police and other officials. -- REUTERS
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