Beijing: The founder of China's largest
home appliance chain, once the country's richest man, went on
trial on Thursday today, two years after being detained on charges
of insider trading and bribery.
The trial of Huang Guangyu, founder of the Hong
Kong-listed GOME chain of home appliance and consumer
electronics stores, opened in Beijing, state run Xinhua
news agency reported.
The 40-year-old millionaire was also known as
"the price butcher" for selling his products at the most
cheapest prices.
Huang has been in detention since November 2008, the
year in which he topped the Hurun Rich List of China?s
wealthiest for the third time with a fortune estimated at USD
6.3 billion.
In 2009, he was charged with "illegal business
practices", including insider trading and bribery.
Huang is being charged with offering bribes of up to
4.56 million Yuan (USD 6667,600) to a number of officials.
State media reports earlier stated that a string of
top business and government officials, including the sacked
mayor of Shenzhen city, Xu Zongheng, were involved in the
case.
The reports also said two top police officials,
including a former deputy minister of public security were
detained on suspicion of bribery.
Huang resigned as GOME director and chairman in
January 2009.
He remains the company's largest shareholder, news
agency said.
China's Securities Regulatory Commission has accused
him of manipulating trading in two mainland-listed companies.
Huang born into a peasant family in southern China's
Guangdong province built up his huge fortune at the age of 17
selling cheap electronic devices.
PTI
First Published: Thursday, April 22, 2010, 20:49