China Indicts Huang for Illegal Business

Huang Guangyu

One of China's richest men, Huang Guangyu, who is the founder of the country's largest electronic retailer, is being held under the charges of insider trading, illegal business dealings and bribery, on Friday.

In 2008, Forbes had ranked Huang as the second-richest person in China, with a net worth of $2.7 billion.

As a part of the crackdown on corruption, the Chinese authorities had detained him in November 2008.

Huang started his business by selling home electronics in the factories in Beijing's Guangdong province.

Since his arrest, his company, Gome, has been under the control of its Chief Executive, Chen Xiao. The retailer has over 1,200 stores across China.

The case highlights the networks of official protection that sustain many private businesses in China. Entrepreneurs still face political discrimination in a state-led economy, even though they have been formally welcomed into the ranks of the Chinese Communist Party.

Mr. Huang's case has been handed over to the Beijing's Municipal Intermediate People's Court.

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