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.


Latest News

Third-Quarter Sales Better -Than- Expected for LinkedIn, Thanks to New Businesse
“Overweight” Rating for Facebook from JPMorgan Chase & Co
Fall in Oil prices Leave the Small-cap Shale Companies in Trouble
Beginning of 2015, Starbucks will Start its Delivery Service in Selected Markets
Herb Strather, Detroit blight Buyer Makes a Wednesday Deadline
Baidu with its Growing Mobile Presence, Hit 27 Percent Profit Increase
Third Quarter Profits for Samsung Electronics Drop Sharply
Federal Reserve Ends Bond Buying Programme, Keeps Interest Rates Low
Reduced Growth in Major Overseas Economies Affect U.S. Durable Goods Order
Lowe’s to Introduce Robots in Store for Customer Service
Facebook Shares Fall as the Company Portrays Increased in Expenses in 2015
USPS Audit Questions the Consistency of Surveillance Conducted on Mail