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

Another Round of Layoff Announced by Schlumberger Cutting 11,000 jobs
Mattel and Quirky Unveil a Partnership to Create New Toys from Crowd Source
Washington Firms Hauling Greater Venture Capital Funds
The Foreclosure Activities in March Rise Sharply in the U.S
Slowdown in U.S. Crude Production Inches Brent crude Prices Higher
Japan Surpasses China as the Largest U.S. Bonds Holder
In a $2.5 Billion Deal, China’s Alibaba Injects Pharmacy Business into affiliate
Union Spends Huge Money for Low-Wage Campaign but Organizing Fast Food Workers i
Beijing Should Find the Right Mix of Policies to Perk up Growth
Alaska Airlines Flight Bound For L.A. Makes Emergency Landing to Find Man Inside
Make the Most Out of the College Tax Breaks and Help Fund College Costs
Is Air Travelling Getting Worse? The Answer May be a Shocker