Jail term for ex-Gome boss reduced
Print Edition
CHINESE retailer tycoon Huang Guangyu, now in jail, was granted an 11-month commutation by a court yesterday.
Huang, born in Shantou in Guangdong Province and a permanent resident of Hong Kong, was once the richest man on the Chinese mainland and former chairman of Chinese retailer giant Gome.
The Beijing No. 2 prison, where Huang is serving his time, suggested having his jail term commuted on the grounds of his good behavior in prison. The procuratorate agreed to the proposed commutation.
After the commutation, Huang will finish serving his jail term on February 16, 2021.
Huang, 47, was sentenced in 2010 to 14 years in prison, fined 600 million yuan (US$91.2 million) and had personal assets worth 200 million yuan confiscated after a court in Beijing found him guilty of illegal business dealings, insider trading and bribery.
His sentence was shortened by 10 months in 2012.
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