Huang Guangyu:Was accused of illegal income of 300 million yuan

Huang Guangyu, former board chairman of Gome Group, appeared in the court on April 22. During the trial, the court accused Huang Guangyu of getting illegal income of 300 million yuan (USD 43.95 million) through insider stock trading.

According to the court report, Huang Guangyu’s criminal activities are as follows: from September to November, 2007, Huang earned 822 million HK dollars through illegal dealings; from April to September, 2009, Huang Guangyu, then major shareholder of Beijing Centergate Technologies (Holding) Co., Ltd., asked someone else to buy the company’s stocks during the company’s merger with the other companies. The trade volume reached 1.415 billion yuan (USD 207.3 million). These stocks brought Huang Guangyu illegal income of 309 million yuan (45.3 million).

In addition, Huang Guangyu bribed five government officials from 2006 to 2008 in order to gain benefits for his companies. The amount of bribery reached 4.56 million yuan (USD 668 thousand).

A group of best lawyers in China were employed to defend Huang Guangyu. Meanwhile, the trial of this once-to-be China’s richest man also attracted the eyes of media.

Huang Guangyu was arrested by the policemen on November 17, 2008. The investigation into this case lasted nearly one and half a year.