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Huang Guangyu

Huang GuangyuHuang Guangyu, was born on 24 June, 1969. He was the Chairman of GOME Group, which is the largest consumer electronics retailer in China. He had a net worth of US$1.7 billion as of 2005, according to Forbes Magazine’s world’s richest people ranking. In 2005, he was the richest man in China according to Time magazine.

In 2006, he was forced by regulations to sell off 25% of GOME Group, as listed in Hong Kong, making his net worth US$2.5 billion, according to some sources. His amibitious goals include “making Gome one of the 500 largest companies in the world by 2008”. Huang was listed as the richest person in Mainland China in 2007, with a net worth estimated at $6.3 billion, according to the 2008 China Rich List, which is compiled by the Hurun Institute. He was surpassed by Yang Huiyan in 2009, with a net worth of $7.1 billion.

Under Investigation On Charges of Stock Market Manipulation

On November 24, 2008 the Hong Kong Stock Exchange indefinitely halted trading in shares in GOME, amid reports of a police investigation of Huang Guang Yu, the company’s Chairman, Executive Director and Controlling Shareholder. Furthermore, Huang was reported to be charged with alleged stock market manipulation, on which police declined to comment, according to the state-run China Daily newspaper. He resigned from the post of Chairman on 16 January 2009.

Sentencing

A Chinese court sentenced Huang Guangyu to 14 years in prison, a severe punishment for China’s one-time wealthiest man that is likely to be seen as a warning to the country’s business executives.

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