Huang Guangyu, Formerly China’s Richest Man, On Trial for Bribery

The Guardian reports on the trial of former GOME Electronics chairman Huang Guangyu, who is on trial on bribery charges:

Chinese media have said that Huang has disputed evidence relating to the insider trading charges. His position on the other charges is unclear.

He was detained for suspected stock market manipulation in November 2008, but was not charged formally until February this year. The state news agency Xinhua said the investigation into his affairs led to the detention or prosecution of several high-ranking officials.

According to Chinese media, the billionaire paid five senior police officers and tax officials a total of 4.56m yuan (£435,000) in bribes to ensure favourable treatment in tax disputes.

They included a 1m yuan payment to Xiang Huaizhu, a former deputy director at the public security ministry’s economic crime investigation bureau, state media have reported. Xiang stood trial last month but awaits a verdict.

April 23, 2010 11:51 AM
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Categories: Economy, Law