One-time richest man in China jailed 14 years
Classic rags to riches (and back to rags?) story.
It was reported in April 2010 that Huang Guangyu, 40 was a school drop-out who became China’s richest man by painstakingly building GOME Group, his very own electronics and home appliance empire for almost 30 years, the second largest electronics chain in the country with more than 1,300 stores.
By 2005, he was listed by TIME as the richest man in China. According to Hurun Institute, by 2008 he was worth USD6.3 billion.
Unfortunately, in May 2010, he was sentenced to 14 years’ imprisonment due to “insider trading and bribery.”
Some could say, the youthful Huang would still look young when he’s released at 54 – the face creams can wait – and can still work his way back up.
