Chinese electronics tycoon charged in bribery case

Huang Guangyu, former chairman of electronics maker Gome, was once China's richest man

The former chairman of one of China's largest electronics companies, Gome Electrical Appliances Holding, has been charged with operating illegal businesses, insider stock trading and bribery, according to the government's China Daily newspaper.

Huang Guangyu, who was named China's richest man in 2006 by Forbes Magazine with a net worth of US$2.3 billion, will be tried by the Beijing Second Intermediate People's Court, the paper said. He has been held by authorities since November 2008 and resigned his chairmanship two months after his detention.

The charges appear to carry-on the myth of the Forbes curse in China, the idea that people rich enough to make Forbes Magazine's rich lists become government targets in the country. Author Wang Gang wrote the 2009 novel, 'The Curse of Forbes,' based on the premise.

Several Chinese officials have faced disciplinary measures related to the investigation into Huang. The insider trading charge is allegedly tied to shady stock trading at a company controlled by his brother.

Huang is famous in China for starting his rise from selling radios, watches and other wares from a street stall, into Gome, one of the biggest electrical and electronic appliances retailers in China.

Huang is also known as Wang Kwong Yu due to different English spellings of his name.

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Tags corruptionGomeChina Daily

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Dan Nystedt

IDG News Service
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