Chinese Billionaire Jailed For Bribery, Insider Trading

Apparently, it is not just the U.S. government that is increasing its prosecution of bribery and insider trading. Other countries are doing so, too. For example, news reports indicate that Huang Guangyu, a billionaire who had been considered China’s wealthiest person, has been sentenced to 14 years in prison for bribery, insider trading, and illegal business operations. He also was fined about $60 million and ordered to forfeit about $20 million in property. 

Huang, who had founded GOME Electrical Appliances Holdings Ltd., known as China’s “Best Buy,” had been arrested in November 2008 as part of an investigation into manipulation of the stock market.
 
Articles on this case are available online at http://www.guardian.co.uk/world/2010/may/18/huang-guangyu-gome-jailed, http://news.bbc.co.uk/2/hi/asia-pacific/8688638.stm, and http://www.telegraph.co.uk/news/worldnews/asia/china/7735078/Chinese-tycoon-Huang-Guangyu-jailed-for-14-years-for-bribery.html.