Chinese appliance tycoon on trial

Chinese appliance tycoon, Huang Guangyu , is being tried in Beijing on charges of illegal business dealings, insider trading and bribery. Beijing No. 2 Intermediate People’s Court, heard that Huang is charged with illegal exchange trading via Hong Kong in 2007, and insider trading of Shenzhen-listed Zhongguancun stocks. The prosecution also accuses Huang, the former chairman of Gome group, of offering bribes of around 4.6 million yuan, or about 668,000 US dollars, to a number of officials. The 41-year-old tycoon, was listed by Hurun report as China’s richest man in 2004, 2005 and 2008. Huang was detained by Beijing police in November 2008 and was sentenced to 14 years in jail after being convicted in August 2010. This is the third trial in Beijing into details of illegal insider trading. Due to the large number of people involved and its complexity, it is expected to last several days.