Web Exclusive

Tycoon appeals for lesser punishment

By Jia Xu (chinadaily.com.cn)
Updated: 2010-05-28 11:36

Related readings: From tycoon to prisoner Once richest man gets 14 yrs in prison

Former Gome chairman Huang Guangyu filed an appeal Thursday after being sentenced to 14 years in prison for illegal business dealings, insider trading and corporate bribery by Beijing No.2 Intermediate People's Court, the Legal Daily reported Friday.

He was also ordered to pay a fine of 600 million yuan ($88 million) and 200 million yuan of his assets will be confiscated, according to the court ruling on May 18.

Huang filed his appeal contesting the previous ruling on insider trading, the amount of fines, and the length of prison terms.