Ex-Gome's chair faces insider trading

Huang Guangyu, once China's richest man and a home appliance tycoon, is likely to be charged with insider trading, which carries a maximum penalty of 10 years in jail.

Huang, 40, former chairman of Gome Electrical Appliances Holdings, was detained on Nov 24 last year on claims he manipulated share trading for two listed companies, Sanlian Commercial Co and Beijing Centergate Technologies Co.

The Beijing People's Procuratorate has twice sent Huang's case back to police asking for further investigation, Legal Evening News reported on Tuesday.