Former richest man gets 14 years in prison

BEIJING - Huang Guangyu, once China's richest man and former chairman of home appliance giant Gome Group, was sentenced on Tuesday to 14 years in jail for illegal business dealings, insider trading and corporate bribery.

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 a ruling by the Beijing No 2 Intermediate People's Court.

The court agreed with the procuratorate's charges that Huang had illegally traded in foreign exchange, was involved in insider trading of Shenzhen-listed Beijing Centergate Technologies' stock, and bribed five officials with 4.56 million yuan.