Huang's 14-year sentence in prison began in Nov. 2008. (Photo : Reuters)
Huang Guangyu, ex-chair of China's top electrical appliance store chain Gome, who was once the country's wealthiest businessman and who was prosecuted with a 14-year sentence in jail for illegal trading and other crimes, has taken delight in various privileges during his jail time, the Guangzhou-based Southern Weekly reported.
Allowing his wife, mother and close relatives to visit him monthly is just one of the alleged concessions Huang enjoys. He was even permitted to sign business documents, and release an open letter entitled "My Apology and Gratitude" while in prison during the time when Gome's chairmanship was at stake between Huang and Chen Xiao, his successor as the board's chair.
The Hong Kong-listed firm revealed last month its plans to purchase Artway Development Limited, a corporation owned by its controlling stakeholder, for HK$11.27 billion ($1.45 billion). The acquisition covers all 578 stores scattered in 181 cities, which is expected to bring Gome's total to 1,714 branches. To up its e-online platform, Gome assigned senior vice president Li Juntao as CEO of the firm's e-commerce unit.
According to the paper, the amendments in the company were reportedly arranged by Huang and his family.
Huang's 14-year sentence in prison began in Nov. 2008. His benevolent behavior had reduced his sentence by 10 months in July 2012, and another 10 months in October of the same year.
However, the special treatment he reportedly receives triggered a debate over whether only rich and influential inmates such as Huang are entitled to such benefits.
Over 50 business tycoons have served jail time or are still locked up in China's prisons since 1998, with a lot of them getting discharged earlier through bail, medical parole, or shortened sentences, according to the report.
The integrity of police and jail guards has often been questioned, as people speculate that they can be bribed by these billionaire prisoners to get what they want, the report added.
There have been stories in capital markets since the start of this year that Huang, who was charged of bribery, insider trading, and illegal business transactions, will be released soon or has even been released already, the paper said.
