Huang Guangyu, former Chairman of Chinese electronics retail giant Gome, was sentenced to 14 years in prison on May 18 after being convicted of illegal business dealings, insider trading and corporate bribery.

At the Beijing No.2 Intermediate People's Court, Huang was also fined 600 million yuan ($88.2 million) and received an order for the seizure of 200 million yuan ($29.4 million) worth of assets.

Huang was once the richest man in China's mainland and the former legal representative of both Gome and Beijing Pengrun Real Estate Development Co. He was arrested in 2009.

His two firms, Gome and Pengrun, were fined 5 million yuan ($735,000) and 1.2 million yuan ($176,000) respectively for giving bribes, the court said.

Huang was found to be liable for the bribes given by the two companies as he was personally involved or directed others to do so.