The Beijing No. 1 Intermediate People's Court ruled today that Huang Guangyu, former chairman of Chinese retail giant Gome Electrical Appliances Holdings, will be released on parole for a probationary period from the date of his release until Feb. 16, 2021.
It has been nearly 10 years since Huang Guangyu was investigated for stock price manipulation on November 19, 2008.
On May 18, 2010, the Beijing Second Intermediate Court handed down a first instance verdict, sentencing Huang to 14 years' imprisonment, a fine of RMB 600 million and confiscation of property of RMB 200 million for illegal business operation, insider trading, disclosure of insider information and bribery of an entity.
On August 30, 2010, the Beijing Municipal High People's Court ruled in Huang's case that the sentence of 14 years' imprisonment for all three crimes and a fine of RMB 800 million forfeited by Huang will remain unchanged.
The sentence was to run from 17 November 2008 to 16 November 2022.
Parole is a system whereby criminals sentenced to fixed-term or life imprisonment are conditionally granted early release after serving a certain term of imprisonment because they abide by prison rules, receive education and rehabilitation, suffer from serious illnesses, or have shown genuine signs of repentance and are no longer a danger to society.
A paroled criminal who commits a new crime during the probationary period does not constitute a repeat offender.
Parole is an important penalty enforcement system in China's criminal law, and the correct use of parole can effectively encourage criminals to submit to education and reform and return to society at an early date, thus helping to resolve the negative factors into positive ones.
Timeline: How did China's former richest man, Huang Guangyu, end up in jail?
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