China's richest businessman and Gome Electronics founder
Huang Guangyu has been sentenced to prison for 14 years on insider trading and other related charges, the Daily Telegraph reports.

Huang was detained in November 2008 for allegedly diverting company funds to repay a personal debt through a share buyback. He resigned as company chairman a year after.

A brief statement released by prosecutors reportedly said that Huang has also been convicted of unspecified "illegal operation" leaking confidential information and was sentenced by the Beijing No 2 Intermediate Court. None of the parties involved have agreed to provide further details.

The publication also said that he is likely to face additional charges, having been suspected in 2008 of share price manipulation, tax evasion, illegal asset transfers, money laundering, and bribery, although there is still no update with regard to these cases.

Huang is one of the wealthiest entrepreneurs in China and was pegged to have a net worth of $6.3 billion before the legal proceedings erupted in 2008. His conviction follows a string of similar events also involving Chinese businessmen, including Mou Qizhong, formerly the country's wealthiest man, for bank fraud and Zhou Zhengyi, the real estate developer, for embezzlement and tax fraud.