Tycoon fined $24m on top of jail term

GUANGZHOU: Gu Chujun, a home appliance and capital market tycoon, who has already been given 12 years in prison, has been dealt another blow: he has to pay 168.85 million yuan ($24.4 million) in compensation to Hisense Kelon Electrical Holdings Co Ltd.

The compensation is equal to 27.3 percent of Hong Kong and Shenzhen-listed Hisense Kelon's recently audited net assets.

"We've won all four lawsuits against Gu, former chairman of Kelon and Greencool Technology Holdings Ltd, which used to control Kelon," Zhong Liang, board secretary of Hisense Kelon noted.