Chinese billionaire Huang Guangyu, who was incarcerated in 2008 for business crimes, has been released on bail.

Beijing No. 1 Intermediate People’s Court said on Wednesday that Huang — former chairperson of Gome Group — had been released from jail and would be supervised until February next year. A statement from Gome is expected on Wednesday evening.

Time magazine named Huang the richest man in China in 2005. He was arrested and detained in 2008 for transferring 800 million yuan (US$115.3 million) to underground private banks the prior year to be converted into Hong Kong dollars to pay off his gambling debts. He was also convicted of insider trading and corporate bribery. The charges put him 14 years behind bars, with the original release date set in 2022.

His sentence was reduced twice in 2012 and 2016, bringing his release date forward to 2021. His jail term was further shortened, but no details had been released.

Huang was born Huang Junlie to a poor family in Chaoyang, Guangdong. He started a business with his brother at 16 years old and became the richest man in China in just two decades. His assets were worth 20 billion yuan at their peak.

Huang was said to be a gambling addict, with a particular interest in baccarat. Media reports said he would participate in overseas gambling via live television, in addition to his casino trips to Macao and the United States. According to those reports, Huang would sometimes disappear for a month, during which he would not answer any phone calls or take care of his business. He had lost over HK$1 billion (US$129 million) to Macao casinos, according to the reports.

Huang’s wife, Du Juan, was also jailed for three and a half years for insider trading in 2008. Her sentence was suspended for three years in 2010 in the second trial, after which she was released. Du is now the CEO of Gome. Sources said Huang continued to make important decisions for Gome while incarcerated.

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