China's one-time richest man and the founder of a major retail chain was jailed for 14 years on Tuesday for bribery, insider trading and illegal business dealings, state media reported.

Huang Guangyu was also fined 600 million yuan ($100 million) and he had another 200 million yuan worth of property confiscated, the official Xinhua News Agency said.

Retailing tycoon Huang Guangyu in 2006

The brief story did not say whether others who had been charged in the case, including Huang's wife, had also been sentenced.

The decision comes a day after a court in Shanghai rejected appeals by three former Rio Tinto employees convicted of taking bribes. Australian former Rio employee Stern Hu, who decided not to appeal against his sentence, faces 10 years in jail, while the other three face between seven and 14 years behind bars.