(Yicai Global) Dec. 29 -- China's Supreme People's Court announced a retrial in former Guangdong Kelon Electrical Holdings Co. Chairman Gu Chujun's criminal property rights case yesterday.

After reviewing Gu's appeal, the court determined his case met the conditions for retrial under the country's Criminal Procedure Law and decided to hear it, state-run Xinhua News Agency reported. The First Circuit Court of the Supreme People's Court will adjudicate it.

Gu was arrested in 2005 following the China Securities Regulatory Commission's investigation of refrigerator maker Guangdong Kelon Electrical Holdings. The Guangdong High People's Court sentenced Gu to 10 years in prison for falsifying and withholding information and embezzlement. It meted him a fine of CNY6.8 million (USD1 million). 

Following his release, Gu petitioned the Supreme People's Court for a retrial in September 2012. He said that a major appliance manufacturer bribed officials and used his case to cheaply acquire Guangdong Kelon Electrical Holdings.                                                                                                  

The SPC pledged a fair and just trial with an attitude "responsible for the law, the people and the history."