Thu, November 27, 2008
Business > Industries > Police investigating Gome chairman

Tycoon vanishes on graft rumours

2008-11-27 09:56:00 GMT2008-11-27 17:56:00 (Beijing Time)  SINA.com

CHINA'S richest man, the $US6 billion ($9.5 billion) electronics magnate Huang Guangyu, has disappeared from his home into a vortex of speculation about corruption and sharemarket manipulation.

Senior colleagues at Gome Electrical Appliances, Mr Huang's company, reportedly have no idea where their chairman had gone.

Chinese and Hong Kong media said he was being questioned by the Public Security Bureau, with some reports focusing on sharemarket manipulation, others on corruption and one Hong Kong report simply referring to "bribery and embezzlement earlier in Mr Huang's career".

Mr Huang was listed as China's richest man for the third time in five years by last month's Hurun Report, which said he controlled $US6.3 billion. Forbes magazine said he was China's No.2 with $US2.7 billion.

(Agencies)

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