china's richest man missing

http://www.timesonline.co.uk/tol/news/world/asia/article5221230.ece

Huang Guangyu, China's richest man, disappears amid corruption investigation


(AFP/Getty Images)

Huang Guangyu, who was the subject of a police investigation
Jane Macartney in Beijing

China’s richest man has disappeared. Chinese media say Huang Guangyu is under police investigation for alleged share trading violations. His company says they have not heard from the tycoon in days.

Trading in shares Mr Huang’s Gome Electrical Appliances Holdings was halted today on the Hong Kong Stock Exchange. The company issued a statement saying it was making “necessary enquiries” to try to find out what had happened to its founder and controlling shareholder.

It said business was continuing as normal and the company had received no legal notice from the Chinese authorities about the whereabouts of Mr Huang.

One source close to Gome told The Times that no government department had contacted the company and they had received no notice of any legal investigation into its activities.
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“It is business as normal. The CEO, Chen Xiao, is in charge and telling suppliers that everything is under control,” the source said.

Chinese media reported that Mr Huang was being questioned by police for alleged share price manipulation linked to Shandong Jintai Group Co, a medicine maker with shares listed in Shanghai that is believed to be controlled by his brother, Huang Jinshi. Trading in the financially troubled company was suspended in Shanghai today.

Mr Huang’s disappearance, reportedly since last Wednesday evening, highlights the opacity of the Chinese justice system.

It is not the first time that he has faced such questioning. He was investigated in late 2006, along with his brother, for alleged financial irregularities involving the use of a loan to speculate in real estate. Mr Huang was released.

The 39-year-old, popularly known as the Price Butcher, topped China’s Hurun Rich List this year with wealth estimated at 6.3 billion US dollars, deriving from his shares in one of China’s biggest electronics retailers and his growing property empire.