Guo Guangchang, the billionaire chairman of Chinese conglomerate Fosun Group who went missing last Thursday, made an appearance at his flagship company's annual meeting in Shanghai on Monday, media reports said.
The financial magazine Caixin, which first reported news of Guo's disappearance, said on Monday that he had been released by police. The Chinese tycoon was reportedly detained by police on corruption allegations.
According to a Reuters report, Guo didn’t say where he had been and instead discussed Fosun’s strategy and performance at the Shanghai meeting.
Fosun International Ltd said in a statement on Monday that Guo is “assisting in certain investigations carried out by Mainland judiciary authorities". The company didn’t clarify if Guo himself is under investigation, but said its directors feel the probe has not posed any material adverse impact on the group.
The company also resumed trading in its shares on the Hong Kong Stock Exchange, after suspending trading on Friday.
The Reuters report also said that several senior executives at Chinese companies have temporarily gone missing this year amid a crackdown by Beijing on corporate corruption, especially in the financial sector.
The 48-year-old Guo, known as China's Warren Buffett, is the 11th richest man in China with net worth of $6.9 billion, according to Forbes magazine.
Founded in 1992, the Shanghai-based company is one of the biggest private conglomerates in China with businesses ranging from media and insurance to real estate and retail.
Fosun Group was also looking to invest in India. In June 2013, VCCircle reported that the conglomerate was looking at making private equity investments into Indian companies. The company had plans to invest at least $30 million in growth companies in India. Leave Your Comment