Report: One of China's Top Businessmen Is Missing

Report: One of China's Top Businessmen Is Missing

VoA - News Friday 11th December, 2015

report: one of china top businessmen is missing

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One of China's most prominent businessmen, Guo Guangchang, has gone missing, according to a financial magazine, and there are rumors he is under investigation for corruption.


In a Friday report, the Beijing-based business publication Caixin quoted unidentified officials at the Fosun Group as saying they have not heard from Guo since midday Thursday.

Fosun said in a Friday statement that trading of its shares in Hong Kong would be halted, pending the release of an announcement with "inside information." It did not elaborate.

The company has not confirmed that Guo is missing.

The 48-year-old Guo is one of China's wealthiest tycoons. He has a net worth of $5.6 billion, according to Forbes, and is the chairman and co-founder of the massive Fosun conglomerate.

Fosun has business interests around the globe, including in the real estate, steel, mining, pharmaceuticals and entertainment industries. Earlier this year, it took over the French-led resort chain Club Med.

Chinese officials have not commented on Guo's alleged absence, or mentioned any corruption investigation related to him.

Guo in the past has been linked to Wang Zongnan, the head of a state-owned retailer who was sentenced this year to 18 years in prison for embezzlement and bribery.

When that verdict was handed down in August, the court in Shanghai said Guo had "inappropriate connections" with Wang, according to Caixin.

Various social media posts indicate Guo was last seen with police at the Shanghai airport, Caixin reported, although there was no independent confirmation of these reports.

If confirmed, Guo would be the highest-profile Chinese businessmen targeted by an anti-corruption campaign undertaken by Chinese President Xi Jinping.

The campaign has also ensnared a long list of Communist Party officials, some of whom appear to have had disputes with Xi.

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