China's Richest Man Vanishes Amid Probe

Tycoon was said to be under investigation for insider trading
By Rob Quinn,  Newser Staff
Posted Nov 26, 2008 6:31 AM CST
Gome Appliances Chairman Huang Guangyua ppears during the announcement of a partnership between Gome and Motorola in Beijing in this 2006 file photo.    (AP Photo/Greg Baker )
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(Newser) – China's biggest electronics retailer is trying to find out what happened to its founder, Marketwatch reports. Huang Guangyu, ranked the richest man in China in a recent report, has been not been seen since last week. The tycoon was being investigated for insider trading, but company representatives said government officials have told them nothing, according to Chines media reports. It's unclear if he may be on the run or is under arrest.

Trading in shares of Gome Electrical Appliance Holdings, which Huang built into a nationwide chain from a street stall selling radios, has been suspended. Huang's fate is the subject of intense speculation in the Chinese media, but even the state-owned news agency has been unable to get a comment from the police.