'China's Warren Buffett' Is Missing

Billionaire Guo Guangchang may be in police custody: reports
By Arden Dier,  Newser Staff
Posted Dec 11, 2015 8:45 AM CST

(Newser) – One of China's richest men is missing. The developing story is fairly murky: Employees of Fosun Group, which owns Club Med and Cirque du Soleil and is run by billionaire Guo Guangchang, say they've been unable to contact their boss since noon Thursday. Guo—known as "China's Warren Buffett" with a fortune estimated at $7 billion—hasn't responded to messages sent on an internal company-wide app, per the BBC. An update on the story from South China Morning Post cites two Fosun officials who say Guo has been permitted to make phone calls but otherwise has limited personal freedom. Caixin previously referenced social media messages noting the billionaire was seen in the company of police at a Shanghai airport after he flew in from Hong Kong.

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If true, the Morning Post reports it's unclear whether he might have been reeled in on corruption charges or is participating in the investigation of others. Police haven't commented, but Guo was accused of granting favors to an executive of a Chinese state-owned company back in August, notes the Guardian. That exec was sentenced to 18 years in jail for embezzlement and bribery. "We are still in shock," a Fosun source tell the South China Morning Post. "Guo is very cautious in his handling of the government. As he often tells us, stay close to politics, but stay away from politicians." The Morning Post reports the company plans to make a public statement shortly. (Read more China stories.)

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