Another Chinese Billionaire Goes Missing

billionaire-missing

The billionaire founder of Metersbonwe, one of China’s best-known fashion brands, has gone missing, the latest in a series of Chinese business people and financiers apparently embroiled in the country’s anti-corruption campaign.

“The company said in a second statement on Thursday night that it was unable to reach Mr Zhou or the secretary of the board, Tu Ke. The statement gave no further details.”

Metersbonwe suspended trading in its shares on the Shenzhen stock exchange on Thursday while the company said it was investigating reports in the Chinese media that Zhou Chengjian, its chairman, had been picked up by police.

“Mr Zhou is the latest high-profile private sector businessman believed to have been caught up in probes, and his disappearance follows the detention last month of Guo Guangchang of the conglomerate Fosun, which owns Club Med.”

The company is a household name on the Chinese high street and Mr Zhou was China’s 65th-richest man last year, according to the Hurun Rich list, with a fortune of Rmb26.5bn ($4.01bn).

The company said in a second statement on Thursday night that it was unable to reach Mr Zhou or the secretary of the board, Tu Ke. The statement gave no further details.

[Read the full story here, at FT.com]

Mr Zhou is the latest high-profile private sector businessman believed to have been caught up in probes, and his disappearance follows the detention last month of Guo Guangchang of the conglomerate Fosun, which owns Club Med.

Mr Guo went missing for several days and was later reported by his company to be assisting authorities with an unspecified investigation. Sources close to the company later said he was not a target of that investigation.

Until recently, the mainland private sector had been largely spared in the Chinese Communist party’s anti-corruption drive…(read more)

Source: FT.com

Additional reporting by Jackie Cai



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