Friday, 11 December 2015

China's Warren Buffet' goes missing

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Billionaire Chinese entrepreneur Guo Guangcheng, who styled himself on famous US investor Warren Buffet, has reportedly gone missing - causing his companies to halt share trading ahead of an expected announcement about his fate.
The Caixin business magazine first reported Guo missing late on Thursday night, saying he had not been contacted since midday on Thursday.
The story sparked a storm of intrigue inside and outside China, where Guo's Fosun International is based, and stoked speculation that the man known as "China's Warren Buffett" may have become the latest Chinese businessman to be quizzed by regulators as part of a widespread anti-corruption crackdown by Beijing.

Shares in companies controlled by Guo were halted on Friday after the reports first surfaced.
Fosun International said in a statement that trading will be halted, "pending the release of an announcement containing inside information".
Forbes estimates that the 48-year-old Guo estimates is worth $6.9bn, ranking him 11th on Chinese rich list.
The South China Morning Post reported that Fosun is expected to make a public statement about Guo at some point on Friday night.
Guo has built an empire of industrial companies, alongside a host of insurance, banking and asset management firms.
His business empire now ranges from Portuguese insurer Fidelidade - an acquisition closed in January this year - to slices of theater company Cirque du Soleil and holiday operator Thomas Cook. Fosun International had total assets, spread across, insurance, health, steel, banking, worth $55bn at the end of June 2015.
China watchers told the Reuters news agency that any confirmation Guo is facing specific scrutiny from regulators would reverberate around the international investment community.
"Should Guo, well-known abroad, be found to be at the centre of a graft investigation, this would be a strong signal to the world that China is serious about its anti-corruption campaign," said Alberto Forchielli, founder of private equity firm Mandarin Capital Partners, with 20 years of experience in China.

Source: Al Jazeera And Reuters

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