Police in China have confirmed that they are holding the country’s richest man - the head of its largest electrical goods retailer - for investigation over possible economic crimes.
No other details have emerged about the questioning of Huang Guangyu, the chairman of Gome Electrical Appliances, who has a personal fortune of £4 billion. Gome said that it understood that the 39-year-old tycoon was being investigated for his personal activities and that the company was not linked to any suspicious transactions.
Gome has made its chief executive acting chairman in the absence of Mr Huang, who was detained ten days ago. The Chinese business magazine Caijing said that Mr Huang was suspected of insider trading in connection with wild fluctuations in the price of a