CHINA'S richest man disappears

Subject: CHINA'S richest man disappears Mon Nov 24, 2008 4:21 pm

CHINA'S richest man, the $US6 billion ($9.5 billion) electronics magnate Huang Guangyu, has disappeared from his home into a vortex of speculation about corruption and sharemarket manipulation.

Senior colleagues at Gome Electrical Appliances, Mr Huang's company, reportedly have no idea where their chairman had gone.

Chinese and Hong Kong media said he was being questioned by the Public Security Bureau, with some reports focusing on sharemarket manipulation, others on corruption and one Hong Kong report simply referring to "bribery and embezzlement earlier in Mr Huang's career".

The media's enthusiasm for the story, despite the absence of official confirmation, illustrates how many Chinese journalists and readers have come to expect successful business people and officials cut corners to succeed.

"He's not around, that's for sure," said a source close to Mr Huang's company, who said he could only guess which Chinese media reports were correct.

"As you well know, no one gets any business done in China without everyone having enough rope to hang himself a thousand times over."

Mr Huang was listed as China's richest man for the third time in five years by last month's Hurun Report, which said he controlled $US6.3 billion. Forbes magazine said he was China's No.2 with $US2.7 billion.

Mr Huang was sufficiently well connected to be trusted with the Olympic torch two days before the opening ceremony, as was his wheelchair-bound mother.

LNK

CHINA'S richest man disappears

CHINA'S richest man disappears

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