China tycoon questioned by police

State media says Huang Guangyu, China's second richest man, has been arrested.

    Huang Guangyu founded the Gome chain of appliance stores in the 1980s [EPA]

    Confirming the arrest, China's Xinhua news agency said Gome company spokesman He Yangqing would make a statement on Monday, but gave no other details.

    Huang set up his home appliances distribution firm with 30,000 yuan ($4,400 at current exchange rates) in the 1980s.

    The firm has since become a nationwide, earning Huang the nickname "China's Sam Walton – a reference to the founder of US retail giant Wal-Mart.

    Huang was ranked as China's second richest man in a list compiled by US business magazine Forbes earlier this year.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    China will determine the future of Venezuela

    China will determine the future of Venezuela

    There are a number of reasons why Beijing continues to back Maduro's government despite suffering financial losses.