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]
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 : News Agencies

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