Thursday, January 7, 2016

Another Chinese Billionaire is Missing


The billionaire founder of Metersbonwe, Zhou Chengjian, has gone missing, reports FT.

Metersbonwe, one of China's best-known fashion brands, suspended trading in its shares on the Shenzhen stock exchange on Thursday while the company said it was investigating reports in the Chinese media that Chengjian, its chairman, had been picked up by police.

The company is a household name on the Chinese high street and Zhou was China's 65th-richest man last year, according to the Hurun Rich list, with a fortune of Rmb26.5bn ($4.01bn).

His company said in a second statement on Thursday night that it was unable to reach Zhou or the secretary of the board, Tu Ke. Th

Zhou is the latest high-profile private sector businessman believed to have been caught up in probes, and his disappearance follows the detention last month of Guo Guangchang of the conglomerate Fosun, which owns Club Med.

Guo went missing for several days and was later reported by his company to be assisting authorities with an unspecified investigation.

Dozens of government officials, state-owned company officials and financial industry executives have also been investigated or detained in recent months as a result of Chinese government reaction to the collapsing Chinese stock markets.


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