Police have confirmed that one of China’s richest men, Huang Guangyu, is being held in custody while they investigate him for “economic crimes”.
Mr Huang went missing last week and shares in his company Gome have been suspended from trading.
Officials gave no further details, but Chinese media point to alleged irregularities in the share price of a company controlled by his brother.
The billionaire electrical appliance tycoon is worth some $6bn (£4bn).
“We can confirm for you the news that Wong is being held for investigation by Beijing police in connection with economic crimes,” a police spokesman said, referring to Mr Huang by his other name Wong Kwong-yu.
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(From the BBC)