China's Richest Man Detained without Explanation

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Uploaded by on Nov 28, 2008

CHAN:
China's richest man, Huang Guangyu, has been detained for just over a week.

Beijing police confirmed on Thursday that Huang is being held for investigation for "economic crimes.”

Huang disappeared last week. That lead to widespread media reports that he was detained for share trading violations involving a company run by his brother.

Huang's rags-to-riches story has made him a legendary tycoon. Born into a poor family in Guangdong, at age 16 he started selling appliances with his brother. His company, Gome then grew to become the largest electronics retailer in China. Some have called him "China's Sam Walton," after the founder of Wal-mart.

Trading in shares of Gome on the Hong Kong stock exchange has been suspended.

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  • In China, u can never be rich enough to fuk with the government.

  • yah communism!

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