Chinese tycoon assisting in probes re-appears at office

BEIJING

A high profile Chinese businessman who went missing last week while reportedly assisting authorities in an investigation re-appeared Monday at a company meeting at his Shanghai office.

After the disappearance of Guo Guangchang amid widespread corruption probes was reportedly late Thursday, trading of shares of companies under the Fosun conglomerate had been suspended amid speculation about whether the billionaire -- known for his global investment moves -- had been taken into custody.

Statements filed by the Fosun companies Friday night revealed that Guo, 48, was "assisting in investigations carried out by mainland judiciary authorities,” without providing more details about his role in the probes.

The statements signed by Guo himself had said that trading of the Shanghai and Hong Kong-listed shares would resume Monday.

The Hong Kong-based South China Morning Post reported Monday that Guo gave a speech at the annual meeting focusing on company strategies, but did not address his disappearance or the investigation.

Liang Xinjun, Fosun International’s vice chairman, had said in a conference call Sunday that Guo was allowed to take part in important decision-making meetings, according to the Post.

On Monday, the shares of Fosun companies experienced drops of between 5 and 12 percent.

Last week, the Post had cited an unnamed well-connected businessman as saying that Guo might be questioned about his connection with two officials who were placed under investigation by China’s anti-graft watchdog.

The two are Shanghai’s vice-mayor Ai Baojun, who the Central Commission for Discipline Inspection announced it was probing in early November, and the Securities Regulatory Commission’s former vice-chairman Yao Gang.

The Caixan online newspaper, which had reported Guo as missing Thursday, said that a Chinese court had found that his links to a former chairman of a state-owned food and beverages company -- who was handed an 18-year term in August -- had been “inappropriate”.

The Shanghai court said that Wang Zongnan had abused his power and pursued profit with Fosun Group, and that Guo had sold two villas to Wang’s parents for below their market price -- allegations denied by Guo.

His Fosun Group, which began with pharmaceuticals in the 1990s, has since expanded through the purchase of other companies in the U.S. and Europe, in sectors including insurance, travel and leisure.

Guo’s assistance in investigations comes at a time when tens of thousands of suspects -- including dozens of high-profile individuals at the top of the Communist Party -- have been investigated under an anti-corruption drive launched in 2013.

In February, the Central Commission for Discipline Inspection said it would target 26 giant state-owned firms this year as part of President Xi Jinping’s campaign.