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By | Kelly Fiveash 25th November 2008 15:28

China's richest man disappears

Gome shares suspended

The chairman of China’s largest electronics retailer, Gome, has disappeared, although some reports suggest he's been detained by the police over alleged financial misconduct at the firm.

Huang Guangyu, who founded Gome Electrical Appliance Holdings in 1987, could not be located today, according to several reports.

Shares in the company have been suspended on the Hong Kong Stock Exchange.

Gome was unable to confirm whether Huang had been detained, the Financial Times reports. Meanwhile, the company said it was “making necessary inquiries” in an effort to “verify the allegations”.

Just last month the Hurun Report, which compiles lists of China’s well-off, said Huang was the wealthiest person in the People’s Republic with a net worth of $6.3bn (£4.2bn).

Chinese financial magazine Caijing reported that Huang was detained today as part of an investigation into the manipulation of shares of SD Jintai, a pharmaceuticals group controlled by Huang's brother, Huang Junqin.

Gome said its operations and relations with suppliers had not been affected by the reports. High profile tech partners include Dell and Microsoft. ®

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