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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China's second-richest person detained: state media AFP - 1 hour 44 minutes ago BEIJING (AFP) - - China's second-richest person, who made his fortune building up the nation's largest home appliance chain, has been detained on suspicion of market manipulation, state media reported on Monday. Hong Kong-listed shares in Huang Guangyu's company, Gome Electrical Appliances Holdings, were also suspended on Monday, according to a statement from the firm to the city's stock exchange. The shares were suspended "pending the release of an announcement in relation to price sensitive information", the statement said. This followed a report on the website of Chinese state-run finance magazine Caijing saying 39-year-old Huang had been detained and was under investigation on suspicion of market manipulation. The magazine, which did not reveal its sources, said he was held Wednesday last week. Other Chinese media outlets carried the story. The company was scheduled to release its third-quarter results later in the day, but a conference call had been cancelled, said Erika Xu, an executive at Gome's investor relations department. "It's because it's such a sensitive time, with the news report that has come out," she told AFP. Caijing said Huang was allegedly involved in price manipulation of a company controlled by his brother, Huang Junqin. The share price one of Huang Junqin's companies, Shanghai Jintai Co. Ltd., has fluctuated dramatically for almost the past two years, Caijing noted, without saying how Huang Guangyu was involved. With assets of 18.4 billion yuan (2.7 billion dollars), Huang was ranked as number two on a list of China's richest people issued by US magazine Forbes in October. Coming out on top in the Forbes rich list was Shanghai-based agricultural feed tycoon Liu Yongxing with a net worth of three billion dollars. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China to cut tariffs up to 30 percent: reportAFP - 1 hour 23 minutes ago China's second-richest person detained: state mediaAFP - 1 hour 44 minutes ago GOME says Q3 up 24 percent on strong sales, gloom loomsReuters - 2 hours 44 minutes ago Thai economy slows sharply in third quarterAP - Monday, November 24 Related Articles: Business Cambridge Tech not to proceed with warrant allotmentReuters - 14 minutes ago WRAPUP 1-China weighs next steps for supporting economyReuters - 19 minutes ago Rivals bet against Morgan Stanley in September- WSJReuters - 20 minutes ago Turkish lira firms 2.5 pct on global gainsReuters - 21 minutes ago GOME says checking reports chairman detainedReuters - 22 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Stricken German public bank KfW expects further losses Michael Jackson settles court case: spokeswoman Over 200 narwhal trapped in Canadian ice Slump in Europe spreads wider Japan scientists eye made-to-order bones View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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