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China's richest man held for stock scam
Tue, Nov 25, 2008
The Straits Times

By Peh Shing Huei, China Correspondent

BEIJING: A month after being named China's richest man, home appliance tycoon Huang Guangyu was detained for investigation into alleged share trading violations.

The billionaire entrepreneur, whose Gome chain is the country's biggest electronics retailer with 800 stores, was detained last Wednesday, according to influential financial magazine Caijing in a report over the weekend.

According to the CNStock website, Mr Huang, who is estimated to be worth US$6.3 billion (S$9.6 billion), has since been released.


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