Guo Guangchang is the founder and chair of Fosun International. (Photo : Forbes Media )
Guo Guangchang, founder of Fosun International, is helping police with an investigation that mainly focuses on his personal affairs, according to a Sunday statement by Fosun's president, as reported by Shanghai Daily.
Fosun confirmed on Friday that Guo was helping authorities with a probe. This happened a day after media reports circulated, saying that Fosun had lost contact with him.
"We trust Chairman Guo is a wise man and will actively cooperate and fulfill his duties to assist the investigation as soon as possible," said Wang Qunbin, president of Fosun.
When asked whether the probe was linked to Fosun or Guo personally, Wang said that it was mostly about Guo's personal affairs. He added that he could not provide more details because the investigation was "sensitive."
According to Chief Executive Liang Xinjun, Guo was helping police in Shanghai with an investigation. He stressed that Guo was not the subject of the investigation, while not giving any other details on the nature of the probe.
Liang said that Guo was able to take part in major company decisions, although Fosun has mechanisms in place to withstand Guo's absence, mentioning that Fosun did not rely on "any one executive."
Liang also said that Fosun was in communication with its lenders, investors and credit rating agencies, stating that its financial situation was "very healthy."
According to people familiar with the regulatory process, Guo's whereabouts were already noticed by banking supervisors in Europe, where Fosun is trying to buy BHF Kleinwort Benson, an Anglo-German bank.
Fosun has been permitted by the European Central Bank to continue its takeover, albeit with reservations.
