Chairman of Club Med’s parent reappears after police probe
The chairman of Fosun, Club Med’s parent company and a Thomas Cook investor, has reappeared at the group’s annual meeting in Shanghai after being detained by police.
Guo Guangchang, the high-profile Chinese tycoon, was reported missing by his staff on Friday but Fosun later confirmed he was assisting authorities with a probe.
Fosun president Wang Qunbin would not disclose details of the police investigation, but said it mostly concerned Guo’s personal affairs, not Fosun business.
The group’s shares were suspended on Friday and dropped more than 10% when trading resumed today.
Fosun bought Club Med in February and took a 5% state in Thomas Cook in March.
Guo is not the only Chinese executive to have temporarily gone missing this year amid a crackdown on the financial sector by authorities.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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