Post by The Ultimate Nullifier on Dec 11, 2015 9:46:56 GMT -6
variety.com/2015/biz/asia/fosun-chairman-guo-guangchang-assisting-judiciary-1201659178/
Fosun, the Chinese conglomerate that is a major backer of Jeff Robinov’s Studio 8, said that its chairman who was yesterday reported as missing is helping Chinese authorities.
Guo Guangcheng was reportedly the subject of a high profile arrest at one of Shanghai’s airports. Local media reported that he was being detained by the Chinese authorities, possibly in connection with corruption investigations.
“The company understands that Mr. Guo is currently assisting in certain investigations carried out by Mainland judiciary authorities,” Fosun International, said in a statement issued late on Friday evening local time. “Mr. Guo may continue to take part in decision makings of the company’s major matters via appropriate means. The directors of the company are of the view that this investigation has not posed any material adverse impact on the financial or operation of the group. The operations of the company remain normal.”
Fosun International said that it would apply to the Hong Kong Stock Exchange for its shares to resume trading on Monday.
The company statement did not clarify whether Guo was the subject of the investigation, or whether he was helping with investigations into others. Nor did Fosun say where he was being held, or by which department.
Guo has repeatedly denied that he has been under investigation since 2013. However, in August this year, a Shanghai court found that Guo had inappropriate connections to Wang Zongnan, a businessman now serving an 18 year prison sentence for abuse of funds at Bright Food Group, a state-owned enterprise. Guo was alleged to have sold Wang a property at less than its market value some 12 years ago. There was no reprimand for Guo in August.
Guo has led Fosun in the building of an entertainment empire that extends beyond Studio 8. Fosun International also has stakes in China’s Bona Film Group, Canada’s Cirque du Soleil and Korean talent management film SM Entertainment. It owns the majority of French holiday firm Club Med and a smaller holding in British leisure group Thomas Cook.
Earlier this year Fosun hatched its own film production company, which has not yet announced any projects.
Fosun, the Chinese conglomerate that is a major backer of Jeff Robinov’s Studio 8, said that its chairman who was yesterday reported as missing is helping Chinese authorities.
Guo Guangcheng was reportedly the subject of a high profile arrest at one of Shanghai’s airports. Local media reported that he was being detained by the Chinese authorities, possibly in connection with corruption investigations.
“The company understands that Mr. Guo is currently assisting in certain investigations carried out by Mainland judiciary authorities,” Fosun International, said in a statement issued late on Friday evening local time. “Mr. Guo may continue to take part in decision makings of the company’s major matters via appropriate means. The directors of the company are of the view that this investigation has not posed any material adverse impact on the financial or operation of the group. The operations of the company remain normal.”
Fosun International said that it would apply to the Hong Kong Stock Exchange for its shares to resume trading on Monday.
The company statement did not clarify whether Guo was the subject of the investigation, or whether he was helping with investigations into others. Nor did Fosun say where he was being held, or by which department.
Guo has repeatedly denied that he has been under investigation since 2013. However, in August this year, a Shanghai court found that Guo had inappropriate connections to Wang Zongnan, a businessman now serving an 18 year prison sentence for abuse of funds at Bright Food Group, a state-owned enterprise. Guo was alleged to have sold Wang a property at less than its market value some 12 years ago. There was no reprimand for Guo in August.
Guo has led Fosun in the building of an entertainment empire that extends beyond Studio 8. Fosun International also has stakes in China’s Bona Film Group, Canada’s Cirque du Soleil and Korean talent management film SM Entertainment. It owns the majority of French holiday firm Club Med and a smaller holding in British leisure group Thomas Cook.
Earlier this year Fosun hatched its own film production company, which has not yet announced any projects.