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China decor magnate arrested for suspected bribery

Published on Jan 29, 2014 1:38 PM
 

SHANGHAI (REUTERS) - A billionaire, who Chinese media say is linked to the downfall of the former mayor of Nanjing, has been arrested on suspicion of corruption.

The arrest was announced by the company he founded, Suzhou Gold Mantis Construction Decoration Co Ltd.

The family of Mr Zhu Xingliang, who ranked no.55 on the 2013 Forbes China Rich List with a fortune worth US$2.04 billion (S$2.59 billion), informed Gold Mantis of his arrest, the firm said in a statement to the Shenzhen Stock Exchange posted on Tuesday.

"The company received notification from family on Jan. 27 that Director and the person in actual control (of the firm) Mr Zhu Xingliang was arrested on suspicion of bribery with the approval of the prosecutor," the company filing said.

 
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