Fosun chairman reappears after China police probe

Fosun chairman reappears after China police probe

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The Chinese business tycoon who heads up Club Med owner and Thomas Cook investor Fosun has made a personal appearance at the firm’s annual meeting.

Guo Guangchang was reported as missing on Friday although it was later revealed he was helping Chinese authorities with a probe into his personal affairs.

The Chinese investigation comes amid a crackdown on the country’s financial sector but the authorities resulting in a numbers of executives going missing.

Reports in China said Guo had been released by police and Reuters reported that he received a standing ovation when he appeared at Fosun’s meeting.

Thomas Cook established a joint venture with Fosun in June this year and the retailer has also announced a tie-up with Club Med to promote its products in stores and online.

Fosun has a 5% stake in Thomas Cook and is expected to grow that share. It has also been linked to UK operator Center Parcs.

The firm bought Club Med in February for €939 million after a long-running bidding battle with Italian businessman Andrea Bonomi.


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