ONE OF WORLD’S RICHEST MEN DETAINED BY CHINESE POLICE

[BUSINESS ★★]

ONE OF WORLD’S RICHEST MEN DETAINED BY CHINESE POLICE

Chinese Tycoon

(P1) One of China’s richest men, Guo Guangchang, has been DETAINED by police.

(P2) His company, Fosun International, confirmed on Friday that he was assisting authorities with an investigation.

(P3) The confirmation followed reports that he had gone missing.

(P4) Staff at Fosun had been unable to contact Mr Guo for several days.

(P5) Fosun, one of China’s biggest private CONGLOMERATES, briefly HALTED trading of its shares on the Hong Kong STOCK EXCHANGE following the reports.

(P6) The company said that its shares would RESUME trading on Monday.

(P7) Fosun said that Mr Guo, 48, a TYCOON who has been described as China’s WARREN BUFFETT, was still able to be involved in major decisions.

(P8) It was not clear why police had detained him.

(P9) A source close to the Fosun Group said: “It’s very likely he’s been asked by the Chinese authorities to co-operate in an investigation. He is not being investigated himself.”

(P10) Sally Yim of Moody’s Investors Service said: “Guo is one of the HIGH-PROFILE Chinese entrepreneurs and this incident will RAISE EYEBROWS among foreign regulators, as Fosun has been AGGRESSIVELY expanding its global businesses. But it is too early to say how this incident will impact Fosun’s operations.”

(P11) Mr Guo was LINKED to a CORRUPTION court case in August.

(P12) BBC Asia-Pacific ANALYST Michael Bristow says Mr Guo’s EMPIRE extends across the world, while Forbes magazine ESTIMATES his fortune at $7bn (£4.6bn).

(P13) Fosun Group has business interests including media, INSURANCE, REAL ESTATE, and RETAIL.

WORDS: 247

SOURCE: http://www.bbc.com/news/business-35068463

DISCUSSION QUESTIONS:

If you found the passage difficult to read or had problems understanding specific words or idiomatic expressions, please discuss them with your tutor. The following discussion questions should be answered in your own words and with your own arguments.

  1. Briefly summarize the content of the article in your own words.
  2. Do you think that Mr. Guo is assisting an investigation, or being investigated himself?
  3. Have any important business people in your country gotten into trouble lately?
  4. CEOs of major companies now get the kind of attention that athletes and rock stars get. Why is this true?
  5. Some analysts have said that the 21st Century belongs to China. Will China be the world’s leading nation in 50 years?

EXPRESSIONS TO PRACTICE:

What do the following expressions mean? Practice using each expression in a sentence; extra points if you can use it in conversation.

  • Stock exchange
  • High-profile
  • Raise eyebrows
  • Real estate

Cambly Practice Button

One thought on “ONE OF WORLD’S RICHEST MEN DETAINED BY CHINESE POLICE

  1. Pingback: WEEK 67 | Cambly's Curated Articles

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