Billionaire Guo Guangchang, Executive Director and Chairman of Fosun International, attends the annual general meeting of the Chinese conglomerate in Hong Kong, China in this May 28, 2015 file photo. REUTERS/Bobby Yip/Files
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One of China's biggest private-sector conglomerates, Club Med owner Fosun, said Friday its chairman was cooperating with judicial authorities over a reported corruption investigation.Shares in the group were suspended in Hong Kong after the disappearance of Guo Guangchang, dubbed "China's Warren Buffett," Fosun said in a statement. Chinese authorities have also launched wide-ranging probes into the financial sector following a rout in the country's share markets this year when a debt-fueled bubble burst.The Fosun Group is one of the country's biggest private companies and its flagship subsidiary, Fosun International, has net assets of 50 billion yuan ($7.8 billion).Fosun Group is due to hold its annual meeting on Monday, where Guo usually makes a speech, Chinese news portal Sohu said.
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