Fosun International, Thomas Cook’s largest shareholder, confirmed that its chairman Guo Guangchang is currently assisting in certain investigations carried out by China’s authorities.
The reasons behind his detention are unknown.
Guo Guangchang was reported missing after his company had been unable to reach him on Thursday afternoon, according to financial magazine Caixin. In a statement on Friday morning, Fosun said it had requested a trading halt following the news.
The company has now confirmed that shares would resume trading from Monday morning.
The billionaire, dubbed the “Warren Buffet of China” may continue to be involved in the company’s major decision makings, according to the statement.
Guo, 48, has built an empire of industrial companies, alongside a host of insurance, banking and asset management firms.
He is a delegate to the Chinese People's Political Consultative Conference and has amassed a personal net worth of $5.7 billion, according to Forbes.
His disappearance is the most high-profile in the latest series of mysterious incidents within China’s business community, sending a signal about how serious China is about ramping up scrutiny of its financial sector.
Two top executives from Citic, one China’s biggest brokers, went missing following reports they had been asked by authorities to assist with an investigation.
The disappearance of Li Yifei, one of China’s most powerful businesswomen, prompted speculation she was taken into custody in September. She later said she had been on a six-day meditation trip.
Additional reporting by Reuters
