'Missing' Chairman of Chinese Firm About to Buy Israel's Phoenix Reappears

Chairman of Fosun Group disappeared to help in police investigation just before closing deal to purchase Israeli company Phoenix.

Engen Tham
Billionaire Guo Guangchang, chairman and chief executive officer of Fosun Group.
Billionaire Guo Guangchang, chairman and chief executive officer of Fosun Group. Credit: Bloomberg
Engen Tham

REUTERS - Guo Guangchang, the chairman of China's Fosun International, appeared at the company's annual meeting in Shanghai on Monday where he received a standing ovation, a person who was at the event told Reuters.

It was Guo's first appearance since he was reported to be missing late last week. On Sunday, the president of Fosun said Guo had been helping police with an investigation that mostly concerns his personal affairs.

Israel's Delek agreed in June to sell its 52.3% stake in Phoenix to Fosun for 1.8 billion shekels (about $466 million), part of an asset sale Delek has been undertaking as it focuses on its core energy business.

The deal had been waiting for a final decision from the Finance Ministry before Guangchang lost contact last Thursday.

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