China confirms tycoon's arrest

China confirmed holding Huang Guangyu, an electrical appliance entrepreneur estimated to be worth $6 billion, for investigation of economic crimes.

The rags-to-riches businessman went missing last week and trading of shares of his company, Gome Electrical Appliances Holdings, had been suspended, the BBC reported Thursday.

Chinese officials gave no details about the 39-year-old's detention but the British network said local media had reported about alleged irregularities in the share price of a company controlled by his brother.

We can confirm for you the news that Wong is being held for investigation by Beijing police in connection with economic crimes, a police spokesman said. The BBC reported Huang was referred to by his other name Wong Kwong-yu.

Gome accounts for one in six of the electronic products sold in China, the BBC said.

A commentary in Xinhua, China's official news agency, discussing the delay in confirming Huang's detention, said media questions about the incident had not been answered and that the public felt lost.

Huang's company declined comment except to say its operations have not been affected by his detention.

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