Finance

Chinese billionaire arrested in USA over sexual misconduct

Chinese billionaire arrested in USA over sexual misconduct

"Mr. Liu has returned to work in China", a JD.com spokesperson said Monday.

"He has been released without any charges, and without requirement for bail".

However Minneapolis Police Department spokesman John Elder said that an investigation was ongoing and declined to provide details of the arrest.

Liu Qiangdong, one of the richest men in China, was arrested on sexual-misconduct allegations over the weekend during a trip to the US.

Major investors include Walmart, which owns a 10% stake, and Chinese tech giant Tencent, which holds 18%, according JD's latest annual report. He is worth an estimated $7.3 billion, CBS News reported.

Liu founded the company about two decades ago. He said that it was an "active investigation" but that no formal complaint had been filed.

In June, Google said it would invest $550 million in JD.com.

The University of Minnesota said Liu was a student in its doctor of business administration program, which primarily takes place in Beijing in partnership with Tsinghua University aimed at full-time executives.

The billionaire, whose non-Westernized name is Liu Qiangdong, was arrested just before midnight on Friday and released Saturday afternoon.

China's foreign ministry said its consulate in Chicago was closely watching the situation. It was "seeking information and verification from the related United States authorities", ministry spokeswoman Hua Chunying told reporters.

The company has been in and out of the red for the past year and last month reported a second-quarter net loss of $334.4 million - nearly twice that forecast in a Thomson Reuters I/B/E/S poll - reflecting increased investment.

Business Insider has contacted JD.com for further comment.

JD said it planned to make a selection of items available for sale in places like Europe and the United States through Google Shopping, which allows shoppers to search for products and compare prices on different e-commerce sites. He is also known for his marriage to Chinese internet celebrity Zhang Zetian.

At 24, she became China's youngest female billionaire in 2017.

Earlier this year, Liu attempted to suppress information about a sexual assault that occurred after a 2015 party at his Australian home.


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