Chinese billionaire arrested in Minneapolis

Chinese billionaire arrested in Minneapolis

Chinese billionaire arrested in Minneapolis

Founded in 1998, is an e-commerce juggernaut in China and the main competitor to industry leader Alibaba.

USA police said that the investigation is ongoing.

Jail records did not provide details on Liu's arrest or the alleged incident, and police said they could comment because it's an active investigation.

"I'm not aware of any other company that has similar rules", said Chris Leahy, co-founder of advisory firm Blackpeak and a corporate governance expert.

The firms will marry JD's supply chain and logistics experience with Google technology to create "next generation" personalised retail in regions including Southeast Asia, the U.S. and Europe, both companies said in a statement.

Though police have released no details regarding the allegations against Liu, the Financial Times has reported that the case involves Liu and a Chinese student at the university, rumors that have also been spreading on Chinese social media.

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Like Jack Ma, Richard Liu made history in China with his rags to riches story.

Liu began his e-commerce business after he was forced to shut down a computer shop in Beijing when the severe acute respiratory syndrome (SARS) struck China, forcing people to stay indoors for weeks.

He has properties overseas and is married to Chinese internet celebrity Zhang Zetian, often referred to by her nickname, Sister Milk Tea, reported to be about 20 years his junior. He declined to say where in Minneapolis Liu was arrested or what Liu was accused of doing. The person, who asked not to be named because of the risks of speaking publicly, added that Liu traveled a lot and his lifestyle was seen as "very luxurious" to staff.

The arrest comes after Liu recently tried to distance himself from a sexual assault allegations against a guest at a 2015 party at Liu's penthouse in Australia.

Liu was not accused of wrongdoing, according to a court document.

A China-based venture capital manager who has dealt directly with Liu said that "there was nothing in his business dealings that would cause concern" but that Liu had "a high-profile private life". Among its other investors is Chinese internet gaming and social media giant Tencent Holdings, the developer of the WeChat messenger app and a major rival of Alibaba, and US retailer Walmart Inc.

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