Decor magnate arrested for suspected bribery

Zhu Xingliang, Director of Suzhou Gold Mantis Construction Decoration Co Ltd.

SHANGHAI - A billionaire has been arrested on suspicion of corruption, the company he founded, Suzhou Gold Mantis Construction Decoration Co Ltd, said.

The family of Zhu Xingliang, who ranked No 55 on the 2013 Forbes China Rich List with a fortune worth $2.04 billion, informed Gold Mantis of his arrest, the firm said in a statement to the Shenzhen Stock Exchange posted on Tuesday.

"The company received notification from family on January 27 that director and the person in actual control (of the firm) Zhu Xingliang was arrested on suspicion of bribery with the approval of the prosecutor," the company filing said.

Shares in the interior decoration firm have dropped about 10 percent since Monday. Zhu is the company's biggest shareholder and the firm said business was operating normally following his arrest.

The arrest comes as China's President Xi Jinping makes the fight against endemic corruption a central theme of his administration. Xi has vowed to pursue both high-flying "tigers", or senior officials, and lower-ranking "flies".

Gold Mantis is known for its work on several high-profile projects including the "Bird's Nest" Olympic stadium and the National Grand Theatre in Beijing.