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Chinese Billionaire Arrested in Minneapolis, Later Released

Chinese Billionaire Arrested in Minneapolis, Later Released

Richard Liu, CEO of JD.com, was arrested Friday evening by Minneapolis police, according to Hennepin County, Minn., jail records.

"He has been released without any charges, and without requirement for bail". "Mr Liu has returned to work in China".

But, contrary to the company's statement, Minneapolis police have not actually cleared Liu of wrongdoing and have instead said that they are now investigating the allegation against him.

The Minneapolis Police Department said the investigation remained active and would not confirm details of the arrest or the allegations against the 45-year-old Liu.

Over the weekend, JD.com released a statement on Weibo defending Liu, claiming that the company's founder had been falsely accused and that police had found that no misconduct occurred.

The statement, contradicting United States police, added authorities found no evidence of misconduct and released Mr Liu to continue his trip.

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JD.com declined to elaborate on the event.

"Under these circumstances, based on our substantial experience in the criminal justice system in Minnesota, charges are highly unlikely in the future to be brought against our client", attorneys Earl Gray and Joseph Friedberg said in an email.

Investors flinched slightly at the news Friday of Liu's arrest, but JD.com stock value had rebounded by the end of the day.

Elder said he did not know if Liu was being represented in the case by a lawyer. The companies will also partner on retail projects in United States, Europe and Southeast Asia, potentially helping JD grow beyond China and compete with the likes of Amazon. Liu was never accused of any wrongdoing in that incident. The defendant was found guilty of seven offenses, according to a court document. Liu was not charged or accused of any misconduct, however, he did end up losing a legal battle earlier this year to keep his name out of the records and the press. In July, a judge in Australia rejected his request for a suppression order.

In June, Google said it would invest $550 million in JD.com. Liu started his business by opening a counter store in Beijing selling computer parts.

"I felt that e-commerce would be the trend for the future", he said at the time.

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