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Chinese billionaire arrested in Minneapolis for alleged sexual misconduct

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Liu Qiangdong. also known as Richard Liu is the chief executive and founder of the e-commerce giant

Liu Qiangdong, also known as Richard Liu, was visiting Minneapolis when police arrested him.

Investors flinched slightly at the news Friday of Liu's arrest, but JD.com stock value had rebounded by the end of the day. "An investigation by local police did not find any evidence of misconduct, and he will continue his trip as planned.

Mr. Liu has returned to work in China", the company said in a brief statement late on Monday, referring further questions to two USA -based lawyers representing Liu.

-Chunying Zhang in Shanghai contributed to this article.

The Minneapolis Police Department over the weekend said the investigation remained active but would not confirm details of the arrest or the allegations against 45-year-old Liu. He declined to provide details of the arrest.

"We are confident that we will be able to get in touch with him as the time becomes necessary", Elder told the Wall Street Journal.

Minneapolis police said on Sunday that "an active investigation" was underway, although it was possible for the billionaire founder of the firm to leave the United States.

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JD.com said the accusations were false and unsubstantiated.

In June, Google announced it would invest more than half a billion dollars in JD.com as part of a move to expand retail services around the world.

Also known as Richard Liu, the founder of the Beijing-based e-commerce site was arrested in Minneapolis late Friday on suspicion of criminal sexual conduct, according to Hennepin County Jail records. In 2015, a model said she was sexually assaulted by a man after they had partied at Liu's Australian penthouse.

Longwei Xu, a property developer, was later convicted of the crime.

In July, a court in Australia denied Liu's efforts to block the release of his name in association with a sexual assault trial in which he was not accused of any wrongdoing, according to a court document.

"Born into a poor farming family in northern Jiangsu province, Liu is arguably less well-known outside China than his fellow billionaire countrymen like Alibaba Group Holding's Jack Ma Yun, Tencent Holdings' Pony Ma Huateng and Baidu's Robin Li Yanhong, who recently made the cover of Time magazine", Hong Kong-based South China Morning Post reported.

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