Chinese billionaire Richard Liu released after Minnesota arrest

Liu Qiangdong also known as Richard Liu is the founder of the Beijing-based e-commerce site

He was arrested shortly before midnight local time on Friday and was released just after 4pm on Saturday, according to the website of the Hennepin County Sheriff's Office.

It said Liu had been participating in a business activity at the time when false accusations were made against him, and that a police investigation had not found any inappropriate behavior.

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.

A Chinese business tycoon has been arrested in America for alleged sexual misconduct involving a Chinese student. Liu, who is worth an estimated $7.3 billion, owns 16 percent of the company and has vast control over major business decisions.

JD.com, the company which Liu founded in 1998, is an e-commerce juggernaut in China and the main competitor to industry leader Alibaba.

The company is backed by Walmart Inc, Alphabet Inc's Google and China's Tencent Holdings.

Earl Gray, a Minneapolis-based lawyer for Liu, has said his client denies any wrongdoing. "The understanding is that if we need to get in touch with him, we will be able to do so".

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Liu, also known by his Chinese name Liu Qiangdong, was arrested over the misconduct allegations late Friday and released Saturday afternoon in the midwestern United States city of Minneapolis, records from Hennepin County Jail showed.

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

While the doctoral program primarily takes place in Beijing in partnership with the prestigious Tsinghua University, the students were in the Twin Cities last week as part of their training.

Liu built JD.com from scratch.

His wife, Zhang Zetian, some 19 years younger, is a businesswomen and internet celebrity. He had to shut it down in 2003 after severe acute respiratory syndrome struck China causing people to stay at home for fear of catching the deadly disease, the Hong Kong based South China Morning Post reported. 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.

Longwei Xu, a property developer, was later found guilty of seven counts.

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