Two suspects arrested in kidnapping and murder of Chinese steel tycoon in Boracay

Two suspects in the kidnapping and murder of Chinese businessman and steel tycoon Guo Congyuan, also known as Anson Que, have been arrested at a resort in Boracay, the Philippines, on May 17.

The suspects, identified as Gong Wenli, alias Kelly, and Wu Jiaping, were apprehended in the room of a resort at 1:54pm on May 17, according to Filipino media ABS-CBN.

Gong is considered one of the alleged masterminds in the crime. She allegedly led the ransom negotiations and managed a digital wallet holding part of the 200 million Philippine pesos (US$3.58 million) ransom.

She is also suspected of facilitating money laundering and luring Guo to the abduction site, according to media reports.

The Philippine National Police said part of the ransom was traced to cryptocurrency wallets, while about US$1.36 million was withdrawn through an account in Cambodia, now flagged by US authorities for suspected money laundering.

Investigators are probing whether Gong and Wu are linked to a larger kidnapping syndicate, with other suspects believed to still be at large.

Guo, 67, was born in Quanzhou, east China's Fujian Province, and moved to the Philippines in 1985. He later established his steel trading firm in 1990, earning the nickname "Steel King".

On April 10, police confirmed that Guo had been kidnapped and subsequently killed despite his family paying the full ransom in three installments totaling 210 million pesos. Guo's driver was also murdered.

Several suspects have been arrested in connection with the case. However, Guo's son remains under investigation by the Philippine Department of Justice.