The Chairman of private Chinese conglomerate CEFC China Energy Company (CEFC) is under investigation by authorities for alleged economic crimes.
Unnamed authorities took Ye Jianming, also the founder of CEFC, for questioning earlier in the year, according to an unnamed source reported by Chinese financial newspaper Caixin.
The development comes after an arrangement by CEFC to buy an approximate $9.1 billion share in Russian oil major Rosneft, according to Reuters.
The revenue of CEFC exceeded RMB 263.1 billion ($41.4 billion) in 2015.
The company has a stake in assets from Chad to the United Arab Emirates to Kazakhstan, where it has also invested in a series of Czech companies; Czech investments include real estate, a brewing group, a football stadium and an airline.
The Chinese government last week took over control of insurer Anbang Insurance Group over economic crimes conducted by its Chairman.
Professor Christopher Balding at the Peking University HSBC School of Business in Shenzhen believes it is "distinctly possible" the Chinese government will assume control of more firms.
"They are trying to essentially … build firewalls around each of these things so that people that are dealing with them say 'OK the government stepped in, I’m going to get my money back'," he said.
Published: 2 March, 2018
Economy likely to stage quick recovery from coronavirus; with total economic impact relatively contained, says central bank.
Creditors of K.S. Marine are required to submit particulars of their debts or claims in writing, by their solicitors or personally, on or before 30 November 2020.
Firm will continue to manage the outstanding financial derivative contracts, it says in update.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
Launching service at three locations, mulls for future Singapore bunker fuel testing laboratory.
Monjasa will have VLSFO and MGO 0.1% available in Colombia, where ops include two vessels and shore tanks.
‘We are here to transfer the extremely valuable knowledge gained over the past six years to the maritime sector, such that our customers are comfortable in the use of such biofuels,’ states CEO Olivier Baiwir.
Newly appointed Anthony Mollet speaks to Manifold Times about his role, vision, value proposition and plans for the Marine Fuels Alliance to become a wide-reaching and engaging bunkering industry association.
SFP will be retrofitting VPT’s existing bunker vessel with its Full Electric Ready (FER) system and seeks to commission the vessel in the second quarter of 2022, CEO of SFP George Lee tells Manifold Times.
Equatorial Marine Fuel Management Services, Oldendorff Carriers, Lloyd’s Register and organisers took part in a Bunker Quality Claims Webinar moderated by Manifold Times on 10 November.
‘Though it did introduce temporary commercial and operational disruptions, we took a constructive view of the situation and chose to use this event as a learning opportunity,’ shares a Consort Bunkers spokesperson.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
30 Nov 2021
