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
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
Digitalization can help shipping achieve its decarbonization goals but only if human factors are considered enough when introducing smarter maritime operations with ‘user-friendly’ technology.
Anand S/O Omprekas, Noruliman Bin Bakti, and Muhammad Khairul Asri Bin Mohamad Hanafiah were tasked to verify the quantity of cargo supplied to vessels by Shell Eastern Petroleum Private Limited.