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
The bank is filing an application for pre-action discovery at the High Court of the Republic of Singapore in order to ascertain its future direction of proceedings against Sinfeng, according to court documents.
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.