China Probes Another Conglomerate With Overseas Media Ambitions

CEFC China Energy chairman under probe says report

CEFC China Energy chairman under probe says report

Reports of the probe surfaced Thursday in Chinese financial investigative publication Caixin. The company's CEO is also one of President Zeman's advisors.

The founder and chairman of CEFC, Ye Jianming, is under investigation by the Chinese authorities.

China Lianhe said it was downgrading CEFC Shanghai International Group's long-term issuer rating "on the basis that this matter may significantly affect the future development" of the company, referring to the reported investigation of Ye.

CEFC is active in the Czech Republic where it has assets worth 1.5 billion euros.

"To protect against unusual fluctuations in the price of outstanding bonds, and in accordance with relevant regulations of the Shanghai Stock Exchange, (trading of) these bonds will be suspended from March 1", the statement said. With share listings on both the Shenzhen and Hong Kong stock exchanges, CEFC is now contracted to pay $9 billion for a 14% stake in Russian energy giant Rosneft.

"We have noticed the irresponsible report certain media have regarding Mr. Ye Jianming", the company said in a statement issued today.

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