Apr 25, 2020 03:54 PM
Fallen Energy Conglomerate CEFC Declared Bankrupt
CEFC China Energy Co. Ltd., the fallen energy and financial conglomerate controlled by secretive tycoon Ye Jianming, has been declared bankrupt by a Shanghai court, according to a ruling (link in Chinese) dated March 31 and published Friday on an enterprise bankruptcy information disclosure platform set up by China’s Supreme People’s Court.
In addition to CEFC China, several of its subsidiaries including CEFC Shanghai International Group Ltd. and CEFC Hainan International Holdings Co. Ltd. were also declared bankrupt in the same ruling.
What’s the background: CEFC China is one of the private Chinese conglomerates that spent several years amassing sprawling assets abroad through debt-backed investments. But the company has been under regulatory and financial pressure since founder Ye was placed under investigation on suspicion of economic crimes in 2018.
https://www.caixinglobal.com/2020-04-25/fallen-energy-conglomerate-cefc-declared-bankrupt-101547143.html