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Ye Jianming, the founder and chairman of rapidly expanding Chinese conglomerate CEFC China Energy, has been investigated by government authorities, according to people with knowledge of the situation.
Ye, who grew CEFC from an obscure company focused mainly on the former Soviet Union into a conspicuous player on the world energy stage, is under investigation for “economic-related issues,” said one of the people, who asked not to be identified as the information isn’t public.
It’s unclear if the investigation has concluded, and further details were unavailable.
A Shanghai-based spokesman for the company declined to comment.
The investigation was initially reported Thursday by Chinese media outlet Caixin. Shares in related companies in Hong Kong, Singapore and Shenzhen tumbled and the trading of some bonds in Shanghai was suspended, signaling increased investor anxiety following the seizure last week of Anbang Insurance Group Co.