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Chinese oil tycoon Ye Jianming investigated for suspected economic crimes

Since 2015, Ye's company has been buying energy-related businesses in the Middle East, Africa and Europe

AP | PTI  |  Beijing 

Ye Jianming
Ye Jianming

A Chinese who is buying a stake in Russia's biggest has been detained for questioning, news reports said today, amid a sprawling anti-corruption crackdown.

The Caixin, citing unidentified sources, reported that Ye Jianming, of CEFC Energy, was under investigation but gave no details. The newspaper Morning Post said he was detained Feb. 16 on the orders of Chinese

Phone calls to CEFC's general and publicity offices in weren't answered. The company didn't respond to questions sent to the email address of its publicity department.

Ye, 40, adds to a growing number of Chinese businesspeople who have been detained or questioned during a marathon anti-graft crackdown led by Xi.

Ye founded CEFC in 2002 while still in his 20s and was considered one of China's most successful young entrepreneurs. CEFC describes itself as China's biggest privately company and reported 2016 revenue of $43.7 billion.

Since 2015, Ye's company has been buying energy-related businesses in the Middle East, and

Last summer, it agreed to pay $9 billion for 14.16 per cent of state-owned Rosneft, Russia's biggest Glencore, one of the companies that is selling the stake, said the transaction was due to close in the first half of this year.

A former official, Patrick Ho, who headed a think tank supported by Ye's company was arrested in November in on charges he helped arrange bribes for the of and the Ugandan

US prosecutors said Ho was acting for a Chinese conglomerate to secure business advantages but didn't identify the company. CEFC denied it was connected to the case.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, March 01 2018. 18:46 IST
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