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Exclusive: China's CEFC was scrambling for loans as authorities swooped

Reuters  |  HONG KONG/SHANGHAI 

By Julie Zhu and Engen ThamHONG KONG/SHANGHAI (Reuters) - CEFC China Energy, the once-acquisitive conglomerate, was prepared to pay annual rates of as much as 36 percent for short-term funding in a sign of the cash crunch faced by the company as authorities were closing in on its chairman, according to multiple people with knowledge of the matter. Earlier this month it was revealed that Ye Jianming, the company's chairman, had been investigated for suspected economic crimes. Guosheng Group, an investment firm owned by the Shanghai government, was tasked with evaluating CEFC's financial ...

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First Published: Mon, March 12 2018. 12:38 IST
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