$3.2-billion) portfolio of international properties up for sale. On March 27, Bloomberg News reported that the company planned to put its entire 20-billion yuan (U.S. On April 2, the company's main lender, state-owned China Development Bank (CDB), urged creditors not to file more suits or recall loans in hopes of keeping CEFC afloat.ĭays earlier, subsidiary CEFC Anhui International disclosed that shares representing over a fifth of its share capital had been frozen by four mainland courts. Trading has been halted in the bonds of one subsidiary, CEFC (Shanghai) International, which has been subject to lawsuits brought by state-backed China Everbright Bank, Reuters and the South China Morning Post said. Pressures have mounted in the past month with reports that Ye has stepped down from his post as CEFC chairman. On April 3, the Russian daily Vedemosti reported that CEFC had missed a March 31 deadline for a 20-percent payment of the purchase price, quoting an anonymous source saying that the due date had been extended by 10 days "or more." Can you really do that in China?" said Edward Chow, senior fellow for energy and national security at the Center for Strategic and International Studies in Washington. "It's hard for me to imagine how this guy could do this without someone giving him the signal it's okay. Seven months later, the deal remains unfinanced and incomplete while analysts wonder how Ye ever managed to push his way into the ranks of the world's biggest oil investors. $9.1-billion (57.4-billion yuan) deal to acquire a 14.16-percent stake in Russia's state-controlled Rosneft oil company, buying shares from Swiss-based trader Glencore plc and the Qatar Investment Authority (QIA). Questions have swirled around CEFC since last September when the little-known conglomerate struck a U.S. $43-billion (271-billion yuan) company.Ĭhina's state media have also been mum, fueling speculation that the subject may be too hot to touch. since March 1, when independent Caixin magazine reported that its illusive founder Ye Jianming had been "placed under investigation."ĭespite a series of dots connected by the regional and international press, the government has yet to make any statement regarding CEFC, leaving it unclear whether it plans to break up or bail out the U.S. In the six weeks since a probe of China's top private oil company became public, government officials have kept silent about plans for the firm's far-flung empire abroad.Īnalysts have been trying to piece together the puzzle of the government's policy toward Shanghai-based CEFC China Energy Company Ltd.
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