Troubled CEFC’s First Bond Default Deepens Debt Concerns
Embattled energy giant CEFC failed to repay more than 2 billion yuan in bonds on Monday. Photo: IC
A key affiliate of troubled Chinese energy and financial giant CEFC China Energy Co. Ltd. confirmed Monday that it has failed to make principal and interest payments on nearly 2.1 billion yuan ($329 million) in bonds.
CEFC Shanghai International Group Ltd., CEFC China’s main business subsidiary, attributed its default to the fact that CEFC China’s founder and chairman, Ye Jianming, has been unable to perform his duties recently. Ye was placed under investigation by the authorities earlier this year on suspicion of economic crimes.
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
RELATED
MOST POPULAR
- 1Exclusive: Fallen Chief of Bad-Asset Manager Had Tons of Cash — Literally
- 2Update: China’s Economic Growth Hasn’t Been This Slow Since Financial Crisis
- 3Update: Stocks Surge After Xi’s Top Economic Adviser Calms Investors
- 4In Depth: China’s New Household-Debt Fears
- 5Real Estate Market Braces for Winter
SPONSORED
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas