Troubled CEFC’s First Bond Default Deepens Debt Concerns
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.
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