CHINA-INTERNAL: ANTI-CORRUPTION DRIVE AND LEADERSHIP

Domestic media outlet Caixin reported on February 28, 2018 that Ye Jianming, founder and Chairman of the Chinese conglomerate CEFC China Energy Co., has been investigated by government authorities. CEFC came to prominence last year after it agreed to purchase a 14 percent stake in the Russian oil giant Rosneft PJSC for $9 billion, the biggest overseas Chinese oil acquisition since 2012. CEFC has also recently come under scrutiny in the U.S. Two men were arrested in November in New York on charges they paid $2 million in bribes to the president of Chad and $500,000 to a Ugandan official to secure drilling contracts for an unidentified Chinese company, the description of which matches CEFC. The company has clarified that it didn’t have any investments in Uganda and that its Chad project didn’t involve a relationship with the government. Reports separately state that the  Shanghai Guosheng Group, a portfolio and investment agency controlled by Shanghai’s municipal government, had taken over management and daily operations of CEFC China Energy. 





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