China's CITIC Pays CEFC's Czech Debts to End Spat, to Take Over J&T Stake

Czech financial firm J&T said on Friday it had struck a deal with Chinese state conglomerate CITIC Group to settle debts owed by troubled Chinese company CEFC, ending a dispute, Reuters reported. Privately-held CEFC has spearheaded a Chinese acquisition drive in the Czech Republic, championed by Czech President Milos Zeman, which includes a range of assets including engineering, brewing and real estate as well as a soccer club and an airline. But the Czech-based CEFC business has been hit by problems at once rapidly expanding parent group CEFC China Energy, which started unravelling under a pile of debt. Its troubles were aggravated when it was revealed in March that founder Chairman Ye Jianming was being investigated in China. Read more.