J&T Private Investments Says Takes Over Shareholder Rights in CEFC Europe

Creditor J&T Private Investments (JTPI) said on Thursday it had taken over shareholder rights and installed crisis management at CEFC Europe, the Czech-based part of troubled Chinese conglomerate CEFC China Energy, Reuters reported. The move is a sign of fresh woes for CEFC Europe which bought Czech assets from real estate to breweries, an engineering firm, an airline and a football club, under an investment drive promoted by Czech President Milos Zeman. CEFC Europe protested against the move, saying it had the money ready to cover the debt. The parent company CEFC China Energy came under stress when it was reported that its founder Chairman Ye Jianming was being investigated for suspected economic crimes earlier this year. Since then, several CEFC deals including a plan to take a stake in Russian oil major Rosneft have fallen through and a sale of some assets has been announced. Read more.