The large Chinese energy and investment group CEFC has been refused permission from the Czech National Bank to increase its stake in the Czech-Slovak group J&T Financial Group.
CEFC, already known for a series of acquisitions in the Czech Republic, has been refused its application to increase its stake from 9.9 percent to over 50 percent.
The refusal was reported by the news server Echo.24. It said the bank had not been convinced about where the funding for the deal came from on the part of CEFC. CEFC’s Czech representatives said that the extra information being sought by the central bank had been forwarded by the end of 2017 and proceedings were still continuing.
CEFC has spearheaded Chinese investments in the country, acquiring a brewery, top football club, and real estate.