China’s CEFC chairman and Zeman’s advisor under investigation

The chairman of China’s energy and investment group CEFC Ye Jianming, who serves as economic advisor to Czech president Miloš Zeman, has been investigated for suspected economic crimes, Reuters reported on Thursday, citing an anonymous source.

CEFC, which describes itself as the biggest private company in Shanghai and seventh largest private firm in China, has chosen the Czech Republic for the headquarters of its European activities.

The company was recently refused permission by the Czech National Bank to increase its stake in the Czech-Slovak J&T Financial Group.