Chinese energy company CEFC reportedly taken over by state agency

The management of CEFC China Energy, a leading Chinese Energy company, has been taken over by the state agency Shanghai Guosheng Group, the news site South China Morning Post reported on Friday.

There have been reports that the energy giants CEO Ye Jianming is being investigated for economic crimes. The company itself has denied the claims saying its own management was in charge.

CEFC is active in the Czech Republic where it has assets worth 1.5 billion euros. The company’s CEO is also one of President Zeman’s advisors.