CEFC China ready to settle debt at European firm

18-05-2018

The Chinese consortium CEFC has protested against the financial group J&T’s decision to take control of CEFC Europe after the latter failed to pay back a debt on time.

J&T said on Thursday it had taken over shareholder rights and installed crisis management at CEFC Europe, the Czech-based part of the troubled Chinese conglomerate CEFC China Energy.

CEFC’s Czech representative Jaroslav Tvrdik said on Friday that CEFC China Energy would meet all the company’s commitments and had pledged to send 475 million euro to its Prague account by 2pm on Friday.