Press: Chinese group with Czech investments being part nationalised

The Chinese group CEFC, which has investments in the Czech Republic, is to be partially nationalised, Hospodářské noviny reported on Tuesday. Chinese officials have confirmed the arrest of CEFC’s founder Ye Jianming, who is listed as an advisor to Czech President Miloš Zeman, the daily said.

Mr. Ye’s share in the European part of CEFC is reportedly being acquired by Chinese state-owned firm CITIC Group. This means Beijing would co-control investments in the Czech Republic’s Slavia Football Club and brewers Pivovary Lobkowicz.

The situation has put a halt to CEFC’s planned acquisition of half of J&T Finance Group, a Prague-based banking group. The deal was unveiled in 2016 in the presence of Mr. Zeman and China’s president, Xi Jinping.

Author: Ian Willoughby