Business, Politics, and Analysis

search
May 28, 2018 12:00 am | FILED UNDER: business

CEFC Europe Names New Management Team

By ČTK Milos Zeman Ye Jianming Xi

Prague, May 28 (CTK) – CEFC Europe company named new statutory bodies today, Jaroslav Tvrdik is deputy chairman of its board of directors again and Marcela Hrda is also its member, the company’s spokesman Pavel Bednar told CTK.

 

J&T’s crisis management, appointed by J&T group to protect its claims, has thus ended. Rainbow Wisdom company executive Ren Xia is the board’s chairwoman.

 

Besides Tvrdik and Hrda, Stefan Fule and Chan Chaoduo are also on the five-member board of directors.

 

Fule and Wang Mingtai were removed from the supervisory board and Ming Li has become its member.

 

J&T has recently taken over CEFC’s assets in the Czech Republic because, as J&T said, the Chinese failed to pay their debts in time. It removed the company’s board of directors.

 

CEFC China said the changes in CEFC Europe constituted an attempt at hostile takeover of the company and its Czech assets.

 

J&T said it made the changes after being informed that CEFC was taking steps aimed at preventing creditors from exercising their shareholder rights. CITIC Group holds 49 percent in CEFC Europe.

 

However, J&T agreed with China’s CITIC Group last week on sale of J&T’s claims on CEFC. J&T confirmed on Friday that it already received Kc11.5bn that CEFC had owed it.

 

Through Rainbow Wisdom, a company controlled by CITIC, CITIC will buy all claims on companies of CEFC group and gain 9.9 percent in J&T Finance Group.

 

J&T and CITIC representatives agreed to hold further talks on possible development of cooperation and investment in joint projects.

 

Once the companies get the regulator’s approval, they will each propose a representative for the boards of J&T Finance Group a CEFC Europe.

 

Some time ago, CEFC chose the Czech Republic as a centre for its European activities and bought stakes in several Czech companies, such as air carrier Travel Service and travel agency Invia.cz.

 

It controls brewery Pivovary Lobkowicz Group and engineering and metallurgy company Zdas Zdar nad Sazavou, and is a majority owner of football club Slavia and Prague’s Eden stadium.

 

CEFC Europe manages assets worth over EUR1.5bn (Kc38.34bn) in the Czech Republic.

%d bloggers like this: