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China 4th Largest Oil Company CEFC China Energy Founder Ye Jianming Detained by Authorities

China 4th Largest Oil Company CEFC China Energy Founder Ye Jianming Detained by Authorities

China’s 4th largest oil company CEFC China Energy’s founder, Ye Jianming had been detained by authorities for questioning, causing the share price to plunged.  According to news reports, Ye Jianming’s detention was ordered directly by China’s President Xi Jinping.

” China Entrepreneur Ye Jianming Detailed by Authorities “

In November 2017, Hong Kong’s former Home Secretary Patrick Ho Chi-ping had been arrested in New York on charges of routing bribes for African government officials through US financial institutions.   He headed a think tank called the China Energy Fund Committee, fully funded by CEFC.  The think tank has special consultative status with the United Nation’s Economic and Social Council, with access to influential decision makers in UN bodies.  In a statement released by the US Department of Justice, Chi-ping and Senegal’s former foreign minister Cheikh Gadio operated an “an international corruption scheme that spanned the globe” since 2014.  The two men had allegedly offered a $2 million bribe to Chad’s president Idriss Deby in exchange for “valuable oil rights” and $500,000 to Uganda’s Foreign Affairs Minister Sam Kutesa.

In November 2017, CEFC had led a consortium to pay €500 million ($609 million) to acquire a majority stake in Czech broadcaster CME from Time Warner.  In September 2017, CEFC paid $9.1 billion for 14.2% of Russia’s state-backed oil company.

Born in 1977, he established CEFC in 2002.  In 2015, the company’s revenue exceeded CNY 263.1 billion ($41 billion) and gained a place in the Fortune Global 500 and the World’s 500 Most Influential Brands.  Jianming had often been mistaken for a family of the late Ye Jianying, Head of China’s legislature from 1978 to 1983.  In his early career, Jianming had worked as an enforcement officer with the forestry department and made his early fortune by helping a Hong Kong businessman to successfully complete battle for a real estate transaction. Shortly, he bought oil businesses at an auction that the Chinese government had confiscated from Xiamen’s smuggling kingpin Lai Changxing.  He had used loans from state banks, Hong Kong and Fujian to finance his purchase.

Sources: SCMP, Reuters, Bloomberg

 

About CEFC China Energy Company

CEFC China Energy Company Limited is a private collective enterprise with energy and financial services as its core business.  The strategy of the Company seeks to expand international economic cooperation in the energy sector and establish a well-organized international investment bank and an investment group.

Established by Mr. Ye Jianming in 2002, CEFC China formed its Board of Directors in 2006. At the First Meeting of the Fifth Board of Directors in 2014, Ye Jianming was re-elected unanimously as its Chairman. For more than a decade, CEFC China has been actively implementing the “going global” strategy and constructing the talent-oriented industrial and financial system driven by trade and economy. In recent years, CEFC China has been accelerating its strategic transformation, focusing on building an international investment bank and an investment group specialized in energy industry and financial services, which has helped boost the Company’s sustained rapid development. The Company has under it two group companies at management level, 7 level-one subsidiaries as investment platforms and an A-share listed company, with a workforce of nearly 30,000.

Visit: CEFC China Energy Company Limited

 


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