China Continues Crackdown, Arrests Executives Of Conglomerate: Report
Chen Feng, HNA's chairman, and Tan Xiangdong, the company's CEO, were arrested and taken into custody Friday over suspected crimes in Hainan Province
China is continuing its crackdown against the top business figures of the country as it recently arrested two executives of renowned HNA Group, a media report said.
Chen Feng, HNA's chairman, and Tan Xiangdong, the company's CEO, were arrested and taken into custody Friday over suspected crimes in Hainan Province, where HNA is headquartered, New York Post reported.
HNA Group -- a bankrupt conglomerate -- crumbled earlier this year after racking up nearly $90 billion in debt.
So far the details of charges against the executives have not been revealed.
Chinese officials in January this year launched bankruptcy proceedings against the company and within days, HNA subsidiaries said billions of dollars in funds had been misused, according to New York Post.
HNA Group started its business with Hainan Airlines and expanded aggressively in the 2010s. It had bought major stakes in global companies like the Hilton hotel chain, Dutch transport group TIP Trailer Services and Deutsche Bank.
The arrest of the top executive came at a time when Beijing is trying to deal with their homebound debt-reliant companies like property developer Evergrande Group without sending panic throughout the country's credit markets.
Chen Feng, HNA's chairman, and Tan Xiangdong, the company's CEO, were arrested and taken into custody Friday over suspected crimes in Hainan Province, where HNA is headquartered, New York Post reported.
HNA Group -- a bankrupt conglomerate -- crumbled earlier this year after racking up nearly $90 billion in debt.
So far the details of charges against the executives have not been revealed.
Chinese officials in January this year launched bankruptcy proceedings against the company and within days, HNA subsidiaries said billions of dollars in funds had been misused, according to New York Post.
HNA Group started its business with Hainan Airlines and expanded aggressively in the 2010s. It had bought major stakes in global companies like the Hilton hotel chain, Dutch transport group TIP Trailer Services and Deutsche Bank.
The arrest of the top executive came at a time when Beijing is trying to deal with their homebound debt-reliant companies like property developer Evergrande Group without sending panic throughout the country's credit markets.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.