May 18, 2018 / 7:23 AM / 10 months ago

CEFC Europe to contest takeover by J&T Private Investments

PRAGUE, May 18 (Reuters) - CEFC Europe, a Czech-based part of troubled conglomerate CEFC China Energy, said it would contest a takeover of shareholder rights by creditor J&T Private Investments (JTPI).

The Czech-based JTPI said on Thursday it had taken over the rights and installed crisis management because CEFC Europe had not covered its debt of 450 million euros ($532 million) in time.

CEFC Europe protested against the move immediately, saying it had the money ready to cover the debt.

“CEFC Europe shareholders don’t recognise the dismissal of the current board and the appointment of a new one and they are ready to make all legal steps against J&T group,” CEFC Europe said in a statement posted on its website.

CEFC Europe bought Czech assets from real estate to breweries, an engineering firm, an airline and the oldest Czech soccer club, Slavia Prague, under an investment drive promoted by Czech President Milos Zeman.

However, parent company CEFC China Energy came under stress when it was reported that its founder Chairman Ye Jianming was being investigated for suspected economic crimes earlier this year. ($1 = 0.8463 euros) (Reporting by Robert Muller Editing by Keith Weir)

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