May 17, 2018 / 5:47 PM / 2 months ago

J&T Private Investments says takes over shareholder rights in CEFC Europe

PRAGUE, May 17 (Reuters) - Investment vehicle J&T Private Investments (JTPI) said on Thursday it had taken over shareholder rights and installed crisis management at CEFC Europe, the Czech-based part of the troubled Chinese conglomerate CEFC China Energy.

It said the move came after CEFC Europe had not paid back debt on time.

Separately, Czech financial group J&T Finance Group (JTFG), which says it is an independent structure from JTPI but also a creditor, said it was aware of the steps and believed they could shield CEFC Europe from problems of its parent firm.

JTPI said it had installed crisis management at CEFC Europe including Dusan Palcr, who is also a board member at JTFG.

A spokesman at CEFC Europe was not immediately available for comment. (Reporting by Jan Lopatka)

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