March 2, 2018 / 8:12 AM / 2 years ago

CEFC management, daily operations taken over by Shanghai government - SCMP

BEIJING, March 2 (Reuters) - Shanghai Guosheng Group, a portfolio and investment agency controlled by the Shanghai municipal government, has taken over the management and daily operations of CEFC China Energy, the South China Morning Post reported on Friday.

The report cited two sources with direct knowledge of the matter.

Responding to the report, a CEFC spokesman said the company has not been informed of any takeover and the management continues to run the company.

The reported move comes after Ye Jianming, the chairman of the private firm that has agreed to buy a nearly $9.1 billion stake in Russian oil major Rosneft, was investigated for suspected economic crimes, according to a source briefed on the matter. (Reporting by Josephine Mason and Aizhu Chen Editing by Jacqueline Wong)

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