New China Aircraft Leasing chief paints rosy future with founder out of the picture
Business as usual though uncertainty remains after major shareholder held in graft probe
The new chief executive of China Aircraft Leasing Group (CALC), Chen Shuang, has publicly distanced himself and the company from his predecessor Mike Poon Ho-man, missing since May and presumed detained as part of an anti-corruption crackdown.
It is the first time the company has outlined a future for its operations without its founder and second-largest shareholder, who resigned as chief executive in June.
Uncertainty looms as Poon still owns a third of the company which in December placed one of the largest single orders with Airbus for 100 A320 planes worth US$10 billion, due for delivery by 2022.
Sources say Poon is one of several Chinese leasing company executives that graft busters have been investigating as part of a probe into the aviation sector that began with China Southern Airlines.
A source with knowledge of the investigation told the South China Morning Post that Poon is being held in China in connection with leasing deals he did with several Chinese airlines while serving as CALC's chief executive, and that other CALC directors as well as banks that had provided financing for those deals may be involved in the probe.
Chen, who is also chief executive of financial conglomerate China Everbright, CALC's largest shareholder, painted an even brighter picture for CALC without Poon during Everbright's results briefing last week, making it clear Poon is not expected to return.