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Zhou Xin

Ye Jianming, the former boss of CEFC China Energy who vanished from public sight in March, has been linked to a bribery case involving a toppled senior official, according to court documents aired on state television on Thursday night.
Wang Sanyun, the former Communist Party secretary in Gansu province, went on trial in a court in Zhengzhou in Henan province on Thursday.
Another Chinese tycoon vanishes as business empire begins to crumble
A television news report on the trial broadcast a picture of court documents which said Wang had been charged with taking bribes from Ye.

The court heard that Wang had helped CEFC Shanghai, a subsidiary of CEFC China, to buy equity stakes in the Bank of Hainan via Hu Huaibang, the former chairman of China Development Bank.
Wang also helped CEFC Hainan, another subsidiary, to obtain a US$4.8 billion credit line through Hu, who retired from the China Development Bank last month.


The report said Wang had pleaded guilty to taking a total of 66.8 million yuan (US$9.7 million) in bribes. There was no word on any sentence.
It was the first time that state media had reported details of the allegations against Ye since he disappeared earlier this year.
CEFC China’s debt woes widen as unit defaults on commercial paper
CEFC rose spectacularly from obscurity to become China’s fourth-largest oil conglomerate in the space of a few years.
Its rise was helped by China Development Bank, a state lender, which pledged billions of dollars to the private firm to finance its aggressive expansion and headline-grabbing acquisition deals, including a failed attempt to buy a 14 per cent stake in Russian oil giant Rosneft.




Hu is a veteran Chinese financial regulator and a state banker.
According to his official biography, he had worked as the discipline chief at the former China Banking Regulatory Commission and a supervision director at China Investment Corporation, the country’s sovereign wealth fund.
Police investigate fugitive tycoon over alleged HK$32 billion conspiracy
Hu became the chairman of the Bank of Communications, China’s fifth largest lender, in 2008.
In 2013, he became the chairman of China Development Bank, before retiring in September.
There has been no official announcement on whether there will be an investigation into Hu’s role in the affair.

The South China Morning Post reported in March that Ye, who in the space of five years rose from obscurity to become head of China’s fourth-largest oil conglomerate, had been detained for questioning.
No Chinese authority has released any information about him since then, and he has not been formally charged with any wrongdoing.
The only piece of information about Ye came from the Czech presidential office.
Firm of fallen Chinese tycoon faces Shenzhen exchange expulsion
Ye had been an adviser to President Milos Zeman and a delegation from Prague was told Ye was being investigated by the Chinese authorities on suspicion of “violation of laws” after it was sent to Shanghai to find out his whereabouts.
Meanwhile, Ye’s business empire is crumbling with an army of creditors demanding it repay its debts.
Billionaire who vanished from Hong Kong about to face trial in Shanghai
Its overseas assets are gradually being taken over by other investors. For instance, China’s state-owned giant Citic has taken full control of CEFC China Energy’s Czech assets.
The South China Morning Post reported last month that the oil trading arm of Chinese arms dealer Norinco and a private enterprise in Jiangsu were bidding for CEFC’s assets in Abu Dhabi.


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China economy

Vanished Chinese oil tycoon linked to senior official’s bribery case

Ye Jianming, chairman of CEFC China, disappeared in March. Photo: Xinhua

The Intermediate Peoples Court of Zhengzhou City, Henan Province, held a public hearing on the bribery case of Wang Sanyun, former vice-chairman of the National Peoples Congress Committee on Education, Science, Culture and Health.Photo: CCTV

Hu Huaibang, chairman of Bank of Communications, attends 2012 Annual Results Press Conference at Island Shangri-La, Admiralty. 27MAR13

Oil giant CEFC China faces more woes with creditors at the door and Russian oil deal collapse

The latest blow for CEFC China was the collapse of a deal to buy a stake in Russia’s state-backed oil producer Rosneft. Photo: Reuters

***ONE TIME USE ONLY, PLEASE CLEAR THE COPYRIGHTS BEFORE RE-USE - OTUO*** CEFC's founder Ye Jianming. Photo: Handout

China detains CEFC’s founder Ye Jianming, wiping out US$153 million in value off stocks

From obscurity, Ye Jianming built a business empire with 263 billion yuan in sales before he turned 40, and began shopping for energy assets around the world, mostly funded by China’s state banks

Sam Kutesa (left), President of the 69th session of the United Nations General Assembly met with Ye Jianming (right), Chairman of CEFC China Energy, who appointed Ye as Special Honorary Advisor to UN General Assembly. Photo: CRIENGLISH

Czech Republic's President Milos Zeman, center right, and Chinese President Xi Jinping review a guard of honor during a welcome ceremony outside the Great Hall of the People in Beijing, China Monday, Oct. 27, 2014. (AP Photo/Andy Wong)

Entrance of the China Energy Fund Committee office at the Convention Plaza Office Tower in Wan Chai. 21NOV17 SCMP / Sam Tsang

Major acquisitions and investments by CEFC China Sources: CEFC China, Reuters SCMP

CEFC's founder Ye Jianming. Photo: SCMP/Handout

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State television report into trial of former Gansu party chief Wang Sunyun discloses that he was accused of taking bribes from Ye Jianming, the former head of CEFC China, who disappeared earlier this year


State television report into trial of former Gansu party chief Wang Sunyun discloses that he was accused of taking bribes from Ye Jianming, the former head of CEFC China, who disappeared earlier this year.


Mergers & Acquisitions

Xi Jinping's anti-corruption campaign

Corruption in China