Three listed units of China's HNA disclose embezzlements of nearly $10 bn
Three units of HNA, once China's most acquisitive conglomerate, said nearly $10 billion had been embezzled by shareholders, in disclosures to stock exchanges that come amid a government-led probe into the deeply indebted group. A total of 61.5 billion yuan ($9.57 billion) had been embezzled by shareholders and other related parties, Shanghai-listed Hainan Airlines Holding Co, HNA Infrastructure Investment Group Co and Shenzhen-listed CCOOP Group Co said late on Friday. The three companies and their subsidiaries had also provided non-compliant guarantees for 46.5 billion yuan in financing, ...
Source: business-standard.com