Boss of China's troubled HNA steps down as Avolon chairman
THE chairman of Dublin-based aircraft leasing giant Avolon – HNA joint chief executive Adam Tan – has stepped down from the role to assist the re-organisation of the troubled Chinese conglomerate. HNA is an indirect shareholder in Avolon. Bohai Leasing owns 70pc of Avolon, while HNA owns just over 52pc of Bohai. HNA is facing bankruptcy after a years-long spending spree that saw it splash out tens of billions of euro on a range of assets. It owns Hainan Airlines, considered HNA’s flagship business. Three units of HNA claimed recently that about €8bn had been embezzled by shareholders....