Today: 10 July 2025
26 September 2021
1 min read

China continues biz crackdown

HNA Group — a bankrupt conglomerate — crumbled earlier this year after racking up nearly $90 billion in debt….reports Asian Lite News

China is continuing its crackdown against the top business figures of the country as it recently arrested two executives of renowned HNA Group, a media report said.

Chen Feng, HNA’s chairman, and Tan Xiangdong, the company’s CEO, were arrested and taken into custody Friday over suspected crimes in Hainan Province, where HNA is headquartered, New York Post reported.

HNA Group — a bankrupt conglomerate — crumbled earlier this year after racking up nearly $90 billion in debt.

So far the details of charges are against the executives have not been revealed.

Chinese officials in January this year launched bankruptcy proceedings against the company and within days, HNA subsidiaries said billions of dollars in funds had been misused, according to New York Post.

HNA Group started its business with Hainan Airlines and expanded aggressively in the 2010s. It had bought major stakes in global companies like the Hilton hotel chain, Dutch transport group TIP Trailer Services and Deutsche Bank.

The arrest of the top executive came at a time when Beijing is trying to deal with their homebound debt-reliant companies like property developer Evergrande Group without sending panic throughout the country’s credit markets. (ANI)

ALSO READ: Pakistan bats for China at UN Human Rights Council

Previous Story

China’s carbon emissions quintuple with more coal based plants

Next Story

FOCP hosting the Childhood Cancer Awareness Month

Latest from -Top News

No Lifetime Visas, Says UAE

The UAE’s ICP has dismissed media claims of lifetime Golden Visas for select nationalities, calling them inaccurate…reports Asian Lite News The Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) has

Netanyahu Nominates Trump for Nobel

Netanyahu hails Trump’s role in Middle East diplomacy with Nobel nomination gesture…reports Asian Lite News Israeli Prime Minister Benjamin Netanyahu formally nominated US President Donald Trump for the Nobel Peace Prize, handing

Kenyans put president on notice

Kenya’s fifth president became a remarkably unpopular leader barely two years into his presidency after proposing aggressive tax measures that many saw as a betrayal of his campaign promise to support working-class
Go toTop

Don't Miss

1,251 new locally transmitted cases

China on Monday reported fresh 1,251 locally transmitted confirmed COVID-19

Is Russia’s bonhomie with Taliban over?

Together with the new government announced, and reservations about it