Chairperson and CEO detained a day after China sentenced former head of Kweichow Moutai to life in prison for taking bribes
The HNA Group logo is seen on the building of HNA Plaza in Beijing, China, in this February 9 2018 file photo Picture: REUTERS/JASPN LEE
The operations of HNA Group, which has largely been managed by the Hainan government since early 2020, are unaffected, the statement added. The group’s restructuring is moving forward smoothly. The detentions come a day after China sentenced the former chairperson of liquor giant Kweichow Moutai , Yuan Renguo, to life in prison for taking millions in bribes, and as Chinese President Xi Jinping extends his crackdown on the nation’s tycoons and business landscape. Xi has been clamping down on China’s tech giants and the use of cryptocurrency as part of a sweeping plan to remake the world’s second-largest economy with an emphasis on “common prosperity.
The complex network of related-party dealings meant HNA might have paid as much as 50% more than competitors for aviation materials and 10% more for aircraft, a former HNA executive who wasn’t identified was quoted by Caixin as saying.Weighed down by more than $75bn of debt even after shedding assets, the coronavirus pandemic marked the real beginning of the end for HNA, as its core aviation business was hit by the shutdown of travel.
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