Asia/Pacific News
Government Takes Control of CEFC China Energy Amid Malpractice Probe: Reports
CEFC China Energy has been taken over by a Shanghai government agency and the company's chairman probed for alleged economic crimes, according to local and international media reports.
Shanghai Guosheng Group Co. is said to have been running CEFC's operations since last week.
The once niche fuel trader, now major conglomerate active in oil and finance, is also active in the marine fuel space. In June 2017 CEFC obtained a license to supply bunkers from bonded storage in Zhoushan.
The company was founded in 2002 by Ye Jianming.
For the record, CEFC says it is business as usual and labelled the reports as "irresponsible" and "unfounded," although The South China Morning Post notes the company has neither confirmed or denied whether Ye was being investigated.
