What happened at CEFC Europe?

28.05.2018 - EB

On the same day that MFD suggested on its front page that J&T had acted as an intermediary for the secret purchase by ex-CEO Martin Roman of ČEZ of 4% of Unipetrol, J&T announced that it had reached a deal with CITIC Group of China to sell it all of its claims toward CEFC Group. The buyer is Rainbow Wisdom. No matter how you look at it, this is one of the most extraordinary transactions in recent Czech history. J&T announced that it was selling its receivables toward CEFC Group, while Vratislav Mynář of the Castle said that CITIC had already taken over all of CEFC Europe's assets. Whichever it was, it happened without any public comment by the 100% shareholder of CEFC Europe - Shanghai Huaxin Group (Hongkong) Ltd. When J&T first took over the voting rights to CEFC Europe on May 17, it was able to draft a notarized decision, get it entered into the commercial registry and assume control in a single day. Its exit from CEFC Europe hasn't been as smooth. Until something appears in the commercial registry, it will be a bit of a mystery as to what actually happened.

Glossary of difficult words

receivable - a claim; an amount owed to a business, regarded as an asset.

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