CEFC Europe in Chinese hands

When J&T Private Investments took control of CEFC Europe in mid-May and replaced Jaroslav Tvrdík and other managers, the transaction was the center of media attention. CEFC remained in the media spotlight for 10 days, until J&T sold its claims against CEFC Europe to Citic Group's Rainbow Wisdom Investments on May 24, and everything returned to the way it had been before. Tvrdík was back. Last week, on Sept. 5, Rainbow Wisdom began to exercise the shareholder rights it bought from J&T. CEFC Europe is now officially 100% in Chinese hands, yet this remains one of the most curious transactions in Czech history. Citic Group's Rainbow Wisdom is now the effective owner of CEFC Europe, yet Citic's Hengxin Enterprises Limited of the British Virgin Islands has received Czech antitrust permission to assume exclusive control over this same CEFC Europe. Citic is now both the buyer and the seller of these Czech assets. One of the big pieces of information missing is how much Rainbow Wisdom paid for J&T's €355m in claims against CEFC Europe. Or is J&T perhaps still in the picture?