China cops detain top execs of troubled HNA Group

[superadmin]

BEIJING – Chinese police have detained two top executives of the debt-laden HNA Group on suspicion of “illegal crimes”, said the conglomerate, as the government further cracks down on the country’s corporate sector.

The transport and logistics giant said chairman Chen Feng and CEO Tan Xiangdong have been detained on southern China’s Hainan Island, where the firm is headquartered.

“Measures have been enforced against (Chen and Tan) in accordance with the law for suspected illegal crimes,” said the company in a statement issued late Friday, without elaborating on the alleged offences.

It said its operations remain “stable” and “have not been impacted”.

The group – which owns Hainan Airlines, one of China’s biggest carriers, and is the country’s largest private aviation conglomerate – filed for bankruptcy in January and is in the middle of a restructuring process overseen by the local government after struggling to resolve a drawn-out cash crisis.

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