Home > > Hainan Airlines among alleged victims of $10 billion embezzlement at bankrupt parent HNA

Hainan Airlines among alleged victims of $10 billion embezzlement at bankrupt parent HNA

02/01/2021| 6:24:36 PM|

As many as 500 companies linked to HNA Group are expected to go into bankruptcy restructuring.

Three units of HNA Group, once China’s most acquisitive conglomerate, said nearly $10 billion had been embezzled by shareholders, in disclosures to stock exchanges that come amid a government-led probe into the deeply indebted group.

A total of 61.5 billion yuan ($9.57 billion) had been embezzled by shareholders and other related parties, Shanghai-listed Hainan Airlines Holding Co, HNA Infrastructure Investment Group Co and Shenzhen-listed CCOOP Group Co said late on Friday.

The identities of the shareholders were not disclosed in the statements.

The government-appointed working team expects as many as 500 companies linked to HNA Group to go into bankruptcy restructuring, Chinese financial magazine Caixin reported on Saturday, citing sources that it did not identify.

Caixin previously reported that HNA owns more than 2,300 companies.

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TAGS: HNA Group | bankruptcy | Hainan Airlines
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