China Detained HNA’s Wealthy Chairman, Died Before The Airline’s Reorganisation Vote.
Key Sentence:
- The English-language website of the Chinese conglomerate HNA Group is filled with photos of President Chen Feng.
Who received prestigious awards and international awards HNA’s Chairman in 2017 and 2018, honoring President Chen Feng on behalf of the HNA Group at the United Nations and children. There is also: “HNA Group Award of the Year from the China General Chamber of Commerce, presented by Blackstone CEO Stephen A.
Schwartzman,” as well as a biographical note that “The Belgian Parliament awarded Mr. Chen the “Knight of Oriental” Art in honor of the HNA Group’s contribution to East-West communication. The $7 billion Harvard Business School published a case entitled “HNA Group: Global Excellence with Chinese Characteristics (B).”
Those HNA’s Chairman days are long gone.
Chen was arrested by provincial authorities in China on Friday in connection with an alleged if unspecified, crime. HNA, which switched from a core aviation business to acquire stakes in companies from Deutsche Bank. To electronics retailer Ingram Micron with an alleged $50 billion in investment flows. Restructured under government control this year after financial difficulties. HNA Development
Assets include, in particular, trophies and luxury real estate in New York. The world’s most indebted real estate company, whose shares slumped on fears and fears of infection. On Friday, China Evergrande New Energy Vehicle, its electric vehicle division. Said it could not make all the payments and was in financial trouble. (See post here.)
Chen has had a long career in aviation.
According to the HNA website, he graduated from Lufthansa’s Air Traffic Management College in Germany. And received an MBA from the Maastricht School from Management in the Netherlands. Chen has served in the Civil Aviation Administration of China. And the National Bureau of Air Regulation in China and is an aviation business adviser to the governor of Hainan Province, where HNA is based.