August 20, 2018 / 9:38 AM / 3 months ago

CEFC Shanghai International defaults on commercial paper worth 2.1 bln yuan

BEIJING, Aug 20 (Reuters) - CEFC Shanghai International Group Ltd said on Monday it failed to repay principal and interest on 2.1 billion yuan ($306 million) worth of commercial paper due Aug 20. CEFC said it defaulted because the company’s operations had been seriously impacted by recent negative events at the company, and it is actively raising funds to repay investors.

The company’s ability to service its debt has come into focus following reports in February that China CEFC Chairman Ye Jianming was under investigation for suspected economic crimes.

The announcement was made in a statement via the Shanghai Clearing House.

$1 = 6.8740 Chinese yuan Reporting by Beijing Newsroom; Editing by Tom Hogue

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