PRAGUE (Reuters) - A unit of China’s state-owned CITIC has taken over the chairmanship position at CEFC Europe, a Czech-based part of the
troubled Chinese conglomerate CEFC China Energy, CEFC Europe said on Monday.
The firm said Ren Xia of Rainbow Wisdom, a unit of CITIC, had been appointed to the board and elected as chairwoman.
The move showed CITIC was going ahead with a plan to take at least partial control over the CEFC assets.
On Friday, CITIC paid around 12 billion crowns ($542.57 million) in debt on behalf of the CEFC group to Czech banking and private equity group J&T.
CEFC Europe had said earlier CITIC would take 49 percent interest in the Czech assets. A CEFC Europe spokesman said on Monday he could not confirm what would be the final shape of the deal.
The board replacement means that a crisis management put in by creditors J&T was leaving the firm.
Reporting by Jan Lopatka