May 28, 2018 / 5:00 PM / in 3 months

CEFC Europe says CITIC unit taking board chairmanship in company

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

FILE PHOTO: A CEFC logo is seen at CEFC China Energy's Shanghai headquarter in Shanghai, China September 12, 2016. REUTERS/ Aizhu Chen

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

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