News comes after Wang Jian’s suspicious death last week
HNA chairman Chen Feng, who retired from day-to-day management in the past few years, will now assume greater responsibility after the death of Wang Jian last week. The debt-ridden Chinese conglomerate spent $50 billion on acquisitions in the past few years, and are in the process of selling many of their assets.
Worth remembering: Former Anbang Chairman Wu Xiaohui was ‘convicted’ of financial fraud and was sentenced to 18 years in prison. Wu also had $1.7 billion of his property confiscated. The communist government is undoubtedly deciding HNA’s next steps.
Sound Smart: As Ian Bremmer says, “In China, the state controls the corporations, whereas in the United States, the corporations control the state.” [Reuters]