China/Russia oil hug can dodge Huarong curveball

XinKong International Capital Holdings

18/04/2018 10:33

(The authors are Reuters Breakingviews columnists.  The
opinions expressed are their own.)
    By George Hay and Clara Ferreira-Marques
    LONDON, April 18 (Reuters Breakingviews) - Beijing is
investigating the state-run asset manager’s chair for graft, in
a copy of its probe into private group CEFC. That complicates
Huarong’s support for CEFC’s acquisition of a stake in Rosneft.
Yet given these are de facto state players, the deal should
still survive.

    Full view will be published shortly.
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    CONTEXT NEWS
    - A senior official at China's banking regulator is set to
be named chairman of China Huarong Asset Management, after the
former head was placed under investigation for alleged
corruption, two people with knowledge of the matter told Reuters
on April 18.
    - The official, Wang Zhanfeng, is currently head of the
Guangdong branch of China's banking regulator.
    - The ruling Communist party's anti-corruption watchdog said
on April 17 it was investigating the chairman of Huarong Asset
Management, the country's biggest manager of distressed assets,
for suspected graft.
    - The Central Commission for Discipline Inspection said it
was investigating Lai Xiaomin for suspected "serious discipline
violations", a euphemism for graft, making him the latest in a
string of high-profile financial executives targeted.
    - The CCDI gave no further details. Huarong Asset Management
was not immediately available for comment. Reuters could not
immediately reach Lai for comment.     
    - For previous columns by the author, Reuters customers can
click on  HAY/   MARQUES/ 
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China investigating Huarong chairman for suspected graft   
 urn:newsml:reuters.com:*:nL3N1RU4Y7
Senior bank regulatory official to be named China Huarong
chairman     urn:newsml:reuters.com:*:nL3N1RV26L
BREAKINGVIEWS-China’s war on tycoons intensifies     urn:newsml:reuters.com:*:nL4N1QJ1TR
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 (Editing by Neil Unmack and Bob Cervi)
 ((george.hay@thomsonreuters.com; Reuters Messaging:
george.hay.thomsonreuters.com@reuters.net
clara.ferreira-marques@thomsonreuters.com; Reuters Messaging:
clara.ferreira-marques.thomsonreuters.com@reuters.net))