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Chinese aviation giant HNA lied during Swiss takeover deal, says regulator
CHINESE aviation giant HNA supplied false information and failed to disclose ownership stakes of its executives in acquiring a company for US$1.5 billion last year, according to the regulatory Swiss Takeover Board.
In the takeover of Swiss air-travel logistics company Gategroup Holding, Hainan-based HNA inaccurately represented the ownership stake held by Beijing resident Guan Jun, as well as that of Bharat Bhise, chief executive of Hong Kong-based private-equity and investment advisory firm Bravia Capital, said the regulator.
The regulator said their share holdings were actually 12.01 per cent and 17.15 per cent respectively, not 12.35 per cent and 17.4 per cent as HNA had claimed in the offer prospectus.
HNA also allegedly failed to disclose that the two were holding stakes on behalf of the company’s co-founders, reports the Wall Street Journal.
In the takeover of Swiss air-travel logistics company Gategroup Holding, Hainan-based HNA inaccurately represented the ownership stake held by Beijing resident Guan Jun, as well as that of Bharat Bhise, chief executive of Hong Kong-based private-equity and investment advisory firm Bravia Capital, said the regulator.
The regulator said their share holdings were actually 12.01 per cent and 17.15 per cent respectively, not 12.35 per cent and 17.4 per cent as HNA had claimed in the offer prospectus.
HNA also allegedly failed to disclose that the two were holding stakes on behalf of the company’s co-founders, reports the Wall Street Journal.
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