According to Reuters, Chinese energy conglomerate CEFC had already started paying for a stake in Russian oil company Rosneft when China’s economic crime police took its chairman Ye Jianming away, halting the US$9.1 billion deal in its tracks, according to three sources close to the matter.
The acquisition of the stake in Russian state oil firm was seen as strengthening relations between Russia and China, the world’s top energy exporter and top energy consumer.
The sources declined to say how much had been paid, though one did say the fact that some money has changed hands would make it more difficult for any party to back out of the deal.
CEFC founder and chairman Ye was put under investigation by Chinese authorities over suspected economic crimes, Reuters reported at the beginning of March, and he will reportedly step down from his position at the firm.
Full Content: Reuters