Embattled Chinese conglomerate HNA Group has denied accusations of embezzlement ...
HONG KONG - Embattled Chinese conglomerate HNA Group has denied accusations of embezzlement and financial irregularity made by a rival group of shareholders in Hong Kong Airlines as the two sides fight for control of the struggling carrier.
The allegations were made by Zhong Guosong and Frontier Investment Partner who between them control 61 percent of HKA’s shares. On Tuesday, they declared they had taken control of the carrier and made Zhong, a former HKA director, chairman after an extraordinary shareholder meeting. Zhong and Frontier representatives at that meeting, however, demanded details of the 2018 accounts and questioned the close ties between HKA and HNA affiliates, which include loans and equity investments by HKA to HNA groups, according to HKA’s 2017 accounts seen by Reuters.
HKA said later that day that the extra security staff visible in the lobby and foyer of HKA’s offices were to preserve order that had been disrupted by the shareholder dispute.
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