June 21, 2018 / 10:43 AM / 2 months ago

CEFC Shanghai International misses bond interest payments - clearing house

SHANGHAI, June 21 (Reuters) - CEFC Shanghai International Group Ltd, a subsidiary of troubled China CEFC Energy Co Ltd, has not yet made bond interest payments due June 21, the Shanghai Clearing House said on its website on Thursday.

CEFC Shanghai had previously said it was uncertain of its ability to make the interest payments, totalling 197 million yuan ($30.39 million) on its 2.5 billion yuan perpetual bond, saying that media reports regarding the chairman of its parent company had negatively impacted its business operations.

CEFC China Energy Chairman Ye Jianming was reported this year to be under investigation for suspected economic crimes.

The company said on June 15 that it was uncertain it would be able to make principal and interest payments worth 2.1 billion yuan due June 25.

CEFC Shanghai defaulted on bond payments worth 2.1 billion yuan on May 21, a week after saying its ability to make those payments was uncertain. ($1 = 6.4817 Chinese yuan) (Reporting by Andrew Galbraith)

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