March 19, 2018 / 4:28 PM / in a month

CEFC says pulls request to raise stake in J&T financial group

PRAGUE, March 19 (Reuters) - China’s CEFC group has pulled a request with the Czech central bank to approve raising its stake in Prague-based J&T Financial group to 50 percent from 9.9 percent, CEFC Europe said on Monday.

CEFC Europe said in a statement the move was tied to planned changes in the group’s shareholder structure.

It also said CEFC founder Ye Jianming, under investigation in China according to information given by Chinese officials to the Czech presidential office, was leaving the firm and an unnamed new minority shareholder was joining the Czech-based unit CEFC Europe.

A further course of action regarding the plan to raise the stake in J&T would be discussed with partners following the shareholder change, CEFC Europe. (Reporting by Jan Lopatka, Editing by Michael Kahn)

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