HNA Group Chairman Chen Feng and the firm’s CEO Tan Xiangdong have been taken in by police for unspecified crimes, according to a post on the company’s official WeChat account late Friday.
The post said Hainan police have placed the pair under “coercive measures,” which can include residential surveillance, detention or arrest.
“The operation of HNA Group and its subsidiaries is stable and orderly. The work of bankruptcy reorganization is progressing smoothly in accordance with the law, and production and operations have not been affected,” it said.
Read more
No details of the executives' alleged offenses were provided.
Contact reporter Flynn Murphy (flynnmurphy@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
Get our weekly free Must-Read newsletter.
