Hna, Airline

China is continuing its crackdown against the top business figures of the country as it recently arrested two executives of renowned HNA Group, a media report said.Chen Feng, HNA's chairman, and Tan Xiangdong, the company's CEO, were arrested and taken into custody Friday over suspected crimes in Hainan Province, where HNA is headquartered, New York Post reported.HNA Group -- a bankrupt conglomerate -- crumbled earlier this year after racking up nearly $90 billion in debt.So far the details of charges are against the executives have not been revealed.Chinese officials in January this year launched bankruptcy proceedings against the company and within days, HNA subsidiaries said billions of dollars in funds had been misused, according to New York Post.HNA Group started its business with Hainan Airlines and expanded aggressively in the 2010s. It had bought major stakes in global companies like the Hilton hotel chain, Dutch transport group TIP Trailer Services and Deutsche Bank.The arrest of the top executive came at a time when Beijing is trying to deal with their homebound debt-reliant companies like property developer Evergrande Group without sending panic throughout the country's credit markets.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

HnaFOLLOW

Hna, Latest News

National :Man accused of inflight urination issues statement, defends himself

Shankar Mishra, the accused of urinating inflight on an elderly woman has issued a statement through his lawyers and ... ...

International :EU passengers will soon be able to use 5G tech on planes

London, Dec 5 Airline passengers in the European Union (EU) will soon be able to use 5G technology ... ...

Aurangabad :FlyBig likely to stop operations in city

Lokmat News Network Aurangabad, Sept 12: FlyBig Airlines canceled its Hyderabad - Aurangabad - Hyderabad service from the city, ... ...

National :5G rollout: Air India resumes B777 operations to US

Amid 5G rollout by the US, Air India has resumed B777 operations to the country on Thursday after approval from the US authority, said Airline officials. ...

International :China continues its crackdown against key business figures, arrests executives of top conglomerate

China is continuing its crackdown against the top business figures of the country as it recently arrested two executives of renowned HNA Group, a media report said. ...