9/24/2021- 5:22 p.m.
Bankrupt HNA’s chairman and CEO taken away by Chinese police
Chen Feng and Tan Xiangdong were “taken under compulsory measures” by police in Hainan province due to “suspicion of crime,” the aviation and tourism giant HNA Group said on its WeChat account.
HNA Group, which operates Hainan Airlines and others, was struggling with $75 billion in debt when last year’s global shutdown due to the pandemic devastated its aviation business.
HNA was placed in bankruptcy administration in February.
The arrests come as the fate of another troubled business giant, Evergrande hangs in the balance – with questions raised if Beijing will bailout the real-estate mammoth that currently has $300 BILLION debt.
