BEIJING -- The chairman and CEO of HNA Group, the Chinese airline operator that ran into financial trouble following a global acquisition spree beginning in 2014, have been detained on suspicion of committing crimes, the company announced Friday.
Chen Feng and Tan Xiangdong were “taken under compulsory measures” by police in the southern island province of Hainan due to “suspicion of crime,” the company said on its social media account. It gave no details but said operations “are not affected.”
HNA Group bought hotels, a stake in Deutschebank AG and other assets abroad starting in 2014, financed by bank loans and bond sales. Regulators clamped down in 2016.