The Chinese language group Citic is reorganizing its operations within the Czech Republic, and has a brand new boss – Seznam Zprávy

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A Chinese language state-owned firm Citic Europe Holdings there’s a new chairman of the board within the Czech Republic. Supervisor Kuo-sin Su has been changed by the present head of the corporate’s administration group, Cheng Fan, on the administration publish. It comes as Citic within the Czech Republic is step by step disposing of property it seized from a personal Chinese language firm. CEFC.

The change within the head of the board of administrators might be seen within the industrial register. Citic didn’t touch upon the explanations for the change.

That is the second main personnel change within the Citic group this yr. The primary information could bel departure of Jaroslav Tvrdikwho’s a long-time promoter of Chinese language enterprise within the Czech Republic, from govt positions within the holding.

Along with the change within the head of the board of administrators, Citic additionally revealed its monetary outcomes. Nonetheless, not for final yr 2023, however for 2022. Within the interval earlier than final yr, the tack misplaced 290 million crowns. Nonetheless, the group’s gross sales rose 28 % year-on-year to six.8 billion crowns.

The Citic Group got here to the Czech Republic with out planning. This occurred after CEFC head Jie-Jian Ming and adviser to the previous president “disappeared” in China in 2018 Miloš Zeman suspected monetary crime. CEFC’s property have been subsequently taken over by Citic.

Since then, Citic itself is not specializing in new investments within the Czech Republic, however quite the opposite it’s step by step decreasing its holdings. Essentially the most well-known transaction on the finish of final yr was the sale of the soccer membership SK Slavia Praha to billionaire Pavlo Tykač.

One other huge title in home enterprise Jiří Šimán firstly of this yr from the Chinese language they purchased the share within the airline Smartwings. On the market he’s additionally the journey agent Invia, which Citic co-owns with the Rockaway group, Hospodářské noviny wrote firstly of Could.

Among the many most fascinating property of the Citic group within the Czech Republic in the intervening time are the Florentinum workplace complicated in Prague 1 and the posh lodges Prague Le Palais in Vinohrady and Mandarin Oriental in Malá Strana.

Citic additionally controls the brewery Pivovary Lobkowicz Group and the engineering firm Žďas z Vysočina. The group has a 9.9 % stake in J&T Finance Group.

“He’s a passive accomplice, we see one another every year on the basic assembly. I believe we have now a good relationship. Thus far, we have now no indication that something ought to change there,” he stated in an interview with SZ Byznys concerning additional cooperation with Citic Igor Kovac from J&T administration.