ibusinesslines.com September 23, 2018

Chairman of Chinese conglomerate HNA dies in accident

05 July 2018, 04:31 | Kelvin Horton

China business SHOCK: China's HNA co-chairman Wang Jian dies after fall in France

Chinese Tycoon Wang Jian Accidentally Falls To Death In France

Wang Jian suffered 15 meters fall, while posing for a photograph, the police said.

Chinese conglomerate HNA Group Co. said its chairman and co-founder Wang Jian died after being injured in an accident during a business trip in France.

A local police chief, Hubert Meriaux, was quoted as saying by Reuters that Wang had been trying to get his family to take a picture of him when he fell.

Wang, the second-highest ranking executive at the group, owned about 15 percent of the Chinese conglomerate, making him one of the group's biggest shareholders, according to HNA's last update of its ownership structure. Chen also holds a 15 per cent stake.

HNA said Wang, whose personal fortune is estimated at $1.7 billion by Forbes magazine, had been visiting Bonnieux during a business trip to France.

HNA is now in the process of selling down some of its worldwide assets in a bid to reduce its domestic debt built up during a rapid expansion in recent years.

Wang was instrumental during HNA's era of empire-building and its subsequent dismantlement.

Since 2015, HNA had been on a massive shopping spree, forking out around $40 billion on a 25 per cent stake in the Hilton hotel group, shares in Deutsche Bank, several golf courses and other foreign property.

"HNA Group extends deepest condolences to Mr. Wang's family and many friends".

HNA's individual shareholders have promised to give their stakes to the NY charity fund in case of leaving the company or death, according to the document. It was not immediately clear how binding those promises were. Hainan then grew into a major conglomerate with interests in not only aviation but also real estate, financial services, tourism, and logistics. They added that their investigation so far suggested his death was an accident.

"Deleveraging pressures on HNA continue to be enormous, and all such plans will probably now be revisited as the management team reconstitutes itself", he said.

"Everyone in the office is talking about it, but we don't know what impact it will have on the company's direction".

He obtained an undergraduate degree in Aviation Management from Civil Aviation University of China in 1983, and a master's degree in business administration from Holland Maastricht School of Management in 1995.

Other News

Trending Now

Sung Hyun Park wins KPMG Women's PGA Championship in playoff
She had to hit a flop shot standing inches from the water, with the ball nestled under the high grass around the lake. Women's Open, defeated two rivals in a playoff to capture the KPMG Women's PGA Championship at Kemper Lakes Sunday .

Crude Price Falls On Saudi Arabia Production Increase, CAD Follows
That kind of talk is part of a broader game Saudi Arabia played to master the oil market. That's knocked about 850,000 barrels a day out of the global oil market.

USA and China battle it out through travel warnings
In the currency market, the yuan bounced back from an 11-month low following moves by China's central bank on Tuesday to calm jittery financial markets.

Football fan detained after 'England' scrawled on statue
England was always the more purposeful side but they lacked the key final ball and needed a gift to take the lead. English media have finally got some good things to say about their football team at a World Cup.

WAITRESS Star Katharine McPhee and Music Industry Legend David Foster Announce Engagement
Foster, 68, popped the question to McPhee, 34, while the two were vacationing in Italy , according to the former " Smash " star. If we ever thought that anyone was in something for the wrong reasons, we would be very vocal about it.

Ensure no fake messages are spread via your platform: Government warns WhatsApp
The official said that the "responsibility is beyond any one technology company" and "requires partners", according to the paper. On July 03, it said it had commissioned a set of global awards for researches studying the spread of misinformation.

Arsenal ace ready to fire Gunners to Premier League glory
Numerous lesser talents or converted midfielders have attempted to fill the role but with little sustained success. Speaking to Teledoce , Lucas' father said, "There will be people that will accompany him".