HNA criticises its own finance department for mishandling investor meeting

Chinese company owns 52 per cent of Bohai Leasing which has a 70 per cent stake in Avolon

A letter, posted from one of the company’s verified Chinese social media accounts, said HNA had raised “harsh criticism” of the head of finance and other related executives.

A letter, posted from one of the company’s verified Chinese social media accounts, said HNA had raised “harsh criticism” of the head of finance and other related executives.

 

Chinese giant, HNA, which owns 52 per cent of Irish aircraft lessor, Avolon’s biggest shareholder Bohai Leasing, is at the centre of a fresh row.

HNA, which owns stakes in businesses from airlines to insurance, publicly criticised its own finance department for its handling of an investor meeting that prompted a suspension of stock market trading in the group’s debt.

According to The Financial Times, a letter, posted from one of the company’s verified Chinese social media accounts, said HNA had raised “harsh criticism” of the head of finance and other related executives, without naming individuals. The letter is unsigned.

Recent reports said the Chinese state planned to take over HNA, which owes creditors around $100 billion (€92 billion).

HNA owns 52 per cent of Bohai Leasing, which has a 70 per cent stake in Avolon. New York- and Tokyo-listed Orix Corporation owns the other 30 per cent of the Irish aircraft lessor. Avolon did not comment on the Chinese group’s difficulties.

The remaining 48 per cent of Bohai is traded on China’s Shenzhen Stock Exchange. Bohai Leasing’s shares were largely unchanged at 2.57 Chinese yen at the close of business there yesterday.