Swiss regulator rules HNA provided false ownership information in Gategroup takeover
The Swiss Takeover Board (STB) has ruled that HNA Group, the Chinese conglomerate, provided false information regarding its ownership structure for the takeover of Swiss air services company Gategroup.
The STB issued a ruling on 22 November stating there are considerable discrepancies in the ownership structure, namely failing to disclose stakes held by co-founders Bharat Bhise and Guan Jun, disclosed in its offer prospect of 20 May 2016, and the HNA press release of 24 July.
The regulator has asked Ernst & Young AG to look into whether the controlling group (Chen Feng, Wang Jian, Tan Xiangdong, Li Xianhua, Li Qing and Chen Wenli) and Bharat Bhise and Jun Guanhas complied with minimum price rules and best price regulations.
The fee payable by HNA Aviation (Hong Kong) Air Catering Holding Co., Ltd. and HNA Group Co., Ltd. for the proceeding is CHF 50,000.
Swiss daily Der Bund reported the ruling in its 27 November edition stating HNA disclosed it cooperated fully with the Swiss board’s inquiry, and it respects its authority in this matter.