Embattled parent of BMW’s China partner names new chairman By Reuters

June 28, 2021 Forexmoneyworld Stock News Comments Off on Embattled parent of BMW’s China partner names new chairman By Reuters

© Reuters. FILE PHOTO: Flags with the logo of BMW flutter at the venue of a ground breaking ceremony for a new BMW assembly plant, inside the BMW Brilliance Plant Tiexi, in Shenyang, Liaoning province, China October 11, 2018. REUTERS/Norihiko Shirouzu

BEIJING (Reuters) -Shen Tiedong has been named as chairman of Huachen Group, parent of BMW’s China partner Brilliance Auto, according to a Brilliance Auto wechat post on Monday.

Huachen is standing on the brink of bankruptcy, defaulting on billions of yuan in debt obligations. Chinese regulators have launched an investigation into possible violations of disclosure laws by the company.

Brilliance makes vehicles with BMW in the northeastern Chinese city of Shenyang. It also has a joint venture with Renault SA (OTC:).

Yan Bingzhe, Huachen’s former chairman, will step down, the post said. It did not offer details of how Huachen plans to repay the debts.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.