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Report: Czech-based J&T could scrap deal with China's CEFC over media reports

Czech Republic-based J&T Finance Group SE will terminate an acquisition deal with CEFC China Energy Co. Ltd. if the Chinese company is not able to explain media reports concerning its economic problems and an investigation of its chairman for alleged economic crimes, Reuters reported.

The Chinese company owns a 9.9% stake in J&T, which it had agreed to raise the stake to 50% for hundreds of millions of euros, pending regulatory approvals, the March 12 report noted.

The bank had earlier issued a statement saying it was in contact with representatives of CEFC in the Czech Republic and was monitoring the situation.