A subsidiary of China Resources Group, the Hong Kong-listed Chinese conglomerate embroiled in corruption allegations, has been accused of theft and illegal asset transfers in a previously unreported case involving British investors in the Chinese island of Hainan.
Executives of Bloom World, a subsidiary of the China Resources group that employs 400,000 people and boasts assets worth more than $120bn, are alleged to have forged documents in order to illegally transfer land in 2011 out of a company controlled by Keith Darby, a British real estate developer and former steeplechase jockey.
The latest revelations come as a Hong Kong court yesterday began hearing a case against China Resources board members brought by minority shareholders who allege the company massively overpaid for several coal mines in northern China in 2010.