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HNA Group, the Chinese airline operator which experienced financial problems following a wave of global acquisitions from 2014, said its chairman and chief executive officer was arrested on suspicion of having committed crimes.

BEIJING – The chairman and CEO of HNA Group, the Chinese airline operator which experienced financial difficulties following a wave of global acquisitions from 2014, has been arrested on suspicion of crimes, announced on Friday the company.

Chen Feng and Tan Xiangdong were “taken under compulsory measures” by police in the southern island province of Hainan due to “suspicion of crime,” the company said on its social media account. He gave no details but said operations “are not affected”.

The HNA Group bought hotels, a stake in Deutschebank AG and other overseas assets from 2014, financed by bank loans and bond sales. Regulators are cracking down in 2016.

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ABC News

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