SINGAPORE (Mar 19): When news broke a fortnight ago that Chinese authorities are investigating CEFC China Energy chairman Ye Jianming (photo) for economic crimes, it quickly made headlines around the world.

CEFC China Energy has gone from being little more than a niche fuel trader to a sprawling corporate group with energy assets in Africa and Eastern Europe in just 16 years. In September last year, the group said it would buy a 14.16% stake in Russian oil giant Rosneft Oil for US$9.1 billion ($11.9 billion)

CEFC China Energy and Ye are also linked to a Singapore-listed company called AnAn International. Back in 2015, when it was called CEFC International, it spurred excitement in the local market as its shares rocketed 1,800% over the course of the year Most of the gain was registered in a matter of six weeks over July and August. At its peak, the stock traded at 38 cents per share, valuing the company at $1.6 billion. This came as the company assembled an oil trading business that began generating earnings in the latter half of that year.

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