15 February 2019

Li said to have no role in insurance deal, paper reports

Zhang Hongwei, chairman of both Orient Group Inc. (600811.CN) and United Energy Group Ltd. (00467.HK), said in a statement on Sunday that Li Xiaolin {李小琳}, chairwoman of China Power International Development Ltd. (02380.HK) and daughter of former premier Li Peng {李鵬}, has never been involved in the group’s business with Swiss insurer Zurich Insurance Group AG, Sing Tao Daily reported Monday. According to foreign media reports last week, Li acted as an agent to help Zhang sell his stake in New China Life Insurance Co. Ltd. (01336.HK, 601336.CN) in exchange for Zurich Insurance Group shares at a time when foreign insurers were not allowed to invest in their Chinese counterparts. China Power also said in a statement on Friday that Li has never had contact with any insurance company, the report said.

– Contact HKEJ [email protected]



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