Chinese conglomerate HNA Group supplied false information and failed to disclose key ownership stakes of some of its executives while acquiring a company last year, a Swiss regulator found. The regulator, the Swiss Takeover Board, said Friday that HNA, which has been facing increasing scrutiny from regulators in the US and China, last year gave incorrect information about two of its own stakeholders in its offer prospectus for its $1.5 billion deal to acquire Swiss air-travel logistics company Gategroup Holding AG. The board said HNA inaccurately represented the ownership stake held by Beijing resident Guan Jun, as well as that of Bharat Bhise, chief executive of Hong Kong-based private-equity and investment advisory firm Bravia Capital. The regulator said their share holdings were actually 12.01% and 17.15%, respectively, not 12.35% and 17.4%, as HNA had claimed in the offer prospectus. HNA also failed to disclose that the two were holding stakes on behalf of the company’s co-founders, The Wall Street Journal reports.
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