Business Standard

HNA provided false detail on Gategroup bid: Swiss regulator Succession battle at US financial agency headed to courts

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A Swiss regulator has ruled that HNA Group, the acquisitiv­e Chinese conglomera­te facing widening global scrutiny of its overseas purchases, provided some false informatio­n and failed to disclose that firm executives held the biggest stake in its takeover of Zurichbase­d Gategroup Holding AG. The Swiss Takeover Board found HNA provided incorrect shareholdi­ngs for the top two stakeholde­rs — Bharat Bhise and Guan Jun — in the Gategroup offer prospectus past year. BLOOMBERG< A battle between the White House and Democrats over warring appointmen­ts to head up the top US regulator for consumer finance is likely headed for the courts, opening any interim actions by the agency to legal challenges, lawyers said on Saturday. Richard Cordray, a Democrat, stepped down on Friday as director of the Consumer Financial Protection Bureau (CFPB), which was created after the financial crisis to protect consumers from abusive lending practices, and he named staffer Leandra English as acting director. REUTERS<

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