Chinese oil tycoon Ye Jianming, chairman of CEFC China Energy, will quit the firm's European operation CEFC Europe, according to the regional headquarters in the Czech capital Prague.

"CEFC Europe was informed of a change being prepared in the shareholder structure where Ye Jianming will no longer be present as shareholder nor in company management," the firm said in a statement.

It did not specify whether Ye would quit CEFC altogether or only the European operation.

The Czech presidency said that its Chinese interlocutors said Ye was under investigation in China for "a suspected violation of the law," without providing details.

It added that the company itself was not being probed.

CEFC dismissed a media report earlier this month that said Ye was under investigation, insisting there was "no factual basis" to it.

Asked whether Ye would remain an advisor to Czech President Milos Zeman, the head of state's spokesman said there was no decision yet.

"We are waiting for this whole case to be examined," spokesman Jiri Ovcacek told the CTK news agency.

The firm's European headquarters is located in the Czech Republic, where it has invested an estimated 1.5 billion euros ($1.8 billion) and employs 4,000 people.

"CEFC China continue to consider its Czech projects to be one of its priorities," CEFC Europe statement said.

It added that a "new shareholder would join CEFC Europe" soon, without elaborating.

Czech media reports identified the new shareholder as Chinese state-owned investment firm CITIC and said it would have a 49 percent stake in the energy company.

The privately-owned CEFC is an exception in China, where the energy sector is dominated by public giants Sinopec and CNPC under close state supervision. The oil and gas conglomerate is among China's top 10 private firms.

Established in 2002, CEFC China quickly grew into a global energy powerhouse under Ye, expanding into Eastern Europe, Africa and the Gulf States.

Its Czech investments include stakes in an airline, a brewery, two media groups and a top football team.

jma-amj/rl

SINOPEC - CHINA PETROLEUM & CHEMICAL CORPORATION

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