ACQUISITIONS
CP: No truth to Thaksin's Ping An link
- Published: 25 Dec 2012 at 00.00
- Newspaper section: Business
The conglomerate controlled by Thailand's richest man, Dhanin Chearavanont, yesterday insisted its recent purchase of a stake in Ping An Insurance (Group) Co is legitimate and that the source of funds is transparent.
Charoen Pokphand (CP) Group also denied a report by local Chinese media that behind-the-scenes buyers of a stake in Ping An Insurance from HSBC Holdings may include former prime minister Thaksin Shinawatra and an influential mainland businessman.
''We believe in Ping An Insurance's development, and this major acquisition would allow the new business ventures to team up with Ping An Insurance to help China's rural economic development,'' CP said in a release.
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