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The murky Chinese company bidding for Scaramucci’s business is owned by a barely formed New York nonprofit





New York

The largest owner of sprawling Chinese conglomerate HNA is a newly formed New York nonprofit that has yet to get up and running, according to a report in The Wall Street Journal.

The nonprofit — called Hainan Cihang Charity Foundation — was formed in December and reportedly holds a 30% stake worth billions of dollars in the murky Chinese company, which manages $146 billion in assets and has been dogged by regulatory scrutiny of late.

But the foundation, which hasn’t picked charitable causes nor started operating, hasn’t actually received the shares to date, according to the WSJ report.

Here’s The Wall Street read more >>>

Source:: BusinessInsider.Com

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