SHANGHAI—Troubled Shanghai-based oil company CEFC China Energy Co. says it has dropped plans for a major expansion through Central Europe, following a statement from the Czech government that the company’s chairman has been sidelined amid an investigation in China. In a statement late Monday published by its Prague office, CEFC said it will no longer pursue plans to lift its stake to 50% in the Czech-Slovak holding company J&T Finance Group SE.

Source: Wall Street Journal March 20, 2018 03:50 UTC