Chinese Officials Take Control of Private Oil Refiner Amid Probe

The management of troubled private oil refiner Liaoning Bora Enterprise Group has been taken over by government officials from China’s Panjin city amid a tax probe that could lead to heavy fines and possible insolvency, said people familiar with the situation.

A team led by officials from the north-eastern city, where the conglomerate is based, has been appointed to run the company from this month, said the people, who asked not to be identified as the matter is sensitive. Bora is seeking to restructure and avoid collapse due to mounting financial woes brought on by large amounts of unpaid taxes. ...