In an article from reporter Valdemar Lonnroth, TTELA delved into the structure of National Modern Energy Holdings, the 51% majority owner in NEVS. Because they are primarily headquartered in the British Virgin Islands and merely registered in Hong Kong, the NDRC doesn’t have as much of a direct say in the matter. Which makes this whole process much, much easier. The translated article is after the break. Much more on NEVS to come later this week.
National Modern Energy Holdings, the main stakeholder behind the electric vehicle consortium looking to buy Saab, is registered in the British Virgin Islands, which in turn is controlled by a holding company in Hong Kong. And behind it all stands the Swede Johan Kai Jiang.
It appears when TTELA begin examining the ownership structure behind the National Electric Vehicle Sweden.
When TTELA revealed the companies behind the electric vehicle consortium in the week before last, it appeared that National Modern Energy Holdings was the principal owner of electric vehicle consortium, the National Electric Vehicle Sweden (NEVS) – by 51 percent. The other shareholder is the Japanese Sun Investment. Then it was said that the National Modern Energy Holdings was “Hong Kong-based.” But when TTELA search the Business Directory for companies registered in Hong Kong does not show its name.
By some accounts, it was thought that the principal owner of NEVS instead would be based in China itself and not in the standalone administrative region Hong Kong. And in that scenario the “super ministry” NDRC approval would be needed – the department that was one of the factors that dragged on for Saab last year.
But after TTELA spoken several times with communications officers for electric vehicle consortium in the Springtime, the entire ownership structure was presented.
“Nevs is owned by Hong Kong,” says Mikael Östlund at Springtime, but not directly, it turns out.
The holding company National Modern Energy Holdings is registered in the British Jungru Islands, island group east of Puerto Rico. This holding company is fully owned by the China Dragon Base Holdings, registered in Hong Kong – and who are in the business register in Hong Kong. And in all these companies, the Swede Kai Johan Jiang is principal owner.
The ownership structure looks like this means there is no need for approval by the NDRC in terms of interest about Saab.
It is noteworthy that Kai Johan Jiang controls the Chinese biofuels company State Power Group, which he founded, from right National Modern Energy Holdings in the British Virgin Islands.