Chinese conglomerate HNA Group Co-Chairman Wang Jian died during a business trip in France on July 3 in what local police said appeared to be an accidental fall from a wall while posing for a photograph.
Wang, 57, is regarded as the architect of an eye-popping $50bn acquisition spree that saw HNA accumulate assets ranging from a stake in Deutsche Bank AG to high-profile overseas properties. Under pressure from Beijing, HNA has since sold off many of those assets to slash debt.
He was in charge of HNAโs strategy and ran day-to-day operations, sources familiar with the matter have said, while his fellow chairman and co-founder Chen Feng was often the public face of the group.
Wang fell 15 metres off a wall in the village of Bonnieux, near Avignon, a picturesque area popular with tourists, lieutenant-colonel Hubert Meriaux of the Vaucluse gendarmerie force told Reuters.
โHe stood on the edge of a sharp drop to get his family to take a picture of him and fell,โ he said.
Wang held a 15 per cent stake in HNA, which has been often criticised for its opaque ownership structure. It is controlled by a New York-based foundation and a China-based charity that together hold 52 per cent of HNA shares. Chen also holds a 15 per cent stake.
Shareholders have promised that in the event of leaving the company or dying they would pass their stakes to the New York charity fund, according to a document seen by Reuters.
An aviation-to-financial services conglomerate that owns Hainan Airlines Co, HNAโs recent sales include holdings in companies such as Hilton Worldwide Holdings Inc , Park Hotels & Resorts and Spainโs NH Hotels .
Wang told employees earlier this year that the companyโs difficulties were the result of a โmajor conspiracyโ against the ruling Communist Party and President Xi Jinping by foreign and domestic โreactionary forcesโ, according to an internally-distributed email.
However, the embattled group appeared to have won a reprieve of sorts recently, when at a meeting held by Chinaโs central bank, lenders were told to โsupportโ HNA bonds, Bloomberg and the Financial Times reported last month.
Wang graduated from the Civil Aviation University of China with a degree in airline management and held an MBA from the Maastricht School of Management in the Netherlands.
โHNA Group extends deepest condolences to Mr. Wangโs family and many friends,โ HNAโs board and management team said in a statement.
โTogether, we mourn the loss of an exceptionally gifted leader and role model, whose vision and values will continue to be a beacon for all who had the good fortune to know him, as well as for the many others whose lives he touched through his work and philanthropy.โ
Social media posts about Wangโs death appeared to have been censored on Chinaโs tightly controlled internet soon after the news was announced by the group. โHNA Wang Jian diedโ briefly ranked 11th on Twitter-like Weiboโs hot topics page, but was quickly gone from the top 50.
โItโs really shocking news to us,โ said an employee who works in finance at HNA, declining to give his name.
โEveryone in the office is talking about it, but we donโt know what impact it will have on the companyโs direction.โ
