Chinese state money takes over private businesses

The Chinese investment fund CEE Equity Partners “performed the payment towards Brise Group, one of the largest agribusiness groups in Romania, within the transaction announced in April, for modernizing and developing the grain silos belonging to the Romanian group. Part of the sum (25 million euros) are directed towards the new company established by Brise in partnership with CEE Equity Partners, while the other, 35 million euros, was granted for the targeted investments”, ZF wrote at the end of July 2019.

The newly-established company mentioned by ZF is Bristol Logistics SA and over 76% of it is currently owned by Rishima Limited, an off shore company in Cyprus. A report issued by the Competition Council in September 2018 shows that Rishima Limited is the Chinese investment fund: “The fund II China CEE acquired direct control over Bristol Logistics S.A. and certain assets from the Brise Group. Bristol Logistics’ main object of activity was storage. This company carried out no commercial activity between 2016 and 2018, and will provide services auxiliary to cereal trading, such as storage, weighing, smoking, drying etc.”.

Increased grain storage capacity in the port of Galati, one of the goal of Bristol Logistics. Source:

In the same document, the Competition Council also showed that “Funds I and II China CEE are investment funds, controlled by the Export-Import Bank of China (the China Exim Bank)” and that “Fund I China CEE operates on the Romanian marked through Flash Lighting Services S.A., company acquired in year 2018. The company’s main object of activity is represented by electrical installation works. It carries out activities such as designing and implementing energy efficient lighting solutions in Romania”.

The two economic operations are mentioned by the Competition Council in a discussion regarding the China CEE Group acquiring, through Gardenica Limited (“wholly owned by China Central and Eastern Europe Investment Co-operation fund II SCS SICAV-SIF (…) hereinafter referred to as the II China CEE Fund”), Pasteur – Filiala Filipești SRL, Farmavet SA etc. (see dedicated article).


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