HONG KONG—Embattled Chinese conglomerate HNA Group has denied accusations of embezzlement and financial irregularity made by a rival group of shareholders in Hong Kong Airlines (HKA) as the two sides fight for control of the struggling carrier.
The allegations were made by Zhong Guosong and Frontier Investment Partner who between them control 61 percent of HKA’s shares. On April 16, they declared they had taken control of the carrier and made Zhong, a former HKA director, chairman after an extraordinary shareholder meeting.
