Shanghai Electric Power distances itself from energy negotiator Chen Cheng

Shanghai Electric Power Malta has distanced itself from Chen Cheng, a senior executive for Accenture, insisting he was never an employee of the company.

Chen Cheng used relatives to set up two firms in Hong Kong, one of which being Macbridge that was listed as a target client of the Panama companies set up by Konrad Mizzi and Keith Schembri.

"Shanghai Electric Power reaffirms its adherence to the principles of honesty, transparency and fairness in its relationships with all stakeholders. These principles include zero-tolerance to corruption," a spokesperson for the company said in a statement released on Tuesday.

Shanghai Electric Power also said it was not "aware of, or party to, any of the alleged illegal activity which has been reported... Shanghai Electric Power furthermore is committed to providing the fullest support possible to investigative authorities in any jurisdiction," the company said. 

Yesterday, an international investigation by Reuters and Times of Malta found that Chen used relatives to set up two firms in Hong Kong.

The first of the companies set up by the Chen family, known as Macbridge, planned to pay up to $2 million to Panama firms controlled by Mizzi and Schembri. It was listed as a target client alongside 17 Black, which was revealed to be owned by Yorgen Fenech.

The second Chen company was called Dow's Media Company, and the investigation revealed how it received €1 million from 17 Black.

Chen was involved in the negotiations that saw the Chinese State energy company Shanghai Electric Power buy a stake in Enemalta in 2014.

He was also involved in the Montenegro wind farm investment by Enemalta that saw 17 Black make a hefty profit, as revealed by a journalistic investigation last year.

Shortly after, the new investigation reveals that 17 Black made three payments to Dow's Media, totalling €1 million.