Mystery of China energy giant that came from nowhere deepens

Singapore

CEFC China Energy Co's rapid ascent was shrouded in mystery and the turmoil that has engulfed the company over the past week is no different. Just six months ago, CEFC called itself China's largest private oil and gas company, with 50,000 employees and a revenue of more than US$40 billion.

That's when it agreed to buy a US$9 billion stake in Russian state energy giant Rosneft PJSC following a series of deals elsewhere - a spree that spawned speculation over how the previously obscure firm managed to make its mark on the international stage so quickly. Now, it's being hit by a slew of bad news.