Hengli Group: China's $100 Billion Conglomerate Linked to Illicit Oil Imports

Chinese leader Xi Jinping summoned dozens of top private company leaders to a meeting last year, asking them for help navigating economic difficulties. Hengli Group's founder Chen Jianhua was among those present.

Hengli is one of China's largest and most successful companies, with operations in petrochemicals, textiles, and shipbuilding. It employs over 300,000 people and generates more than $100 billion in revenue annually, according to the company's website.

However, Hengli has also been linked to the importation of illicit Iranian crude oil, which is subject to US sanctions. In fact, the US Treasury sanctioned Hengli's refinery business earlier this year for buying billions of dollars' worth of Iranian petroleum.

Hengli has denied any wrongdoing and claims it complies with relevant regulations in the regions where it operates. Chen Jianhua, the company's founder and chairman, is one of China's richest men, with an estimated fortune of $20 billion.