chinese govt doubles stake in citicpacific

After the currency hedging debacle the Chinese Govt offered a 1.5 billion US stand by facility to CITICPacific.

However they changed their mind and will now enter in to a convertible note issue which will increase their stake from 29.4% of the company to 57.6%.

Larry Yung has obviously had his butt kicked.

So the Chinese Govt is now firmly in control.

Just more of the never ending twisting and turning surrounding this nightmare.

I wonder if this changes the dynamics of the Sino project and the RDI float.