China Evergrande Group dismissed two longtime CEO and CFO executives after it discovered that they were involved in a loan arrangement resulting a bank enforcement of $2 billion fund from a key subsidiary company of Evergrande.
This embattled Chinese real estate development company has spent months to investigate the money-enforcement incident. In March this year, it was reported that 13.4 billion Yuan deposit of Evergrande Property Services Group Limited, which it pledged as a guarantee for a third-party loan, was seized by the bank.
Evergrande said in a statement on Friday evening that preliminary findings of the investigation showed that the pledges helped raise fund, which was transferred back to Evergrande Group to help finance general operations.
Evergrande said that the board of directors has decided to demand CEO Xia Haijun, CFO Pan Darong, and another executive of the company to resign due to their involvement in the above incident. Three directors of Evergrande Property including the chairman of the board also resigned.
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