China Evergrande chief executive, chief financial officer resign amid deposit probe
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China Evergrande chief executive, chief financial officer resign amid deposit probe
STOCKS

China Evergrande chief executive, chief financial officer resign amid deposit probe

 

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Embattled property developer China Evergrande Group said in a filing on Friday that chief executive officer Xia Haijun has resigned. 

Siu Shawn, an executive director at the company, will take over, it said. Chief Financial Officer Pan Darong also resigned.

Evergrande had been probing how 13.4 billion yuan ($1.99 billion) of deposits were used as security for pledge guarantees and seized by banks. The pledge guarantees threatened to wipe out most of the cash holdings at its property-services unit.

The board requested that Xia, Pan and another executive resign as a result of information about their involvement in arranging the pledges obtained from the preliminary investigation, the company said. The independent investigation committee will issue a report once the probe is finished, it added.