Evergrande ousts top executives
Embattled Chinese real estate giant Evergrande has ousted its CEO and CFO after an internal investigation into why banks seized over $2 billion from the firm's property services arm, the company has said.
The resignations come as Evergrande fights for survival and works to reach a restructuring agreement with debtors, to whom it owes an estimated $300 billion.
For all latest news, follow The Daily Star's Google News channel. The executives were forced to step down on Friday following an internal investigation into why banks unexpectedly seized 13.4 billion yuan ($2 billion) in deposits from its real estate services unit, Evergrande Property Services.
Investigators established the money was seized because it was being used as a guarantee to allow a "third party" to obtain a loan, according to a statement from the company released late Friday night.