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China Evergrande yet to repay debts, Fitch withdraws its ratings on Jun. 6, 2022(Spotlight on China/Screenshot via TheBL/Youtube)
China’s troubled real estate giant Evergrande ousted its Chief Executive Officer and Chief Financial Officer after finding that the two top officers were involved in a loan agreement that allowed banks to take $2 billion from its key subsidiary.
The Wall Street Journal reported that the company investigated the incident after lenders took control of $2 billion of deposits at its primary subsidiary, Evergrande Property Services Group.
In a company statement on Friday, the board asked its CEO Xia Haijun and CFO Pan Darong to resign for their involvement in the loan arrangements. Several directors also resigned over the incident.
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