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Debt-stricken Chinese real estate giant Evergrande fires its CEO - Immo

Debt-stricken Chinese real estate giant Evergrande fires its CEO – Immo

The Chinese real estate developer Evergrande, ultra-indebted and symbol of the crisis in the sector in China, forced the resignation of its CEO and its financial director after an internal investigation implicating them.

These departures come at a time when the company, in dire need of cash, is fighting for its survival and is trying to conclude a restructuring agreement for its debt estimated at around 300 billion dollars.

Evergrande was investigating why banks unexpectedly seized 13.4 billion yuan ($2 billion) in bank deposits from its real estate services unit, Evergrande Property Services.

The group had launched an internal investigation, with the help of lawyers and accountants, in order to clarify the facts.

According to the statement issued Friday night by Evergrande, the money was seized by the banks because it was in fact used as “mortgage guarantee” so that a “third party” could obtain a bank loan.

Funds obtained from the loan were “diverted to the group through third parties and were used for general group operations” Evergrande, according to the company.

“In view of the context, the board of directors has decided to demand the resignation” of the executives involved, including the CEO of China Evergrande Group, Xia Haijun, as well as the chief financial officer, Pan Darong, notes the press release, published on the website of the Hong Kong Stock Exchange, where it is listed.

The group’s former chief executive, Siu Shawn, has been named CEO.

These departures come at a time when the company, in dire need of cash, is fighting for its survival and trying to conclude a restructuring agreement for its debt estimated at around 300 billion dollars. Evergrande sought to understand why banks had suddenly seized , unexpectedly, 13.4 billion yuan ($ 2 billion) in bank deposits from its unit in charge of real estate services, Evergrande Property Services. The group had launched an internal investigation, with the help of lawyers and accountants , in order to clear up the facts. According to the statement released Friday evening by Evergrande, the money was seized by the banks, because it was in fact used as a “mortgage guarantee” so that a “third party” could obtain a loan. bank. The funds obtained through the loan were “diverted to the group through third parties and were used for the general operations of the Evergrande group”, according to the company. “In view of the context, the board of ‘administer ation has decided to demand the resignation” of the executives involved, including the CEO of China Evergrande Group, Xia Haijun, as well as the chief financial officer, Pan Darong, notes the press release, published on the website of the Hong Kong Stock Exchange, where it is listed. The one who was until now the group’s executive director, Siu Shawn, has been named CEO.

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