Evergrande Punishes Six Executives Involved in Early Redemption of Company’s Investment Products
Six executives of the heavily indebted China Evergrande Group have fully returned funds from early redemptions of the company’s investment products before Friday, the property group said Saturday. Additionally, the firm said it has imposed punishment and held the six accountable, but gave no further details.
On September 18, Evergrande affirmed that the group attaches great importance to the premature redemption of Evergrande wealth management products by some managers, and has required all the money redeemed by the six employees to be returned within a time limit.
According to the announcement, as of May 1, 58 investment products of Evergrande were held by 44 people, including senior executives, president assistants, general managers of the company’s headquarters and branches, and deputy general managers of the company’s wealth arm.
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From May 1 to September 7, among the above-mentioned managers, nine products owned by eight people expired normally. Nine people subscribed for 13 new investment products, and six people redeemed 12 investment products in advance. As of September 8, 39 people still held 50 investment products.
The announcement also stated that the group requires its wealth arm to strictly follow the published redemption plan to ensure fairness and justice. At the same time, middle-level and above employees are required to fulfill their job and continue providing service to clients.
