Friday , September 30 2022

Evergrande “allowed” managers to save investments before the deadline


Chinese real estate giant Evergrande said on Saturday that the company had “sanctioned” six top executives who had withdrawn their investments in wealth management products ahead of schedule.

Faced with serious financial problems, Evergrande said in a statement posted on its website that the six executives had already returned all the funds they had previously withdrawn. “The company demanded responsibility from the six executives and punished them,” the document said.

On September 18, Evergrande announced that it had asked the six executives to return the funds to their managers without specifying in any way the products they had deposited or the amount paid before the deadline. The real estate giant later assured that he “attaches great importance” to the actions of managers and added that he would impose “severe sanctions” on them.

In recent weeks, Evergrande has begun to attract investors and international markets due to liquidity problems to pay off its 260 billion-euro debt.

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