EVGPF - China Evergrande CEO CFO step down amid subsidiary probe

• China Evergrande ( OTCPK:EVGPF ) CEO Xia Haijun and CFO Pan Darong had resigned over their involvement in an arrangement to use the money as collateral to guarantee a series of loans.
• The loans involved three sets of deposits; the company did not name the third party.
• The company is discussing with the subsidiary Evergrande Property Services regarding the repayment plan of the sums related to the pledges.
• China Evergrande said it will consider appointing an internal  control consultant for a comprehensive review of the company's internal control and risk management systems.

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