Exclusive: Former Evergrande CEO and CFO Face Probe, Sources Say

Multiple current and former executives of China Evergrande Group and its subsidiaries have been swept up by investigations, as authorities look into whether the embattled conglomerate has violated rules over how funds can be used, sources with knowledge of the matter told Caixin.

Pan Darong, a previous chief financial officer of the group, has recently been detained by Chinese mainland authorities, who also imposed restrictions on ex-CEO Xia Haijun after he returned to the mainland around mid-2022, according to the sources. Both were in charge of the property giant’s financial operations, and resigned in July last year for their alleged involvement in a bank deposit scandal.