SHANGHAI, China (Aug. 15, 2008) — A senior executive at China's Double Coin Holdings Ltd. has been removed from office because of what the company called a serious personal disciplinary violation.
Xian Fan, Double Coin's director and chairman of the board, is suspected of being involved in serious breaching of policies and is under investigation. The outcome of the investigation will not impact the company, according to an official statement issued Aug. 6 on the company Web site.
The statement does not explain what policies Fan is suspected of breaching.
Double Coin declined to comment further on the situation.
The Shanghai-based tire maker already has brought in at least one executive to take over Fan's roles. CMA said Huayi Group, holding company of Double Coin, has elected Liu Xunfeng as the new chairman of Double Coin's board to replace Fan.