Evergrande ousts top executives

Embattled Chinese real estate giant Evergrande has ousted its CEO and CFO after an internal investigation into why banks seized over $2 billion from the firm's property services arm, the company has said.

The resignations come as Evergrande fights for survival and works to reach a restructuring agreement with debtors, to whom it owes an estimated $300 billion.

The executives were forced to step down on Friday following an internal investigation into why banks unexpectedly seized 13.4 billion yuan ($2 billion) in deposits from its real estate services unit, Evergrande Property Services.

Investigators established the money was seized because it was being used as a guarantee to allow a  "third party" to obtain a loan, according to a statement from the company released late Friday night.