Reports are surfacing that five senior managers of Gree Group, including the Group's vice president Liang Jianhua, were taken into custody last week by Zhuhai Public Security Department for apparent financial-related crimes. Gree Group is one of China's largest electronics-related conglomerates.

The secretary of the Group's board of directors has stated that these events will not have any affect on the Group's business.

Between January and June this year, the group has gone through two presidents. On August 4, the Group's vice president, Liang Jianhua, was suddenly arrested and released for economic crimes. A few days later, Du Jiang, another vice president and the person in charge of the Group's finances, was detained and then released in connection with financial crimes. In addition, the former managing director of Gree Lingda Compressor Factory was recently arrested for "loss of national assets".