Luckin Coffee has dismissed its chief executive and chief operating officer after new evidence came to light about an accounting scandal at the company touted as China’s rival to Starbucks.
Jenny Zhiya Qian, who has run Luckin since November 2017, and Jian Liu, chief operating officer for the past two years, have been let go after the company said an internal investigation had uncovered more information about hundreds of millions of dollars worth of sham transactions.
Six other employees, who were involved in or had knowledge of the transactions in question, had been suspended or put on leave, Luckin said on Tuesday.
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