According to reporting in the South China Morning Post, six other Luckin executives and employees who were involved in or had knowledge of the fraud have also been placed on suspension or leave. The firm's senior VP Jinyi Guo has been appointed acting CEO. The true extent of the misrepresentations still remains unclear while a panel reviews financial records, however, last November, the company claimed sales were running at six-times the rate of the previous year. Prior to its listing in the US, the company secured investment from the Singapore Government sovereign wealth fund GIC and China International Capital Corp, among others. It raised US$778 million in early January, and $645 million in a US IPO. "The company will continue to cooperate with the internal investigation and focus on growing its business under the leadership of the board and current senior management," said a statement this week issued by the firm's board.