(Yicai Global) Jan. 8 -- Luckin Coffee, the recipient of a USD180 million fine from US regulators last month for its massive bookkeeping fraud, has set up an independent committee to probe accusations of corruption, abuse of power and low ability against the Chinese coffeehouse chain’s chairman, reportedly leveled at him by ousted executives.

The committee consists of a joint liquidator and two independent non-executive directors of the company, The Paper reported. Guo Jinyi, who is also chief executive officer, denies all allegations.

A letter signed by middle-to-top level management calling for Guo’s dismissal has been sent to the firm’s directors, the 21st Century Business Herald reported on Jan. 6.

The missive was the brainchild of co-founder and former chairman Lu Zhengyao and co-founder and ex-CEO Qian Zhiya, both of whom Guo replaced last year once the accounting scandal came to light, who pressurized management to sign, the report said, citing an internal email sent by Guo. Guo has asked the board of directors to set up a team to investigate the matter, it added.

Luckin Coffee confessed in April that its chief operations officer had tacked CNY2.2 billion (USD340 million) onto its 2019 sales figure. The Xiamen-based firm was booted off the Nasdaq exchange last June, ending a 400-day listing, at a stock price of USD1.38, 90 percent of its issue price.

Editor: Kim Taylor