A senior executive from a State-owned company has been relieved from his post and will face further investigation for using public funds to host a luxury banquet in Zhuhai special economic zone, Guangdong province.

Zhou Shaoqiang, general manager of Zhuhai Financial Investment Holding Co Ltd, was investigated after being accused of spending 37,517 yuan ($5,974) on a banquet at the beginning of January, according to a statement from the Zhuhai Party commission of discipline inspection on Wednesday.

The Zhuhai Party anti-graft body launched a thorough investigation between Feb 2 and 5, and received reports from local residents and netizens. Zhou was found to have lied in the course of the investigation.

After the case was exposed online, Zhou returned to the restaurant and asked them to provide a counterfeit invoice, claiming the banquet cost only 4,689 yuan. Zhou later paid that bill of 4,689 yuan from his own pocket.

The anti-graft body's investigation found the cost of the banquet, which hosted 17 people, included 12 expensive bottles of red wine valued at 23,706 yuan and food costing 13,811 yuan, according to the statement from the city's anti-graft body.

“Zhou was suspended from his post because he has violated Party discipline and the relevant regulations of both the central and provincial government and has had a very negative social affect,” said a statement from the anti-graft body.

Zhou will be required to pay any excess costs from the banquet, the anti-graft body statement said.