Shi Yongxin, also known as 'CEO monk' after he established dozens of companies abroad, headed the Chinese temple known as the birthplace of kung fu.

Shi Yongxin is suspected of criminal offences, embezzling project funds and temple assets, statement released on temple website says.

Temple accuses Shi Yongxin of embezzling project funds and temple assets, seriously violating Buddhist precepts and of sexual misconduct.