Renowned Shaolin Temple in China revealed on Sunday that its abbot is being investigated for "improper relationships" with women and suspected embezzlement . Shi Yongxin, known as "CEO monk" for his business-minded endeavours that turned the Buddhist monastery into a commerical empire , is suspected of embezzlement and misuse of temple assets, according to a statement. As well as that, the 59-year-old is accused to having "improper relationships" with several women, and becoming a father to at least one child. This goes against Buddhist principles , where monks in China are expected to take a vow of celibacy. The statement added: "(Shi) is currently under joint investigation by multiple departments. Further information will be released to the public in due course." Following the announcement, the Buddhist Association of China said in a statement on Monday that Shi had been stripped of his ordination certificate – an official proof of a monk’s or nun’s qualification to enter monastic life. The association said: "Shi Yongxin’s actions are of an extremely egregious nature, severely tarnishing the reputation of the Buddhist community and damaging the image of monastics. "The Buddhist Association of China firmly supports and endorses the decision to handle Shi Yongxin’s case in accordance with the law." Shi became the abbot in 1999 and was a member of the Chinese parliament for 20 years. He's also known to appear in the media too. According to CNN , he is the first Chinese abbot to have Master of Business Administration degree and was seen around the world meeting famous faces from the late Queen Elizabeth II to Apple CEO Tim Cook. But unflattering headlines have followed the Buddhist monk for years – including his acceptance of a 1 million yuan ($140,000) car from the local government as a reward for promoting tourism in 2006. At the time, he told state media: "Monks are also citizens. We have fulfilled our duties and made contributions to society, so it is only right that we receive rewards." He's also turned the Shaolin brand into a multimillion-dollar business which some followes think was corrupting the spiritual integrity of the religious institution. The association said: "Shi Yongxin’s actions are of an extremely egregious nature, severely tarnishing the reputation of the Buddhist community and damaging the image of monastics. Meanwhile, a high-ranking monk is under a police investigation in Thailand over allegations he embezzled hundreds of millions of baht in temple donations and was entangled in an inappropriate romantic affair . The investigation was confirmed by Major General Jaroonkiat Pankaew, deputy commissioner of the Central Investigation Bureau, who said it was the result of a l ong-standing complaint lodged with the Religious Affairs Centre. The suspect holds a higher level than the the monks implicated in the Sika Golf case. It is claimed he misused temple funds were intended for religious site construction and it is also suspected of misconduct with a woman, Bangkok Post reported .