Well, from people who worked with him they said he was frequently absent and a bad leader. He is also blamed for much of their financial troubles for wanting to frequently change direction.

https://v1.escapistmagazine.com/news/view/130737-Updated-Red...

Additionally, the company took Chinese money 3 years prior to him being fired. Red 5 Studios was majority owned by The9 (a Chinese company) early 2010. Prior to being bought out they closed one office and fired about 30 people. So, I kinda doubt he was removed solely "for refusing to take an investment from china". Especially, when they were already owned by a Chinese company.