Founder of China’s Evergrande jailed for life after pleading guilty to fraud
Hui Ka Yan, the founder of Evergrande, has been sentenced to life in prison for financial fraud and bribery. The company, which defaulted on $300 billion in liabilities, was also hit with massive fines for disrupting China's economy.
Why it matters
This sentencing marks a major development in the collapse of China's property sector and the government's crackdown on corporate financial misconduct.
Hui Ka Yan, founder of the property developer Evergrande, in court in Shenzhen. The court said he ‘severely disrupted the order of the socialist market economy’. Hui Ka Yan, founder of the property developer Evergrande, in court in Shenzhen. The court said he ‘severely disrupted the order of the socialist market economy’. Evergrande Founder of China’s Evergrande jailed for life after pleading guilty to fraud Hui Ka Yan also forfeits all his personal property and the company he set up is given hefty fines
Prefer the Guardian on Google The founder of Evergrande , one of China’s largest property developers, has been sentenced to life in prison and had all of his personal property confiscated.
Hui Ka Yan, 67 and once named by Forbes as China’s richest man, with a net worth of $42.5bn (£31.2bn) in 2017, pleaded guilty in April to eight charges.
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