Chinese court sentences Evergrande founder Hui Ka Yan to life in prison for fraud
The founder of troubled property giant Evergrande has been sentenced to life in prison after pleading guilty to fraud and financial crimes.
Hui Ka Yan, 67, was convicted of large-scale financial fraud including illegally absorbing public deposits, fraud and corporate bribery. The Shenzhen Intermediate People's Court found that Evergrande inflated the group's assets and concealed its liabilities. Once considered too big to fail, Evergrande became the world's most indebted developer and is now in a lengthy wind-down process.
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1News
Chinese court sentences Evergrande founder to life in prison for fraud
Hui Ka Yan pleaded guilty in April to a series of charges, including illegal absorption of public deposits, fraud and corporate bribery.
Stuff
China’s once richest man and troubled property developer sentenced to life in prison
The Shenzhen Intermediate People's Court convicted Hui, 67, and Evergrande of engaging in large-scale financial fraud in inflating the group’s assets and concealing its liabilities.
Stuff
China moves to wrap up saga of troubled property giant Evergrande after founder gets life sentence
Once deemed “too big to fail,” Evergrande became the world’s most indebted developer. It's taking years to wind up those debts.