China jails Evergrande founder for life, fines firm more than $2 billion
Evergrande founder sentenced to life in prison: Chinese court
On Thursday, China's Shenzhen Intermediate People's Court sentenced the founder of Evergrande, Xu Jiayin, to life in prison and fined the property firm and an affiliate more than $2 billion. The massive fine followed the company's default on debt in 2021, triggered by tighter credit restrictions from the government. The court found Xu and Evergrande guilty of large-scale financial fraud, asset inflation, and concealing liabilities between 2016 and 2021.
Additionally, the court stated that the executives gained control of financial institutions through bribery, though it did not name the institutions. Xu pleaded guilty to embezzlement and bribery charges in April. Five other senior executives of Evergrande Group received prison terms ranging from six to 18 years for similar crimes.
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