China jails Evergrande founder for life, fines firm more than US$2bn
China sentences Evergrande founder Xu Jiayin to life in prison and fines the property giant over $2 billion for large-scale financial fraud and other crime Read More: https://punchng.com/china-jails-evergrande-founder-for-life-fines-firm-more-than-us2bn/
The founder of China Evergrande Group, Hui Ka Yan, has been sentenced to life in prison by a Chinese court in Shenzhen. According to the Daily Maverick, Hui Ka Yan, once Asia's richest man, pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud, and bribery.
A fine of over $2 billion has been imposed on Evergrande, with the Daily Times reporting a $1.31 billion fine and VnExpress International reporting a total fine of $2.3 billion. Hui Ka Yan's personal assets have also been confiscated.
Evergrande, once China's premier developer, has defaulted on most of its $300 billion in liabilities, symbolising a crisis in the property sector that has long dragged on the world's second-biggest economy, as per the Daily Maverick.
Brief written by urgent.news from Punch, Punch Nigeria, Daily Maverick, Daily Times, VnExpress International — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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