Evergrande’s Hui Banned From China Markets for Inflating Results

(Bloomberg) — China’s securities regulator imposed a fine of 47 million yuan ($6.5 million) on China Evergrande Group’s former chairman and founder, Hui Ka Yan, after he was caught out in fraudulent behavior.

Hui has also been banned for life from participating in the securities market, according to an exchange filing from the property developer on Monday.

Hui “instructed other personnel to falsely inflate” the company’s annual results in 2019, the filing said, citing a notice from the China Securities Regulatory Commission.