China Sentences Evergrande Founder Hui Ka Yan to Life in Prison for Massive Fraud
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A Chinese court sentenced China Evergrande Group founder Hui Ka Yan to life in prison Thursday, capping the downfall of the tycoon who built the country’s most indebted property empire.
The Shenzhen court convicted Hui of orchestrating massive financial fraud, illegal fundraising and bribery between 2016 and 2021, according to a court statement.
The court fined Evergrande Group Co. Ltd. and Hengda Real Estate Group Co. Ltd., two of China Evergrande’s major Chinese mainland subsidiaries, 8.82 billion yuan ($1.3 billion) and 7 billion yuan, respectively. It ordered the confiscation of all Hui’s personal property, though the ruling noted that restitution for victims takes priority over state fines and asset seizures.
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