Founder of China’s Evergrande jailed for life after pleading guilty to fraud
- The founder of Evergrande, one of China’s largest property developers, has been sentenced to life in prison and had all of his personal property confiscated.
- Hui Ka Yan, 67 and once named by Forbes as China’s richest man, with a net worth of $42.5bn (£31.2bn) in 2017, pleaded guilty in April to eight charges.
- These included misuse of funds, fundraising fraud, illegally taking public deposits, illegally extending loans, fraudulently issuing securities and bribery.
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- The founder of Evergrande, one of China’s largest property developers, has been sentenced to life in prison and had all of his personal property confiscated.
- Hui Ka Yan, 67 and once named by Forbes as China’s richest man, with a net worth of $42.5bn (£31.2bn) in 2017, pleaded guilty in April to eight charges.
- These included misuse of funds, fundraising fraud, illegally taking public deposits, illegally extending loans, fraudulently issuing securities and bribery.
Sources: Guardian