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The founder of China Evergrande Group pleaded guilty to charges including misuse of funds, fundraising fraud and illegally taking public deposits.
Evergrande founder Hui Ka Yan pleaded guilty to misuse of funds and fundraising fraud in Shenzhen.
KEY POINTS
- Hui and Evergrande also face charges of illegal loans, securities fraud, and bribery by company units.
- China's securities regulator fined Hui $6.6 million and banned him from the securities market for life in 2024.
- Evergrande's liquidators are pursuing offshore assets to recover $6 billion paid to Hui and former executives.
COMPANIES
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