Hui Ka Yan

The Shenzhen Intermediate People's Court sentenced Evergrande founder Hui Ka Yan to life in prison and fined his companies over $2 billion for fraud. He was convicted of engaging in large-scale financial fraud, inflating assets, concealing liabilities, and misappropriating company assets. Furthermore, the court sentenced more than 50 individuals linked to the group on multiple charges.

A court in Shenzhen sentenced Hui Ka Yan, founder of Evergrande, to life in prison for large-scale financial fraud and abusing his position. The ruling also fined the company a total of $2.3 billion, while several other senior Evergrande executives received prison terms up to 18 years on charges including illegal taking of public deposits and fraud.

The founder of a collapsed Chinese property giant has been given a life sentence. Hui Ka Yan, who was the chair of Evergrande, was jailed following the developer's default almost five years ago.

The Shenzhen Intermediate People’s Court sentenced Hui Ka Yan, founder of Evergrande, to life in prison on Thursday. He was penalized for large-scale fraud.

Hui Ka Yan, founder of China Evergrande Group, pleaded guilty to fraud and other charges following the collapse of the world's most indebted property developer. He expressed remorse during trial proceedings in Shenzhen, admitting to misuse of funds and illegally taking public deposits.