Hui Ka Yan sentenced to life in prison for fraud
China's court ordered the Evergrande founder to pay all personal property confiscation, fine him $1.31 billion and imprison five other executives.
A Chinese court sentenced Hui Ka Yan to life in prison on Thursday, ordering the confiscation of all his personal property. The Shenzhen Intermediate People's Court found Hui guilty of fraud, corporate bribery, and illegally taking public deposits after he pleaded guilty in April. The court ruled that Evergrande disrupted the national economic order through continuous large-scale financial fraud designed to inflate assets and conceal liabilities.
In a related ruling, the court fined Evergrande 8.82 billion yuan, approximately $1.31 billion. Its subsidiary, Hengda Real Estate, received a fine of 7 billion yuan. Additionally, five senior executives faced prison terms ranging from six to 18 years.
Evergrande defaulted in 2021 on most of its $300 billion in liabilities and billions of dollars in wealth management product payments. Before his conviction, Hui's former companies had already been fined a total of $2.3 billion for similar actions.
