Evergrande founder Hui Ka Yan and the company face charges including misuse of funds, fundraising fraud, and illegally taking public deposits. Hui pleaded guilty and expressed remorse in court proceedings. The Shenzhen court announced additional charges of illegally extending loans, fraudulently issuing securities, and bribery.
Hui and Evergrande also face charges of illegally extending loans, fraudulently issuing securities and bribery, says a Shenzhen court. China Evergrande Group Chairman Hui Ka Yan attends a news conference on the property developer's annual results in Hong Kong, China , on Mar 28, 2017. Add CNA as a trusted source to help Google better understand and surface our content in search results., the world's most indebted property developer, pleaded guilty to charges including misuse of funds, fundraising fraud and illegally taking public deposits, a court in China 's southern city of Shenzhen said.
The company has defaulted since 2021 on most of its US$300 billion in liabilities as well as billions of dollars of wealth management product payments, in troubles emblematic of China's property sector woes that have long dragged on economic growth.
Founder Hui Ka Yan'pleaded guilty and expressed remorse' in trial proceedings on Monday and Tuesday against him and Evergrande, the court said in a posting on its official WeChat account.Reuters was unable to seek comment from Hui, who has not been seen in public since Chinese authorities detained him in 2023, following the default of Evergrande.
In 2024, China's securities regulator fined Hui US$6.6 million and barred him from the securities market for life, after finding Evergrande's flagship unit had inflated earnings and committed securities fraud.
Hui and the company also face charges of illegally extending loans, fraudulently issuing securities and bribery by units, the Shenzhen Municipal Intermediate People's Court added, with verdicts to be handed down later, though it did not set a date.Subscribe to our Chief Editor’s Week in ReviewWe know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.
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