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Benzinga
  • 2 hours ago
China Evergrande founder Hui Ka Yan pleaded guilty to fundraising fraud and bribery in a Chinese court. Authorities accused him of embezzlement, unlawful loans, and fraudulent securities issuance, including inflating revenue by over 560 billion yuan. Evergrande collapsed in 2021 under $300B in liabilities and was later wound up in Hong Kong. Hui was fined 47M yuan and banned for life from capital markets.
Transcript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02China Evergrande Group founder Hueca Yan pleaded guilty to charges including fundraising fraud
00:08and bribery in a Chinese court, according to Bloomberg. Authorities accused him of crimes
00:13including embezzlement, unlawful loans, and fraudulent securities issuance. Evergrande
00:19was also charged with fraudulent issuance of securities. The case follows Evergrande's
00:24collapse after it defaulted in 2021 under more than $300 billion in liabilities.
00:30The company later received a winding up order in Hong Kong in 2024 and delisted. Regulators
00:35accused the firm of inflating revenue by more than $560 billion yuan. Hue was fined $47 million
00:42yuan and banned for life from capital markets. For all things money, visit Benzinga.com.
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