Evergrande: China property giant and its founder accused of $78bn fraud - BBC News

Former billionaire Hui Ka Yan has been fined and faces being banned from the financial markets for life.

13 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, Hui Ka Yan is the founder of Chinese property giant EvergrandeBy Mariko OiBusiness reporterStruggling Chinese property giant Evergrande and its founder, Hui Ka Yan, have been accused of inflating revenues by $78bn (£61.6bn) in the two years before the firm defaulted on its debt.

The country's financial markets regulator has fined the company's mainland business Hengda Real Estate $583.5m.

Mr Hui also faces being banned for life from China's financial markets.

In January, Evergrande was ordered to liquidate by a Hong Kong court.

The China Securities Regulatory Commission (CSRC) laid much of the blame on Mr Hui, who was once China's richest man, for allegedly instructing staff to "falsely inflate" Hengda's annual results in 2019 and 2020.

https://www.bbc.co.uk/news/business-68603195

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