Chinese court sentences Evergrande founder Hui Ka Yan to life imprisonment
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A Chinese court sentenced Evergrande founder Hui Ka Yan to life in prison on Thursday and ordered all his personal property confiscated. Evergrande was fined 8.82 billion yuan ($1.31 billion) and its Hengda subsidiary 7 billion yuan, while five other senior executives received prison terms of six to 18 years.
Key Facts
- Hui Ka Yan pleaded guilty in April to eight charges including fraud, bribery and illegally taking public deposits.
- The court fined Evergrande 8.82 billion yuan and Hengda Real Estate 7 billion yuan.
- Five other senior executives received fines and prison terms of six to 18 years.
- Evergrande defaulted in 2021 on most of its $300 billion in liabilities.
- A total of 56 people linked to Evergrande, excluding Hui, were sentenced on Thursday, CCTV reported.
The Sentence
The Shenzhen Intermediate People's Court sentenced Hui Ka Yan to life imprisonment and revoked his political rights for life, according to the court. Hui, 67, had not been seen in public since Chinese authorities detained him in 2023, following Evergrande's default. Photos released by the court showed a grey-haired Hui standing flanked by two officers in a navy blue shirt. The court said Hui's crimes involved "particularly huge amounts" and caused "particularly significant economic losses" and "serious social harm."
Company Fines and Executive Sentences
Evergrande was fined 8.82 billion yuan ($1.31 billion) and its main subsidiary Hengda 7 billion yuan. Five other senior executives were sentenced to fines and prison terms ranging from six to 18 years. Altogether, 56 people linked to Evergrande, other than Hui, received sentences on Thursday, state media CCTV reported.
Creditor and Public Response
Evergrande's liquidators declined to comment on the sentence. Reuters could not reach legal representatives for Hui. Homeowners in a social media group commented: "All ordinary citizens have paid the cost" and "What about our money?" The company's failure to repay billions of dollars in wealth-management products triggered protests that threatened social stability.
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Chinese court sentences Evergrande founder Hui Ka Yan to life imprisonment
