Evergrande Group founder fined 47 million yuan and barred for life from securities market over result inflation, fraud, and disclosure failures.
The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures.
The penalty represents the latest challenge for Evergrande, the world's most indebted property developer, which defaulted on its offshore debt in late 2021 and was ordered by the Hong Kong High Court to liquidate in January. In addition, the company failed to make timely disclosure of annual and mid-term results, lawsuit cases and outstanding debts.
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