April 14 (UPI) -- The founder and former chairman of Chinese property giant China Evergrande Group pleaded guilty Tuesday to a slew of charges, including embezzlement, securities fraud and corporate graft at a trial in the southern city of Shenzhen.
Hui Ka Yan admitted "illegally absorbing public deposits" where buyers' down payments on apartments off-plan were used to fund hundreds of other projects in the case in which Evergrande Real Estate Group also faced a similar set of charges, the Intermediate People's Court of Shenzhen said in a statement online.
Evergrande took in millions of dollars from buyers that, instead of being used to complete the properties they were purchasing, were diverted to new developments, the court heard.
Hui also admitted fundraising fraud, illegal issuance of loans and unauthorized disclosure of "important information" during the high-profile two-day trial, which was attended by deputies from the National People's Congress, the Chinese People's Political Consultative Conference of which he was once a standing committee member, and investors.
The court statement said China Evergrande Group and Evergrande Real Estate Group were also indicted on charges of illegally collecting public deposits, fundraising fraud, illegal issuance of loans and fraudulent issuance of securities.
