The founder of China's Evergrande group, a liquidated property developer, was sentenced to life in prison on Thursday by a Chinese court, which ordered all his personal property confiscated.
Hui Ka Yan pleaded guilty in April to several charges, including fraud, corporate bribery, and illegally taking public deposits.
Evergrande defaulted in 2021 on most of its $300 billion (roughly EUR255 billion) in liabilities and billions of dollars in wealth management product payments.
Hui's former companies fined a total of $2.3 billion
Hui also had his "political rights revoked for life and all his personal property confiscated," according to the Shenzhen Intermediate People's Court.
