A court Shenzhen sentenced Hui Ka Yan, founder and former chairman of the failed Chinese property giant China Evergrande, to life in prison on Thursday, four months after he pled guilty to embezzlement, securities fraud, corporate graft and other charges. File photo by Wu Hong/EPA
Aug. 20 (UPI) -- A court Shenzhen sentenced Hui Ka Yan, founder and former chairman of the failed Chinese property giant China Evergrande, to life in prison on Thursday, four months after he pled guilty to embezzlement, securities fraud, corporate graft and other charges.
Hui, 67, was also ordered to forfeit all his personal property and assets.
Hui's sons, Xu Zhijian and Xu Tenghe, and more than 50 other executives of the firm were also handed jail terms of between 22 months and 18 years while Hui's former companies were fined $2.35 billion for falsifying records and hiding their debts.
The court said Hui and his businesses had caused "serious disruption" to the country's property market, leading to substantial economic fallout.
