• Confiscates all his personal property, fines firm $1.31bn
• 56 others also sentenced
Emmanuel Addeh in Abuja
The founder of China Evergrande Group, the world’s most-indebted property developer, Hui Ka Yan, was sentenced to life in prison by a Chinese court yesterday, five years after the firm’s collapse shook the nation’s economy and financial markets.
Hui Ka Yan, once Asia’s richest man, pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud, illegally taking public deposits, illegally extending loans, fraudulently issuing securities and bribery, a Reuters report stated.
