Evergrande And Its Founder Accused Of $78 Billion Fraud

Struggling Chinese property giant Evergrande and its founder, Hui Ka Yan, are facing accusations of inflating revenues by $78 billion (£61.6 billion) in the two years leading up to the firm's default on its debt, Mariko Oi reported for BBC News.

Hui also faces a potential lifetime ban from China's financial markets. I Photo: PR Newswire

The country's financial markets regulator has fined the company's mainland business Hengda Real Estate $583.5 million. Hui also faces a potential lifetime ban from China's financial markets.

In January, Evergrande was ordered to liquidate by a Hong Kong court.

The China Securities Regulatory Commission (CSRC) has attributed much of the blame to Hui, once China's richest man, alleging that he instructed staff to "falsely inflate" Hengda's annual results in 2019 and 2020.

Hui himself was fined $6.5 million, according to a filing by the company to the Shenzhen and Shanghai stock exchanges.s

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