Once Asia's richest man, Evergrande founder Hui Ka Yan gets life in prison for fraud
- A Shenzhen court sentenced Evergrande founder Hui Ka Yan to life in prison on August 20 for large-scale financial fraud and fundraising fraud.
- All his personal assets were confiscated — Evergrande and its unit Hengda were fined a combined $2.4 billion by the same court.
- Evergrande borrowed far more money than it could ever repay — when the Chinese government stopped companies from borrowing so freely, Hui hid the debt from investors instead of admitting the company was broke.
Source: forbes.com
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