business ⛓️ Evergrande founder gets life sentence for fraud
Hui Ka Yan, once Asia's richest man, was sentenced to life in prison on multiple serious charges. The disgraced entrepreneur, founder of China Evergrande Group, was sentenced in a Shenzhen court. He and his companies were also fined 8.82 billion yuan and 7 billion yuan, respectively, with all personal assets confiscated. This follows the company's major debt crisis starting around 2021 due to overleveraging. Liquidators are still working to recover assets from the collapsed firm and his ex-wife, Ding Yumei.