business ⛓️ Evergrande founder jailed for fraud, company hit with massive fine
The founder of property giant Evergrande was sentenced to life in prison for large-scale financial fraud. This happened in South China, where the Shenzhen Intermediate People's Court delivered the verdict. The court fined the firm and its real estate arm a total of 15.82 billion yuan, which is over $2.4 billion. This followed Evergrande defaulting in 2021 after facing credit restrictions. Five other senior executives also received prison sentences ranging from six to 18 years.