Evergrande founder pleads guilty in major case
Hui Ka Yan, the founder of China Evergrande Group, has pleaded guilty to multiple criminal charges, including embezzlement and corporate bribery, marking a major development in one of China’s largest corporate scandals. The admission was made during hearings held on 13 and 14 April in Shenzhen, according to state media reports. Hui reportedly expressed regret for his actions. The court has yet to deliver its final verdict. A turning point in a major corporate collapse Hui’s guilty plea represents a significant milestone in the fallout from Evergrande’s dramatic collapse. Once valued at over $50 billion, the company was at the centre of China’s booming property sector before its debt crisis in 2021 triggered widespread financial instability. During the trial, prosecutors detailed how the company misused funds collected from homebuyers. Money paid in advance for housing projects was allegedly diverted to […]