Chinese property giant Evergrande and its founder, Hui Ka Yan, have been accused by Chinese regulators of inflating revenues by $78 billion (£61.6bn).
Hengda Real Estate, the group’s principal Chinese unit, was fined 4.1 billion yuan ($580 million) by the China Securities Regulatory Commission (CSRC), the company announced.
Hui Ka Yan, was also fined 47 million yuan ($6.5 million).
Formerly China’s richest man, he was also banned from the securities markets for life.
Mr Hui was put under police surveillance last September, as he was investigated over suspected “illegal crimes”.
Hengda said the CSRC accused the company of several violations, including inflating sales in its financial reports, relying on these allegedly falsified figures to sell bonds and failing to disclose relevant information as required.
It was said that Hengda fabricated 214 billion yuan ($30 billion) in sales for 2019, and 350 billion yuan ($48.6 billion) in sales for 2020.
State media sources claim that the alleged fraud, which totaled 564 billion yuan ($78 billion) over two years, is the greatest financial fraud case in mainland China’s securities markets ever.
Melissa Enoch
Follow us on:
Matt Gaetz has said he will not return to Congress after withdrawing as Trump’s DOJ…
President Tinubu has sought Senate confirmation of Olufemi Oluyede as Chief of Army Staff, citing…
Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…
A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…
https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…
Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…