Hong Kong – Hui Ka Yan, the founder of China Evergrande Group, has pleaded guilty to a number of charges including fundraising fraud and bribery in a Chinese court, around three years after he was put under police control on suspicion of committing crimes.
Prosecutors accused Evergrande and Hui of a litany of crimes including illegally absorbing public deposits and fundraising fraud, according to a Xinhua news article on April 14. The trial in the Shenzhen Intermediate People’s Court began on April 13.
Hui was accused of bribery, embezzlement, unlawfully issuing loans, fraudulent issuance of securities, and illegal disclosure of material information. Evergrande was charged with fraudulent issuance of securities.
The company and Hui delivered their final statements, with Hui pleading guilty in court and expressing remorse, the report said. BLOOMBERG
