A former steelworker who rose to become one of China’s richest people has pleaded guilty to charges including fundraising fraud after the collapse of Evergrande, the world’s most indebted property developer.
The property group’s founder, Hui Ka Yan, “pleaded guilty and expressed remorse” in trial proceedings at a court in China’s southern city of Shenzhen against him and Evergrande, the court said in a posting on its official WeChat account. He also pleaded guilty to misuse of funds and illegally taking public deposits.
The company has defaulted since 2021 on most of its $300bn (£222bn) in liabilities, in troubles emblematic of China’s property sector woes that have long dragged on economic growth.
Evergrande’s failure to repay billions of dollars of wealth management products unleashed frustration among the lower and middle classes, many of whom had investments wiped out, provoking…
IT & DATA SECURITY (MITIGATING THE “INSIDER THREAT”)
As seen in the TD Bank case, an employee with too much “access” can sell your customer data to syndicates.
- Principle of Least Privilege (PoLP): Employees should only have access to the specific folders and databases required for their current task.
- Access Revocation: Have a “Termination Checklist” that ensures all digital access (Email, VPN, Banking) is revoked within 60 minutes of an employee resigning or being dismissed.
- System Logs & Audit Trails: Enable “Read/Write Logging” on your server. If a customer’s data is leaked, you need to know exactly which login accessed that record and at what time.
- Encryption at Rest: Ensure that sensitive files (like your customer ID numbers or payroll spreadsheets) are encrypted so that if a staff member copies them to a USB, they cannot be read.