Mercatus Center at George Mason University senior fellow Weifeng Zhong provides insight into Tesla, Huawei and China’s Evergrande issues.
The founder of the world’s most-indebted property developer was sentenced to life in prison in China for fraud and bribery – five years after his China Evergrande Group collapsed, roiling the Chinese economy and financial markets.
Hui Ka Yan, 67, was convicted in a court in the southern city of Shenzhen on Thursday and the companies were fined a total of more than $2.3 billion for financial crimes, including inflating the group’s assets and concealing its liabilities that ran more than $300 billion.
“The amount involved is exceptionally large, the circumstances are particularly egregious, and extraordinarily heavy economic losses have been caused,” the court wrote in a statement. “The harm to society is extremely serious. Therefore, severe…
Verify any request for money or sensitive data by hanging up and calling the organization back using a verified number found on their official website or the back of your physical bank card.