China jails Evergrande founder for life over $2.2 billion fraud

A court in southern China sentenced Evergrande Group founder Xu Jiayin to life in prison on Thursday, 20 August, and imposed a 15.82 billion yuan ($2.2 billion) fine on the property giant for large-scale financial fraud and bribery. The Shenzhen Intermediate People's Court in Guangdong province ruled that between 2016 and 2021, Xu and his firm inflated assets and concealed liabilities to maintain access to credit. The court ordered the confiscation of all Xu’s personal property and the revocation of his political rights for life. The 67-year-old founder, also known as Hui Ka Yan, had pleaded guilty in April to charges including embezzlement and bribery. Massive Fraud and Institutional Bribery The court found that Evergrande violated national laws by using fraudulent means to mislead investors and creditors. The ruling stated that Xu and his associates gained control of financial institutions through bribery, though the specific institutions were not named in the court's public statement. The court described the actions as having "seriously disrupted the socialist market economic order" and causing "serious social harm." The sentencing marks the final collapse of a figure who was once one of China’s wealthiest billionaires and a member of the Communist Party’s top political advisory body. The company’s downfall began in 2021 when it defaulted on its debts after the Chinese government introduced strict curbs on excessive borrowing and property speculation.…